By Nkiruka Nnorom

In a bid to work in close partnership with the private sector, the African Continental Free Trade Area (AfCFTA) Secretariat has thrown its weight behind the Private Sector Bill of Rights (PSBoR) for an Enabling Business Environment in Africa. 

AfCFTA secrretariat made the commitment when it hosted a private sector session in collaboration with Africa Private Sector Summit (APSS), which led an Ecosystem based side event at the just concluded Intra-African Trade Fair (IATF) 2023 in Cairo. Other parties in the APSS led ecosystem included the Pan Africa Chamber of Commerce and Industry (PACCI), AfCFTA Policy Network (APN) and the African Education Trust Fund (AETF). 

The parties also emphasized the importance of the Charter on Private Sector Development, Rights and Protection Environment in Africa. PSBoR, a pioneering initiative proposed by the APSS in partnership with PACCI. This bill is designed to establish a conducive trade and investment climate for the vast opportunities in intra-African trade across the continent.

The PSBoR aims to leverage the protocols of Africa’s Regional Economic Communities (RECs) and the AfCFTA Agreement, ratified by 47 African countries and signed by 54 member states as at yet. 

According to the SecretaryGeneral of the AfCFTA Secretariat, H.E. Wamkele Mene, “The private sector is the core pillar for achieving the AfCFTA goals, because the private sector creates jobs, fosters innovation and enables fair competition for business in the continent.” 

He noted that“The PSBoR will be included into the AfCFTA report to the Assembly of Heads of States and Governments of the AU, in February 2024, more so, in the context of the African Union’s 2023theme of the year of “Acceleration of the AfCFTA Implementation”. 

According to Prof. Kingsley Moghalu, Chairman, APSS, in his keynote address, only 16% of Africa’s global trade is regional within the continent in stark contrast to 68% in Europe, 59% in Asia, and 30% in North America. When fully implemented, the AfCFTA is expected to boost intra-African trade by 52%, lift 30 million people out of poverty, and increase the continent’s GDP by USD 450 billion by 2035.

In an ambitious move APSS, under its Ubuntu Ecosystem Strategy, also labelled as the AfCFTAAPSS Ecosystem Train, is launching a comprehensive engagement process with African leaders and governments across five geographic regions and the diaspora. 

In furtherance to this, APSS has restructured, thereby creating an Advisory Board and an Executive Board, with nominations from Africa’s five geographic regions with the Diaspora. The aim of the campaign is to enable the vetting, validation and adoption of the 24 rights within the proposed PSBoR.

The rights encompass various aspects, including peace, security, stability, effective legal systems, harmonised quality assurance standards, and a robust consultative relationship between the public and private sectors.