The business environment in Africa is undergoing a remarkable transformation, with a noticeable shift from public to private sector-driven growth. This transition is not just about evolving economies but also about embracing intra-African trade, which holds immense potential for local businesses.
The Africa Continental Free Trade Area (AfCFTA), which came into force in January 2021, is a prime example of this shift. It aims to centralize focus on intra-African growth and trading, creating an interconnected and stronger business ecosystem. However, despite the potential, less than 3% of Africa’s trade happens within the continent, with the majority still driven by external economies.
While infrastructure challenges persist, frameworks like the Organization for the Harmonization of Business Law in Africa (OHADA) are paving the way for a more unified and efficient legal landscape, offering legal certainty for businesses across 17 African countries.
As African economies continue to adapt and grow, the collaboration of young legal minds and businesses is essential to making the most of these opportunities. By embracing change, legal experts, entrepreneurs, and policymakers can contribute to Africa’s economic prosperity.
