AfCFTA Implementation: AU adopts Africa Prosperity Dialogues’ Action Compact
Heads of state of the Africa Union (AU) have unanimously adopted the Action Compact of the maiden edition of the Africa Prosperity Dialogues (APD), which took place in Ghana last January, involving the continent’s private sector in the implementation of the Africa Continental Free Trade Area (AfCFTA).
The Africa Prosperity Dialogues held under the theme: “The Africa Continental Free Trade Area (AfCFTA): From Ambition to Action, Delivering Prosperity through Continental Trade”, dovetailed into the theme of the 36th AU summit which was “The Year of AfCFTA: Acceleration of the African Continental Free Trade Area Implementation”.
The Africa Prosperity Dialogues, which will take place annually, creates a dedicated platform for Africa’s private sector to network among themselves and with public officials on the process of getting Africa’s single market working quickly. The AU has fully endorsed this shared ownership approach initiated by the Africa Prosperity Network in partnership with the AfCFTA Secretariat and the Government of Ghana, the host nation of the AfCFTA Secretariat.
The 36th Ordinary Session of the Assembly of Heads of State and Government of the African Union took place from Saturday 18 to Sunday 19 February 2023.
The Assembly is the AU’s supreme policy and decision-making organ. It comprises all heads of state and governments of AU member states.
Part of the Action Compact adopted by the AU reads: “We African Business Executives, Senior Policymakers, Business Associations, Government Ministers, Senior Officials from the African Continental Free Trade Area (AfCFTA) Secretariat, Technocrats, Women and Young Entrepreneurs, met at The Presidential and Business Executives Dialogue held at the Peduase Lodge, Peduase, Eastern Region, Ghana, on the 28 January 2023.
“The dialogue was convened under the auspices of H.E. Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana under the theme “AfCFTA: From Ambition to Action – Delivering Prosperity Through Continental Trade.
“We recognised that the AfCFTA Agreement would contribute significantly to sustainable economic growth, employment generation, inflow of foreign direct investment, industrial development, better integration of the continent into the global economy and prosperity for all Africans.
“We discussed on how to overcome critical challenges impeding the promotion of intra-African trade such as inadequate infrastructure (transport, communications, energy, information technology), poor trade facilitation processes, access to finance, and free movement of persons” the Action Compact reads.
