The latest Africa CEO Trade Survey Report 2023, led by the Pan-African Private Sector Trade and Investment Committee (PAFTRAC), indicates strong optimism within Africa’s private sector about the African Continental Free Trade Area (AfCFTA). The third edition of this report, a collaborative effort involving entities like African Export–Import Bank (Afreximbank), African Business, Botho Emerging Markets Group, AfCFTA Secretariat, and others, gathered over 1000 responses from senior executives across the continent. These responses revealed that 56% expect the AfCFTA to significantly benefit their businesses, while 24% anticipate a moderately positive impact. Despite this optimism, the survey found a notable gap in awareness about the AfCFTA, with 72.9% of respondents having low to moderate knowledge about the trade agreement.
According to Africa News Agency, Moreover, many participants were unaware of critical operational instruments like the Pan-African Payment and Settlements System and efforts to reduce non-tariff barriers. Professor Patrick Utomi, Chairperson of PAFTRAC, emphasized the need for more information and support for African companies to fully leverage the AfCFTA’s potential.