FOREWORD
FOREWORD The Journal of African Business A unique guide to business and investment in Africa. Welcome to The Journal of African Business, your up-to-date guide to business and investment trends on the continent. News about PACCI’s Prosperity Africa Chambers Business Expo, the sixth edition of this exciting event, is carried extensively within the magazine, heralding the second issue on which PACCI and Global Africa Network are collaborating in promoting the message of African business. The event will be held, in conjunction with the United Nations Development Programme (UNDP), in Addis Ababa from 25-27 September. The objective of The Journal of African Business is to cover a wide range of economic sectors and regions. Developments in energy, mining, technology, tourism, trade and finance are often in focus. Interviews provide unique insights. In this issue, an in-depth interview with Hogan Lovells partner Deepa Vallabh delves into the issues of the continent’s various regulatory frameworks. Vallabh is optimistic about the potential of the African Continental Free Trade Area (AfCFTA) to take advantage of the continent’s wealth of resources, skills and knowledge. Two articles by Standard Bank experts tackle the question of exports. The first, by Inwang Akpan, Head of Trade, Transaction Banking at Standard Bank, notes the importance of export financing and draws attention to the significant continental trade finance gap which stands at -billion. He suggests solutions in which multiple stakeholders work together. Philip Myburgh, Executive Head of Trade and Africa-China, Business and Commercial Clients at the Standard Bank Group, has good news to share on the first concrete results of the African Continental Free Trade Area agreement. In the context of the first shipment of goods being made under the treaty between South Africa and Ghana, Myburgh notes the potential for more trade between those countries. Financing in relation to airlines is the subject of an article in which Vijay Poonoosamy, Barrister and Partner of Dentons Mauritius, outlines the importance of good governance in attracting funding. Mobile power banks are becoming a strong trend in support of the adoption of mobile phones across the continent. Kegan Peffer, CEO of Adoozy Power, is upbeat about the market for mobile power banks because of Africa’s adoption of smartphones, which is boosted by the continent’s young population and competitive pricing. With electricity provision still not providing enough power in some areas, power banks have taken on new significance for consumers. Africa needs reliable infrastructure to connect supply chains and efficiently move goods and services across borders, says Julien Fouilliart, the Africa Market Leader for Building & Infrastructure at Bureau Veritas, one of the world’s leading certification bodies. Leveraging the momentum of Africa’s infrastructure development and harmonising regulatory compliance standards will help to build sustainable and inclusive growth. JOHN YOUNG Editor, The Journal of African Business Email: john.young@gan.co.za Editor: John Young Publishing director: Chris Whales Managing director: Clive During Online editor: Christoff Scholtz Designer: Salmah Brown Production: Sharon Angus-Leppan Ad sales: Venesia Fowler, Tennyson Naidoo, Sam Oliver, Tahlia Wyngaard, Gavin van der Merwe, Graeme February, Shiko Diala, Gabriel Venter and Vanessa Wallace Administration & accounts: Charlene Steynberg, Kathy Wootton, Distribution & circulation manager: Edward MacDonald The Journal of African Business is published by Global Africa Network Media (Pty) Ltd Company Registration No: 2004/004982/07 Directors: Clive During, Chris Whales Physical address: 28 Main Road, Rondebosch 7700 Postal: PO Box 292, Newlands 7701 Tel: +27 21 657 6200 | Email: info@gan.co.za Website: www.globalafricanetwork.com No portion of this book may be reproduced without written consent of the copyright owner. The opinions expressed are not necessarily those of The Journal of African Business magazine, nor the publisher, none of whom accept liability of any nature arising out of, or in connection with, the contents of this publication. The publishers would like to express thanks to those who support this publication by their submission of articles and with their advertising. All rights reserved. Printing: FA Print Member of the Audit Bureau of Circulations 2
PACCI AFCFTA USHERS IN A NEW ERA The African Continental Free Trade Area (AfCFTA) presents unprecedented opportunities for African businesses, empowering them to enhance their productivity, improve the quality of their products and services and compete on a global stage. As we usher in a new era of intra-continental trade, the role of chambers in raising awareness and driving the implementation of AfCFTA is critical. The Pan African Chamber of Commerce and Industry (PACCI) stands at the forefront of this transformative movement. The Pan African Chamber of Commerce and Industry (PACCI) is the continent’s foremost chamber body. Driven by the goal to promote Africa’s economic integration through sustainable growth, PACCI strives to foster an environment where commerce and sustainability coexist harmoniously. Established in 2009, PACCI serves as an independent, non-profit organisation dedicated to advocating for public policies that promote continental economic integration, competitiveness and sustainable growth. As the largest and most influential business association in Africa, PACCI operates through more than 50 national chambers of commerce, leveraging their collective strength to foster a prosperous business environment across the continent. Our vision is clear: to be the recognised voice of African businesses and a valuable resource to our members. We are committed to transforming Africa into a vibrant hub for commerce, manufacturing and service industries, characterised by: Economic empowerment: We are committed to promoting the well-being of African businesses, enhancing intra-African trade and improving the productive capacity of enterprises across the continent. Sustainability and innovation: We advocate for a green transition and climatechange readiness, ensuring businesses are sustainable and prepared for the future. Our initiatives support gender-responsive policies and the integration of youth, which are crucial for holistic economic growth. Technology and accessibility: Through our Chamber Africa Connect initiative, we are digitising and diversifying services to make business operations more efficient and accessible, preparing our members for the digital age. Inclusive growth: We ensure that the benefits of trade liberalisation contribute not only to economic growth but also to environmental protection and the creation of sustainable employment opportunities. Headquartered in Addis Ababa, Ethiopia, with service desks in Ghana, Kenya and Dubai, PACCI serves as a pivotal force in driving these changes, fostering an environment where commerce and sustainability coexist harmoniously. As we move forward, our mission remains steadfast: to empower African businesses to thrive and expand, paving the way for a prosperous and inclusive economic future. The Port of Dar es Salaam is run by the Tanzania Port Authority. PHOTO: Ali Mkumbwa on Unsplash. 3
