CATEGORY: OBG Business Barometer
With the Africa Continental Free Trade Area (AfCFTA) closer than ever to becoming a reality, the results of Oxford Business Group’s Business Barometer in Africa have shown that the continent’s business community is upbeat about the deal, with the largest majority of the survey respondents saying it will have a positive or very positive impact on intra-regional levels.
One year ago, when Oxford Business Group released the results of its first Business Barometer: OBG in Africa CEO Survey, almost 50 nations signed an agreement to create what would become the world’s largest trade area: the African Continental Free Trade Area (AfCFTA).
As the African Continental Free Trade Area nears implementation, business executives across Africa remain optimistic, already confident given the continent’s large youth population, ongoing infrastructure development, and monetary and fiscal reform efforts. Of the 787 respondents to the second Business Barometer: OBG in Africa CEO Survey, more than 80% have positive or very positive expectations of local business conditions in the coming 12 months, while 72% think that the regional agreement will have a positive or very positive impact on intra-regional trade levels. Plans to expand the digital economy and create jobs also remain high on the agenda.