In a landmark move, the Africa Private Sector Summit (APSS) has urged African governments to adopt a Charter on Private Sector Bill of Rights (PSBoR), aiming to create a more conducive environment for trade and investment across the continent. This initiative is seen as a crucial step towards realizing the African Union’s Agenda 2063, which envisions a prosperous Africa through increased intra-continental trade.
The APSS, led by Prof Kingsley Moghalu, has highlighted the PSBoR as a key instrument to accompany the existing protocols of the Regional Economic Commissions (RECs) and the African Continental Free Trade Area (AfCFTA). The charter outlines 24 specific rights designed to empower businesses and the private sector, which are considered the primary drivers of wealth creation.
The call for the adoption of the PSBoR comes at a time when the AfCFTA, ratified by 47 African countries as of December 2023, holds the potential to lift 30 million people out of poverty and boost Africa’s income by $450 billion by 2035. The APSS emphasises the need for a supportive environment that enables businesses to thrive and contribute to the continent’s economic growth.
The proposed charter seeks to address various challenges faced by the private sector, including the need for peace, security, stability, functional education systems, adequate infrastructure, and access to credit. These elements are crucial for facilitating trade and investment opportunities, ensuring a predictable investment climate, and ultimately leading to the Fourth Industrial Revolution in Africa (FIRIA).
The APSS’s advocacy for the PSBoR is supported by partners such as the Pan-African Chamber of Commerce (PACCI), the AfCFTA secretariat, and the Africa Business Council (AfBC). Together, they aim for the formal adoption of the PSBoR by the heads of state and government of the African Union in 2025.
The initiative has garnered attention from various news outlets and official government websites, highlighting its significance in the broader context of Africa’s economic development. The PSBoR is seen as a complementary instrument to the RECs and AfCFTA protocols, offering a framework for predictable and conducive investment climates across Africa.
As the continent continues to navigate the complexities of global trade and investment, the adoption of the PSBoR could serve as a catalyst for economic transformation. It represents a collective effort to ensure that Africa’s private sector can participate fully in the opportunities presented by the AfCFTA and contribute to the continent’s prosperity.
In conclusion, the APSS’s call for the adoption of the PSBoR reflects a hopeful vision for Africa’s future. It underscores the importance of empowering the private sector to drive economic growth and development, paving the way for a more prosperous and interconnected Africa.
Source: This Day Live
