15th AU Forum concludes on key recommendations for economic growth

The 15th Africa Private Sector Forum, held from October 31 to November 2, 2024, in Lusaka, Zambia, has concluded with set of ambitious recommendations aimed at advancing intra-African trade and investment.

Organized by the African Union Commission (AUC) in partnership with Zambia’s Ministry of Commerce, Trade, and Industry, this year’s forum convened under the theme, “Unlocking Opportunities for Private Actors to Accelerate Intra-African Trade and Investments.”

The event saw the participation of prominent figures, including Hon. Chipoka Mulenga, Zambia’s Minister of Commerce, Trade, and Industry; H.E. Amb. Albert M. Muchanga, AU Commissioner for Economic Development, Trade, Tourism, Industry, and Minerals; and Dr. Amany Asfour, President of the African Business Council.
Also in attendance were high-ranking government officials, international representatives, business leaders, private sector organizations, financial institutions, and representatives from academia.

While delegates praised the Zambian Government for its hospitality and strong commitment to economic development across the continent.

After in-depth discussions on financing manufacturing, climate change, green energy, mining, infrastructure, and digital innovation, the Forum adopted a comprehensive set of recommendations aimed at fostering sustainable growth and economic integration across Africa.

Key Recommendations: Boosting Manufacturing and Finance for SMEs. The forum highlighted importance of strengthen Africa’s manufacturing sector and improving access to finance for SMEs.
Recommendations include: Creation of an African Union Startup Acceleration Fund to support emerging businesses and accelerate economic integration.

Establishment of regional African manufacturing institutes for training in modern manufacturing practices. Mapping out the African private sector to address unique challenges and identify effective policy solutions.

Accelerating the Green Energy Transition Addressing climate change and promoting sustainable development, the forum called for the establishment of a green energy market across Africa:

AU Member States are encouraged to increase domestic funding for green energy projects, and a public guarantee fund for green startups is recommended.

Development of an African Union green energy strategy to streamline investments and encourage partnerships in renewable energy sectors.
Advancing Value-Added Mineral Processing To spur economic transformation, the forum underscored the need for African countries to capitalize on their mineral resources:

Implementation of legislation to support mineral processing within Africa and reduce raw exports. Establishment of world-class mining training institutions and support for women in mining.

Enhancing Economic Integration The forum recognized the strategic importance of economic integration through initiatives such as the Single African Air Transport Market (SAATM):

Acceleration of SAATM and the Protocol on Free Movement of Persons to improve trade and air connectivity across Africa. Promotion of low-cost airlines in Africa to support the free movement of people and goods.

Renewable Energy and Digital Transformation Emphasizing renewable energy as a pathway to universal access, the forum called for: A comprehensive Energy Master Plan to enhance energy access and discourage fossil fuel usage.
Development of a digital inclusion and AI governance framework to facilitate the responsible use of AI and digital tools in key sectors.

Supporting Agricultural Sovereignty. The forum focused on achieving food security through agricultural innovation and supporting smallholder farmers:

Creation of a strategy to finance agricultural agglomerations and support local farmers. Increased participation in continental value chains through AfCFTA initiatives.

Fostering Digital Inclusion and AI Development With digital transformation high on the agenda, the forum recommended: Prioritizing investments in broadband infrastructure to ensure universal access.

Encouraging the establishment of a Pan-African data ecosystem to enhance data sovereignty and foster local innovation.
Implementing Interoperable Cryptocurrency and Payment Systems Acknowledging the rise of digital finance, the forum supported the development of a standardized regulatory framework for cryptocurrency:

Encouraging AU Member States to adopt blockchain technology, with specific guidelines for Central Bank Digital Currencies (CBDCs).

Deployment of crypto ATMs and the establishment of a pan-African digital currency for streamlined transactions.

Expanding Transportation and Communication Networks for AfCFTA Recognizing the vital role of infrastructure, the forum urged AU Member States to harmonize transportation and communication policies:

Expedited development of a Continental Customs Union to standardize trade regulations. Investments in transport and communication to uplift trade within AfCFTA.
Building Platforms for African Startups The forum advocated for robust support for young African entrepreneurs:

Establishment of a Pan-African Venture Fund and networking platforms to connect young innovators with investors. Creation of a favorable regulatory environment to encourage innovation and startup growth.

The forum expressed gratitude to the Government of the Republic of Zambia for its warm hospitality and commended African Union Commission and its strategic partners for their efforts in organizing a successful and impactful event.

This year’s Africa Private Sector Forum set a transformative agenda, laying foundation for sustainable growth, economic integration, and improved livelihoods across the continent.

By advancing these recommendations, African leaders and private stakeholders hope to unlock new opportunities that will drive inclusive economic growth and foster resilience in the face of global challenges.