While the study forecasts a booming African trade landscape in 2024 with senior executives predicting a surge in intra-African trade, fueled by new trade pacts and tech investments, African firms remain cautious as inflationary pressures, economic uncertainty and political instability threaten to impact growth. African business poised for intra-African trade growthIn light of the African Continental Free Trade Area (AfCFTA), executives across the continent expect intra-regional trade to grow in 2024. Almost three-quarters agreed that government actions, like enhancing regional trade agreements, have positively impacted their supply chain strategies, the study added. 38% of executives identified using digital tools for improved inventory management as the primary strategy to reduce overall trade and supply chain costs in Africa. Mohammed Akoojee, CEO & managing director, sub-Saharan Africa, DP World said: “Regional trade agreements, exemplified by AfCFTA, stand out as powerful tools to address the intricate challenges within the region’s trade and supply chain infrastructure.

Source: The North Africa Journal January 17, 2024 14:29 UTC