January 1, 2021, marked a turning point for African economies. On this day, the African Continental Free Trade Area (AfCFTA) became operational.

Everyone who wishes the continent the best should have reasons to celebrate this moment and hope for Africa’s total transformation under the agreement.

AfCFTA seeks to, among other things, eliminate tariffs and non-tariff barriers that have hindered intracontinental trade and the movement of people and goods for centuries.

Recommended article: 3 Key things to know about Strategic Partnerships/Alliances among SMEs

It also seeks to liberalise trade in services and progressively promote investments, intellectual property rights, competition policies, and cooperate on all trade-related areas.

Africa has a competitive advantage in the agriculture sector over any other continent in the world.

As a result, the continent is home to many people employed in agribusiness-related sectors. Sadly, according to African Development Bank, “Africa’s farm yields are low, and the agriculture sector on the continent is the least productive in the world, with an average productivity rate of 36 per cent”.

Despite the continent’s vast arable and fertile lands, large water sources for irrigation, and generally favourable climate to support agriculture, the continent sadly imports food costing more than $25 billion per year and is predicted to triple by 2050.

Even the Small and Medium Enterprises (SMEs) that the continent relies on for employment, taxes, services, and products, are mostly in agriculture. Still, most of these enterprises don’t live to celebrate their third birthday, due to several factors, including competition from cheap imports outside the continent.

Recommended article: The education that Africa needs 

Africa’s combined Gross Domestic Product is estimated at $3.4 trillion but trades internally at only 14 per cent. The rest of the trade is with Europe, Asia, and America.

There is, therefore, a clarion call on us all to change this trade deficit in Africa’s favour, hence the launch of AfCFTA, which promises to be a game-changer on the continent by all standards. Every African has a role to play. On that account, this year, Human Capital International’s annual Strategic Leaders’ Summit will focus on how SMEs and agribusinesses will be able to tap into the opportunities provided by AfCFTA.

Under the theme: ‘Transformation of Agribusiness and SMEs in the digital economy under ACFTA’, HCI’s Strategic Leaders’ Summit, known for its thoughtful deliberations, will centre on providing solutions to the continent’s most pressing agribusiness and SMEs challenges.

The Strategic Leaders’ Summit is Uganda’s most influential SMEs-centred seminar that connects crucial business leaders, high-level entrepreneurs, investors, financial institutions, and policymakers on the same platform.

As its primary objective, the Summit champions stimulating public-private sector -led discussions that will lead to best practices and innovation-oriented dialogue to spur growth.

Mr Emmanuel Dei-Tumi, the HCI president, says this year’s Summit, to be held on February 25, has prioritised and assembled experts in agribusiness, SMEs, and AfCFTA officials because the agreement has far-reaching implications for SMEs and the continent.

“We believe that as a pan African human resource and SMEs centred company, we must create a forum where people share knowledge and fresh ideas on transforming businesses on the continent,” Mr Dei-Tumi said.

This will be the third of the annual Strategic Leaders’ Summit, which commenced in 2019.

Formerly held at Kampala Sheraton hotel, this year’s edition will be virtual due to the COVID-19 pandemic and the Summit’s desire to benefit many people outside Uganda.

“Going virtual also fits into our strategy of helping SMEs to embrace technology because that is the only way they will be able to beat the competition and prosper” Mr Dei-Tumi added.

Grab a book today!

$  5.99                                                     $ 6.99                                               $  5.99                                                   $5.99

      BUY NOW                                              BUY NOW                                         BUY NOW                                             BUY NOW