Given that the Continent of Africa currently has 5 out of 6 of the fastest growing economies in the world and given the extensive drive to promote Foreign Direct Investments into Africa, there is a need to look loosely and address the challenges of governance in the corporate sector. Building an emerging economy in Africa will require that businesses in general and private enterprises, in particular, fully play their roles as engines of growth. As such, unless countries address governance challenges within private enterprises, they will face major challenges that weigh on their efforts to realize this vision. Furthermore, the institutional environment in which states operate must also take into account the context of the changing business world as well as the interest of all stakeholders.
The introduction of these Guidelines comes at a pivotal time in the agenda of regional integration in Africa. The success of the recent agreement of the AfcTA will depend on the harmonisation and convergence of coherent rules, legislation and practices that govern private enterprises that will trade, invest and operate across African borders. It is therefore critical for member states to link the success of the AfCfTA to the policy reforms on governance.
The validation process of the Guidelines will follow shortly. The Guidelines will be presented to the APR Forum in February 2020.
For inquiries please contact: Liziwe Selana (Head of Communications APRM)