The Coronavirus pandemic has strained the socio-economic tissue of Africa.  In early 2020, prior to the health and economic crisis, the African continent was considered among the fastest growing regions in the world, a new frontier for international investments. African countries and transnational institutions now face the challenge to maintain this trend in the aftermath of the current downturn.

The African continent is vast and ever-diverse, and no single simple narrative could portray its complexity. High inequality, poverty, political instability, and violent conflicts undermine the security and well-being of millions of people. Cooperation and economic integration may be positive first steps towards regional development. An attentive and precautionary removal of trade barriers could boost economic relationships while encouraging constructive interaction and transnational infrastructure projects.

Compared to Europe, where intra-regional trade amounts to 67% of total trade, only 15% of total economic exchanges occurs within the continent. Against this background, the African Continental Free Trade Area (AfCFTA) is set to become the world’s largest free trade area, could help unlock the great potential of African economies, improving the lives of millions currently under the poverty line. Of the 54 recognised African states, 23 have a GDP per capita under $1000. More than 431 million in the continent live in extreme poverty and 27 out of the world’s 28 poorest countries are in sub-Saharan Africa.

 In this context, ‘Africa’s way into the post-Covid-19 future’ is clear. It is necessary to boost African economic integration, invest in infrastructure, improve health and education, and improve multi-level governance. There is also the need for an agenda that could increase sectors’ productivity, stimulate manufacturing, private sector investment and employment. Significant economic opportunities are waiting to be unlocked in Africa.

The New Africa Business Development Forum aims to provide a platform for experts, policy-makers, industry leaders, academics and investors, to explore new potential areas for financial assistance for key infrastructure players.