Africa is home to a vibrant youth entrepreneurs, driven by the continent’s young population and increasing digital connectivity. According to the Global Entrepreneurship Monitor 2023/2024 report, sub-Saharan Africa boasts some of the highest rates of entrepreneurial activity globally, with about 22 percent of the working-age population starting new businesses and 42 percent of young people (aged 18-34) expressing intentions to start a business within the next three years. The rise of mobile technology and internet access has fueled digital entrepreneurship, with a total of 633 tech startups in Africa raising a combined $3.3 billion in 2022.
The African Continental Free Trade Area (AfCFTA),adopted in 2018, is a landmark agreement aimed at creating the world’s largest free trade area in terms of number of participating countries (the 55 African nations). Its goal is to establish a single continental market for goods and services, facilitate the free movement of people, businesses and investments and establish a continental customs union.
AfCFTA can be the driver of Africa’s eceonomic transformation and a vehicle for Africa’s youth entrepreneurs to become a global economic force but challenges persist. From Non-tariff barriers to data governance and protection, meeting the challenges will require concerted effort by governments, the private sector, and international partners to invest in digital infrastructure, provide capacity-building support, and create an enabling environment for youth entrepreneurship.
With the right support and resources, addressing these issues can turn them into opportunities, harnessing the potential AfCFTA for Africa’s youth entrepreneurs to lead the continent to its economic transformation.
Oiginal article from ACET
