Dr Amany Asfour, President of the Africa Business Council, has called for urgent action to empower small and medium-sized enterprises (SMEs), women, and youth as the driving force behind Africa’s industrial transformation under the African Continental Free Trade Area (AfCFTA).
She made these comments at the Presidential & Business Leaders’ Dialogue, held on Day Three of the 2026 Africa Prosperity Dialogues (APD).
The dialogue, held under the theme “Empowering SMEs, Women & Youth in Africa’s Single Market: Innovate. Collaborate. Trade,” took place at the Accra International Conference Centre (AICC) on Friday, 6th February, 2026.
Dr Asfour said true prosperity for Africa must go beyond poverty alleviation and instead focus on wealth creation, value addition, and building a competitive, borderless, and innovative continent.
Representing what she described as “the voice of the African private sector,” Dr Asfour noted that the Africa Business Council was established by African states to champion the interests of businesses, particularly SMEs, women-led enterprises, and young entrepreneurs.
“Our founding vision is a competitive, borderless, innovative Africa for trade, investment and industrialization,” she said.
Dr Asfour questioned what AfCFTA truly means for women cross-border traders, youth-led startups seeking financing, and African manufacturers aiming to export branded products to global markets.
She stressed that the single market must become a real opportunity for ordinary Africans, including women producing shea butter and entrepreneurs seeking to expand beyond micro-level operations.
“What does prosperity mean for African people, as women, as youth?” she asked, adding that the focus must shift from survival to sustainable economic growth.
Dr Asfour outlined what she termed the “triad of empowerment,” built on three key pillars: private sector strengthening, policy advocacy, and product development.
She explained that strengthening SMEs requires training, mentorship, education, and capacity building, while governments must also create enabling environments through tax incentives, reduced barriers, and supportive regulations.
A major proposal she advanced was that at least 40 percent of government procurement should be directed toward African businesses, including SMEs, women, and youth-led enterprises.
“Whatever is on African soil, we should not bring it from outside Africa,” she emphasized.
Dr Asfour highlighted Africa’s continued export of raw materials as one of the biggest obstacles to prosperity, pointing to the vast gap between Africa’s resource wealth and the limited benefits retained on the continent.
She noted that Africa exports raw shea butter worth about $90 million, while the global cosmetics industry using shea butter exceeds $500 billion.
Similarly, she said Africa exports gemstones valued at $12 billion, yet the global jewelry market is worth over $400 billion.
She also cited cashew exports, livestock potential, and Africa’s heavy reliance on imported food and dairy products despite the continent holding 60 percent of the world’s arable land.
“Africa has 49 percent of the world’s renewable energy potential, yet 600 million people have no electricity,” she added.
Dr Asfour stressed that Africa’s development agenda cannot be achieved without linking scientific research and technology to industrialization.
She lamented that commitments such as allocating at least one percent of GDP to research and innovation have not been fully implemented across the continent.
She called for African-produced pharmaceuticals, vaccines, and medical equipment, as well as local processing of minerals and gemstones instead of exporting them abroad for refinement.
Dr. Asfour described the Africa Prosperity Dialogues as a vital platform for moving from discussions to concrete action, urging stakeholders to ensure that commitments translate into measurable outcomes.
She revealed that the Africa Business Council operates through more than 25 clusters covering sectors such as energy, infrastructure, health, climate, mineral development, SMEs, women, and youth.
She also announced plans for a major congress on mineral resources development in partnership with the Africa Prosperity Network, aimed at transforming Africa’s minerals into industrial products such as lithium batteries rather than exporting raw resources.
“It’s not only about talking. It’s about action. Prosperity will not happen unless Africans unite to implement the agenda of industrialization and value addition,” she further stressed.
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