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Bold policy changes are needed to make African businesses ready to reap benefits from the African Continental Free Trade Area (AfCFTA), this year’s edition of the Africa's Development Dynamics report states.

African firms are the key to the economic transformation of the continent, but they need governments to create better conditions for them to thrive, according to the second edition of Africa's Development Dynamics report entitled Achieving Productive Transformation. The report was published by the African Union Commission in collaboration with the OECD Development Centre in November 2019.

Without bold policy changes, most African businesses may not be ready to reap the benefits of the African Continental Free Trade Area (AfCFTA) which is projected to offer African firms the new opportunities of a 1.2-billion-consumer-strong continental market, the authors state.

The report shows that Africa’s expanding domestic markets offer great opportunities for transforming production systems across the continent. Africa recorded 4.6 per cent growth in annual gross domestic product (GDP) between 2000 and 2018; with domestic demand accounting for 69 per cent of it. The continent’s growth is projected at 3.6 per cent in 2019 and should remain robust at 3.9 per cent between 2020 and 2023.

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