McDan urges African brands to take advantage of AfCFTA to boost trade
Chief Executive Officer (CEO) of the McDan Group of Companies, Daniel McKorley, has admonished brands on the continent to leverage the opportunities that come with the African Continental Free Trade Agreement (AfCFTA).
Addressing brands that had gathered at the Labadi Beach Hotel for the 5th edition of the Africa Rising Leadership Conference, he noted that this is the surest way to ensure that the continent is recognized on the global map in terms of trade.
He believes “the way forward for African brands for growth, sustainability, and robust capacity is to be able to break down all the barriers to trade to enable intra-African trade to flourish.”
“And that is why I am so excited to partner with the African Continental Free Trade Area (AfCFTA) as they begin their maiden journey to break down those walls from the North to the South and from the East to West Africa,” he said.
Speaking during the conference, McDan reposed confidence in brands on the continent, stressing that “we must remember, no one is going to do it for us”.
“African brands are like African families. They have always known how to do it for themselves. So, while they rely on others, their foundation is always strong. I believe in the future of brands in Africa.
“It is possible if we can work within the global and local economic challenges, knowing that they are part of our business evolution, understanding also that the challenge of change will continually come, and navigating the business brands through this is part of the purpose to success,” he added.
Focusing on building and sustaining resilient brands amid a crisis, McDan entreated brand leaders to “learn and teach [their respective] teams to be adaptable and responsive to the tiniest level of change.”
He also stressed the need for systems and structures to be established to ensure the success of a brand or a business.
“Strong personalities don’t just build a business, rather, systems and structures. You must let your systems, structures, and good governance work, and your business will succeed,” he said.
Key among the factors he mentioned was discipline.
He asserted that “discipline is not just a keyword but a watchword.”
“And above all, the fourth industrial revolution is closer than we ever thought. We felt it through the pandemic, we feel it now, and we are going to feel it tomorrow. I believe that African business brands with purpose will respond to change and will sustain their growth and leave lasting legacies,” he added.
What is AfCFTA?
The African Continental Free Trade Area (AfCFTA) is a free trade area encompassing most of Africa. It was established in 2018 by the African Continental Free Trade Agreement, which has 43 parties and 11 signatories, making it the largest free-trade area by several member states after the World Trade Organization.
AfCFTA is intended to accelerate intra-African trade and boost Africa’s trading position in the global market by strengthening Africa’s common voice and policy space in global trade negotiations.
It promises a greater and deeper level of economic integration, increased investment, increased commerce, better jobs, a decrease in poverty, and shared prosperity throughout Africa.