The Africa Business Council has made a strong case for governments and procurement authorities across the continent to implement a policy that will reserve at least 40 per cent of all public procurements for African businesses.

A recommendation from the African Business Forum adopted by the African Ministers of Finance months ago envisioned the rollout of preferential allocations for African businesses in public procurements but effective implementation of this vision is yet to take off.

Speaking on the sidelines of the 2024 Africa Prosperity Dialogue themed "AfCFTA: From Ambition to Action, Delivering Prosperity Through Continental Trade," the President of the Africa Business Council, Dr Amany Asfour, said the concept if adopted will create an African continent full of prosperity.

"What we need is the political will, how we reduce corporate taxes. How we promote incentives for investment from African investment and how we have special treatment for our African private sector so one of the things we are working on now and is already was the recommendation of the African Union private sector Forum adopted by the Ministers of Planning and Finance is to have at least 40% of all government procurement goes to African private sector including women and youth.

"The Idea is to have the free movement of people and also goods and services as well," the Foreign Affairs programme on JoyNews.

Dr Asfour explained that the new push for preferential treatment forms part of what the African Business Council considers the Triad of empowerment which is anchored on three pillars to support African businesses to thrive.

"The first pillar is the private sector strengthening including women and youth, the second pillar really is about policy advocacy. We need an enabling environment, and the third pillar is about product development and product development," she added.