Unlocking Cross-Continental business opportunities to drive Africa’s transformation

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OPINION

By Jamil Ampomah

How will a transformed Africa look? I often find myself pondering the potential of this great continent—envisioning a redefined narrative, shifting from underdevelopment and dependency to one of innovation, integration, and global influence.

Perhaps it will be economically integrated and self-reliant, trading more with itself and then the outside world. An energy powerhouse, with Pan-African renewable energy corridors powering industries, hospitals, homes, and schools. A fully digital Africa, with youth-driven innovation hubs rivaling Silicon Valley, solving African problems with African solutions.

In this Africa, poverty will have drastically declined and inequality narrowed. Women and youth (who form the backbone of Africa’s labour force) will be central to economic growth. Our SMEs, which account for more than 80% of employment, will thrive alongside multinational corporations. Education systems will produce not just job-seekers but innovators, creators, and global leaders.

I am convinced that central to Africa’s transformation is unlocking cross-continental opportunities beyond trade alone. A key tool in realising this ambition is the African Continental Free Trade Area (AfCFTA)—a platform to reimagine Africa’s place in global markets. By number of participating countries, AfCFTA is the largest free trade area in the world, bringing together 54 of the 55 African Union (AU) member states. By landmass and participation, no other agreement is as extensive.

Collectively, AfCFTA covers a market of about 1.4 billion people with a combined GDP of over $3.4 trillion. Its ambition is to eliminate tariffs on up to 90% of goods, reduce trade barriers, and open a truly continental market. The question is: how do we unlock this potential?

Beyond trading goods, unlocking cross–continental business opportunities requires more than treaties and ambition. African governments must harmonise regulations, improve infrastructure, support the building of skills and create enabling environments for businesses to thrive. Currently, operating across Africa means navigating a patchwork of regulatory regimes, tax systems, and compliance requirements. Building resilient governance frameworks, standardising internal controls, and ensuring compliance with IFRS and country-specific tax codes are essential to avoid penalties, reputational risks, and operational disruptions.

Yet harmonisation under AfCFTA will not eliminate complexity overnight. Finance leaders must anticipate regulatory lag and proactively engage with policymakers to shape investor-friendly environments.

Ensuring governance and regulatory certainty is therefore critical. Implementing predictable, transparent rules that reduce entry and operating costs, adopting rules of origin, mutual recognition of standards, and digital customs (such as e-certificates and risk-based inspections) are urgent, practical actions that we can apply to reimagine Africa’s global trade position.

Africa’s digital economy, projected to reach $712 billion by 2050, is also reshaping how people connect, work, and do business. Pan-African fintechs, e-commerce platforms, and digital service providers already demonstrate how cross-border collaboration can leapfrog traditional development hurdles. The rise of digital payments, fintech platforms, and blockchain-enabled trade creates enormous opportunity—but only if backed by robust governance, sound risk management, strong cybersecurity, and ethical standards. This ensures businesses can scale with integrity.

At the heart of this transformation are accountants and finance leaders. Their roles extend far beyond number-crunching: they are the architects of trust, the stewards of capital, and the strategic partners who can unlock the opportunities of cross–continental business integration. By mobilising capital, strengthening financial reporting, improving transparency, and aligning business strategies with international standards such as ESG (Environmental, Social, and Governance) frameworks, finance professionals foster investor trust and make Africa an attractive destination for global capital.

With AfCFTA opening access to a $3.4 trillion market, accountants and CFOs are uniquely positioned to translate opportunity into tangible growth. By ensuring compliance with evolving regulations, navigating complex tax regimes, and designing financial systems that support cross-border transactions, they reduce risks of expansion and give businesses the confidence to operate seamlessly across Africa.

For decades, Africa’s transformation has relied heavily on bold visions and political will. Now is the time to translate these ambitions into sustainable financial outcomes—shifting from fragmented markets to an integrated economic powerhouse that competes globally and delivers shared prosperity.

In one of our reports - Journey to AU2063 : professional accountants empowering the AfCFTA agreement, we analyse  the critical role of professional accountants in the operationalisation of the AfCFTA agreement. A deep dive into the current state of trade in Africa highlights the critical barriers to intra-continental trade and realising the objectives of the AfCFTA. The findings in this report cut across financial and non-financial barriers and the critical steps and competencies that finance professionals need to overcome them.

The accountancy and finance profession, acting as a super-connector is poised to play a critical role in building resilient and sustainable businesses and economies, developing future talent, advancing standards and regulations, transforming the public sector and supporting entrepreneurial growth while strengthening ethical rules.

As we gear up for the Africa ACCA Members Convention in December 2025, to be held in Kenya, one of the key agendas is to lead conversations that define and demonstrate the key role of the profession in bringing the aspirations of AU2063 to life. We will explore and evaluate the challenges and impact of operationalising the AfCFTA, in view of the critical role accounting and finance professionals play in enabling its full implementation.

Under AfCFTA, Africa’s economic integration represents both an immense opportunity and a formidable challenge. For CFOs and finance professionals, the task ahead is clear: design and execute financial strategies that enable scale across borders, de-risk investments, enhance transparency, and attract capital at the level Africa’s ambitions demand.

The writer is the Director - Africa, ACCA (the Association of Chartered Certified Accountants)