In its recent release of the Africa Trade Barometer 2023 report, the Standard Bank Group presents a comprehensive analysis of trade dynamics across the African continent, drawing insights from the experiences of businesses in ten key economies. The report, a valuable resource for various stakeholders such as businesses, entrepreneurs, students, governments, NGOs, and investors, sheds light on trade trends, opportunities, enablers, and challenges. The focus countries include Angola, Ghana, Kenya, Mozambique, Namibia, Nigeria, South Africa, Tanzania, Uganda, and Zambia, offering a comparative view of their trade landscapes.
Gathering qualitative and quantitative intelligence from 2,554 firms during August and September 2022, the report represents a diverse range of businesses, including small, large, and corporate entities. The data is further enriched by incorporating insights from reputable sources like the World Bank, the International Monetary Fund, the International Trade Center, and the central banks of the ten focus markets.
The report evaluates the countries based on seven thematic categories impacting trade: Macroeconomic stability, Governance and economy, Infrastructure, Trade openness, Foreign trade, Trader financial behavior, and Access to finance. Notably, Tanzania emerges as one of the countries showing significant improvements from the previous Barometer, attributed to its export growth prospects.
According to the findings, there is a notable shift in the perception of Tanzanian businesses regarding government support for cross-border trading activities, with an increase from 53% to 63%. This positive change is credited to the efforts of Tanzania’s new President Hassan, who has actively engaged with world leaders and worked towards building international relations. Consequently, a staggering 81% of Tanzanian businesses express optimism about export growth prospects.
In light of Tanzania’s improved outlook and export potential, the report suggests that businesses can leverage this positive sentiment to identify and unlock opportunities, capitalizing on the benefits offered by the African Continental Free Trade Area (AfCFTA) in the coming years.