Africa – issues and opportunities relating to trade

With this in mind, we contacted Karima-Catherine Goundian to learn more about Africa’s current and future role in the global trade environment.

Can we start off with a definition of Africa's current standing in global trade – looking at both established and emerging sectors? 

Africa’s position in global trade is still largely defined by raw material exports. For example, oil from Nigeria, cobalt from Democratic Republic of the Congo, and cocoa from Ghana and Cote d'Ivoire. With South Africa, Nigeria, Kenya, Egypt and Morocco leading in terms of trade volume and influence, there's a growing momentum towards diversification and value addition. Ethiopia is building a textile manufacturing base; Kenya is known for fintech and innovation; Morocco is advancing in automotive and green energy; Rwanda and Ghana are making significant leaps in positioning themselves as innovation and logistics hubs. The narrative about Africa is shifting slowly to being recognised more as a growing frontier.  

Considering the diversity of this huge continent, is it just too simple to talk about ‘Africa’ as one entity? 

Africa is 54 countries with multiple economy blocks, diverse political systems, and different languages that are obviously based on the colonial past. It is really critical to avoid oversimplification. In addition, Africa has historically been grouped with the Gulf region to form the MENA region, as if it’s all the same. However, if you are comparing, for example, the business environment of Mauritius to DRC, it’s like comparing Sweden and Brazil. They have nothing to do with each other. I think we really must engage in shifting against that narrative about what Africa is at the regional and national level. 

With that in mind, how should foreign companies look at working with African businesses? 

I think it’s important not to look at Africa as a continent, but as an opportunity region; the same way you would if you were to go to Europe. For example, you’re not going to tackle all of the European countries at once; it depends on what you are looking for. Are you looking to manufacture? Are you looking to commercialise? Are you looking for partners and collaborators? Are you doing research and development? 

What are the most significant challenges facing African trade? 

Debt relief, climate vulnerability and political instability are all very significant. And I haven’t even started talking about the health hazards. 

Those challenges all are deep-rooted. What are the solutions to progress? 

I think that strength will come from collaboration. This is where it gets tricky: this collaboration must be with groups that have Africa’s best interests in mind. Otherwise, it’s going to be a repeat of colonialism, just with different people involved, which is what we are seeing in some places. This is why I believe the next frontier for Africa has to come from within Africa; with new leaders who think differently and understand the challenges; people who are not foresighted, trying to gain for themselves or their immediate family and friends. 

Do you have any examples of this new style of leadership? 

A good example happened just a few weeks ago: Guinea’s military-led government revoked the licences of 51 mining companies, citing non-compliance with development obligations and underutilisation of concessions. This spans the bauxite, gold, diamond, graphite and iron mining industries. This sends an important message, it’s a signal that Guinea is really serious about enforcing codes. This kind of stance is very good and very new to Africa, where there is a courage to ask people to abide by rules and hold them to it. 

How does the energy transition and sustainability align with the development of African trade?  

Looking at the challenges of the energy transition and sustainability, we’re trying to balance industrial growth with climate goals, which, traditionally, are conflicting. Many African nations have renewable resources – solar, wind and hydroelectric power – but lack the infrastructure to scale them. The other big challenge is financing. If you’re talking about green transition funds, they’re often inefficient or just inaccessible. When I look at the future in this specific area, capacity building and technology transfers are crucial. There are definitely opportunities, for which I think the regional integration of the AfCFTA [African Continental Free Trade Area] is really important. I hope that we can get to a common currency in Africa; this would help a lot in trade within and outside Africa. 

Let’s turn our attention to ICC's involvement. Does the ICC help? 

ICC’s role is huge: I see it as a bridge between global vision and local implementation. It can serve as a safeguard and guardrail to provide clarity in trade rules, support arbitration and dispute resolution. And with the right partnerships, ICC can really drive policy advocacy at local government level and shape those trade ecosystems; promoting digital standards for cross-border commerce, for example. ICC can really bring value in helping with ESG reporting, promoting ethical business practices. Procurement reform and capacity building are important as well, specifically when we talk about doing business in Africa, and giving SMEs access to global markets. 

And how does your work align with the development of companies based in Africa? 

In my work, I operate a global platform that connects vetted small and medium-sized businesses across markets. This gives me direct insight into the structural barriers they face—from regulatory friction to trust gaps—and into the types of support that actually drive successful partnerships. That perspective shapes how I see the ICC’s role—not just as a policy advocate, but as a practical enabler of high-impact, cross-border collaboration. 

With a focus on avoiding neo-colonisation, what are emerging African sectors looking for in a trading partner? 

That’s the million-dollar question. It really is a funnel question – it depends if you’re talking about government, SMEs, or larger groups there. I think what is important is achieving competitiveness. Policies are really important but this will require investment in infrastructure, education and digital connectivity. Those are the three key pieces.