The Africa SME Champions Forum has launched a new initiative to strengthen Small and Medium Enterprises (SMEs) across the continent. Named the “African SME Support Pact,” this plan aims to build sustainable and powerful SMEs by 2035. It was officially adopted on May 8, 2025, in Cotonou during the Forum’s 10th anniversary meeting.
SME leaders, investors, and government officials gathered to discuss a ten-year strategy to enhance Africa’s economic landscape. Didier Acouetey, president of the Forum, highlighted the goal of creating actionable recommendations to guide SME growth. By the end of 2025, stakeholders aim to develop a roadmap that will help transform SMEs into industrial leaders.
The pact seeks to mobilize $50 billion in funding, enhance market access for SMEs, and promote digital innovation. It also calls for educational reforms to foster an entrepreneurial culture among young people, emphasizing the need for stronger public-private partnerships.
Despite their potential, African SMEs face significant challenges. They make up 90% of the continent’s economic landscape but struggle with limited financing, inadequate support, and regulatory hurdles. The Forum warns that without structural support, SMEs may miss out on critical opportunities for industrialization and economic growth.
Over the past decade, the Africa SME Champions Forum has worked to create dialogue among SMEs, investors, and policymakers, significantly raising awareness about the importance of SMEs in Africa’s economy. The Forum has already supported over 1,000 SMEs and aims to unite stakeholders for a stronger future in the next ten years.
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