Share of payment terms used in international transactions by African companies 2022
In a survey conducted between March and June 2022, most CEOs in Africa indicated that they most often used cash in advance (53 percent) and letters of credit (25.41 percent) as payment terms in international trade transactions. In May 2019, the African Continental Free Trade Area (AfCFTA) agreement officially entered into force after 22 African countries had ratified it. It aimed at facilitating trade within the continent.
