African negotiators embarked on a yearlong process in December 2021 to develop the text of the Protocol on Investment, culminating in a final version that defines the protection, promotion, and facilitation of intra-African investments. Phase I negotiations on trade in goods and trade in services are complete, while Phase II, which includes the protocol on investment, protocol on intellectual property, and protocol on competition, is well on course. A further Phase III will involve negotiations for an e-commerce protocol. The Protocol on Investment to the Agreement Establishing the African Continental Free Trade Area (AfCFTA) draft was concluded in October 2022 and adopted at the ministerial level by the AfCFTA Council of Ministers. The text will now be submitted to the Assembly of Heads of States for review and adoption at its next ordinary session scheduled in February 2023. This is a momentous occasion for the continent, as the Protocol reflects and signals a common African position on various key areas related to investment governance.