Africa
HEADS of State, Ministers, government officials, and renowned industry leaders were among the over two thousand delegates attending the first day of the 31st African Export-Import Bank (Afreximbank) Annual Meetings (AAM), held in Nassau, the Bahamas, from June 12-15, 2024.
Themed “Owning our Destiny: Economic Prosperity on the Platform of Global Africa,” the opening day of the Meetings focused on strengthening the linkages between Africa and the Caribbean, which is considered the sixth region of the African Union.
These meetings are pivotal for economic decision-makers in both regions and attract extensive coverage from African, Caribbean, and international media.
In his welcome remarks, John Rolle, Governor of the Central Bank of The Bahamas, encouraged attendees to capitalize on opportunities for learning, sharing, and networking.
He highlighted the potential for the Caribbean to benefit from Africa’s Pan African Payment and Settlement System (PAPSS). With support from Afreximbank, he believes Central Banks across the Caribbean Community (CARICOM) could replicate this system.
“A successful project in the Caribbean could keep us on pace to deliver on targets for an international payment system that, even at the retail level, is more integrated, faster, and significantly cheaper for the average consumer. Perfecting the multilateral cross-border payments and settlements arrangement could also help conserve precious international reserves, especially if we expand intra-regional trade,” said Rolle.
Acknowledging the growing connections between Africa and the Caribbean, and the movement towards a Global Africa uniting Africans, their diaspora, and descendants worldwide, the three-day event is held jointly with the 3rd AfriCaribbean Trade and Investment Forum (ACTIF).
Denys Denya, Senior Executive Vice President of Afreximbank, emphasized that the AAM and ACTIF2024 represent a reunion of all Africans within the Global Africa context, aiming to shape the shared vision and aspirations of the Caribbean region and Africa.
“For a continent endowed with abundant natural resources, the quest for sustainable development has been a perennial struggle. The Caribbean region shares a similar narrative. By unifying our forces within Global Africa, we have the numbers and the voice to influence global decisions,” said Denya.
Pamela Coke-Hamilton, Executive Director of the International Trade Centre, highlighted the significant trade potential between Africa and the Caribbean, projecting trade to reach US$1.8 million annually by 2028. She suggested exploring the establishment of a free trade area between Africa and the Caribbean as a means to reduce barriers and create new opportunities.
After the Opening Ceremony, delegates attended a session on “Building Resilience in an Era of Globalization,” featuring a keynote address by Dr. Roger W. Ferguson, Former Vice Chair of the Federal Reserve. Dr. Ferguson emphasized the importance of developing diverse and flexible systems to respond to challenges, highlighting the risks of rigidity in the face of shocks.
During the first plenary session on navigating economic transformation in a poly-crisis world, Dr. Donald P. Kaberuka, Chairman and Managing Partner of SouthBridge Group and Former President of the African Development Bank Group, stressed the importance of managing crises rather than treating them as unique situations.
Prof. Jeffrey Sachs, Senior Lecturer in Economics at the International Institute of Social Studies (ISS) of the Erasmus University of Rotterdam, argued that Africa must unite to compete internationally. “Africa is too big to be part of somebody else’s world. It’s got to be Africa as a fundamental pillar of the world scene,” said Sachs.
In the second plenary session, Ken Ofori-Atta, Economic Advisor to the President of Ghana, Hassan Abdalla, Governor of the Central Bank of Egypt, and Chad Blackman, Minister in the Ministry of Economic Affairs & Investment of Barbados, discussed best practices for managing macroeconomic crises, emphasizing the importance of credibility and access to better financing options.
Day One also featured a significant cultural development as Actress and JVL Media Co-Founder Viola Davis signed a memorandum of intent with Afreximbank and the Fund for Export Development to create an African Film Development Value Chain.
Davis highlighted the power of storytelling in reshaping the African narrative and stressed the importance of Africans taking ownership of their narrative to counter negative stereotypes.
After lunch, delegates attended three plenary sessions on “Driving Economic Transformation in Global Africa: The Role of Emerging Afri-Caribbean Giants,” “Making the African Continental Free Trade Agreement Work for Global Africa,” and “Using Industrial Transformation to Build Bridges: The Global Africa Vision and Experience of the Dangote Group.”
The day concluded with remarks from H.E. Babajide Olusola Sanwo-Olu, Governor of Lagos State, who urged Africans to embrace the global African agenda, envision their potential, and move forward with determination to write their own success stories, including through the African Continental Free Trade Area.
AAM and ACTIF focus on addressing challenges that impact African and Caribbean economies, promoting growth, and accelerating trade and investment flows within Africa and with the diaspora.
F.A
June 14, 2024
Tags: Afreximbank's Annual Meetings
