ACTIF2024 : a call for unity

The AfriCaribbean Trade and Investment Forum (ACTIF2024) by Afreximbank has marked a historic moment by being held, from June 12th to 15th, for the first time in the Caribbean, in Nassau. Under the theme « Mastering our Destiny: Economic Prosperity on the Platform of Global Africa, » this event brought together key stakeholders from the public and private sectors to discuss opportunities for growth and prosperity on the global stage.

In parallel, the African Export-Import Bank, Afreximbank, doubly honored at the African Banker Awards, winning both the ‘Bank of the Year’ and ‘Infrastructure Deal of the Year’ awards, held its 31st Annual General Meeting of Shareholders, thus marking a milestone in its commitment to the economic development of Africa and its Caribbean partners.

A catalyst for growth and innovation

The full integration of ACTIF2024 into the AAM has allowed for in-depth discussions on trade and investment between the Caribbean, the sixth region of the African Union, Africa, and the diaspora, thus opening up new perspectives for the region through African and global investments. With over 25 expected agreements and new commercial and development initiatives to be announced, ACTIF2024 has proven to be a catalyst for growth and innovation.

Heads of state, ministers, government officials, and renowned industry leaders were among the over two thousand delegates participating, underscoring the importance of these meetings for the economic development of Africa and the Caribbean. Discussions highlighted the need to strengthen ties between the two regions, particularly in payments and cross-border settlements, to promote intra-regional trade and preserve international reserves.

In his welcome address, John Rolle, Governor of the Central Bank of The Bahamas, encouraged participants to take advantage of opportunities for learning, sharing, and networking. He mentioned that the Caribbean could benefit from learning more about the pan-African Payment and Settlement System (PAPSS) from Africa. He believes that with Afreximbank’s support, the central banks of the Caribbean Community (CARICOM) can work towards replicating this system.

“A successful project in the Caribbean could help us achieve the already set goals for an international payment system that, even at the granular level, is more integrated, faster, and significantly cheaper for the average consumer,” observed John Rolle. “If we perfect multilateral arrangements for cross-border payments and settlements, this could also help us preserve the use of valuable international reserves, especially if we develop intra-regional trade.”

We seek to unify our forces in the context of a Global Africa for a better future… We are a viable force to influence global decisions

Denys Denya, Chief Executive Officer of Afreximbank, said that a meeting of all Africans in the context of Global Africa would help shape the shared vision and aspirations of the Caribbean and Africa. “For a continent blessed with such abundance of natural resources, the quest for sustainable development has been an eternal struggle,” he recalled. “The state of development in the Caribbean region, while not identical, is not very different from this narrative. It is in this context of sustained deprivation and marginalization that we seek to unify our forces in the context of a Global Africa for a better future. In our unity, we have the numbers, we have the voice to sit at the table when decisions are made. We are a viable force to influence global decisions.”

Trade agreements are a means to contribute to eliminating obstacles and opening up new opportunities

Pamela Coke-Hamilton, Executive Director of the International Trade Centre, highlighted the significant commercial potential between Africa and the Caribbean, projecting trade to reach $1.8 million per year by 2028. She suggested that it was time to consider establishing a free trade area between Africa and the Caribbean. “Trade agreements are a means to contribute to eliminating obstacles and opening up new opportunities,” said Coke-Hamilton.

It is necessary for Africa to be a fundamental pillar of the global stage

Similarly, Donald P. Kaberuka, President and Managing Partner of the SouthBridge Group and former President of the African Development Bank Group, emphasized the importance for countries to learn to manage crises rather than treat them as unique situations. In parallel, Jeffrey Sachs, Professor of Economics at the International Institute of Social Studies (ISS) of Erasmus University Rotterdam, stated that faced with strong international competition, Africa must unite. He said, “You cannot function in this world as a small country. Even small countries that succeed are part of someone’s world. And Africa is too big to be part of someone’s world. Africa must be a fundamental pillar of the global stage.”

Among the agreements reached on the sidelines of the meeting, actress and co-founder of JVL Media, Viola Davis, signed a memorandum of understanding with Afreximbank and the Export Development Fund to create a value chain for the development of African cinema. After the ceremony, she highlighted the power of narrative to reshape the African narrative. She stated that the dominant perception of poverty and suffering is intentionally perpetuated to justify the mistreatment inflicted by oppressors, and therefore, it is important for Africans to own their narrative.

AAM and ACTIF2024 have proven to be essential platforms for addressing common economic challenges and accelerating trade and investment exchanges between Africa, the Caribbean, and the diaspora.

For more information : https://2024.afreximbankevents.com/