Afreximbank’s Meetings 2024: Nassau, The Bahamas: Africans Across the Globe to Unite

Heads of State, Ministers, government officials, and prominent 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. Themed “Owning our Destiny: Economic Prosperity on the Platform of Global Africa,” the meetings aimed to strengthen the bonds between Africa and the Caribbean, the sixth region of the African Union. These gatherings are pivotal for economic decision-makers in both regions and attract extensive media coverage from African, Caribbean, and international outlets.

In his welcome address, Mr. John Rolle, Governor of the Central Bank of The Bahamas, urged participants to seize the opportunities for learning, sharing, and networking. He highlighted the potential benefits for the Caribbean in adopting the Pan African Payment and Settlement System (PAPSS) from Africa. He emphasised that with support from Afreximbank, Caribbean Community (CARICOM) Central Banks could work towards implementing a similar system.

Mr. Rolle stated, “A successful project in the Caribbean could help us achieve targets for an international payment system that is more integrated, faster, and significantly cheaper for the average consumer. Perfecting the multilateral cross-border payments and settlements arrangement could also help us conserve international reserves, especially with expanded intra-regional trade.”

Recognising the growing ties between Africa and the Caribbean and the movement towards a united Global Africa, the event is held jointly with the 3rd AfriCaribbean Trade and Investment Forum (ACTIF).

Mr. Denys Denya, Senior Executive Vice President of Afreximbank, remarked that AAM and ACTIF2024 represent a reunion of all Africans within the Global Africa context, helping to shape shared visions and aspirations for both regions.

“For a continent rich in natural resources, the quest for sustainable development has been a perennial struggle. The development challenges across the Caribbean region mirror this narrative. In this context of sustained deprivation and marginalisation, we seek to unify our efforts within Global Africa for a better future. United, we have the numbers and the voice to influence global decisions,” said Mr. Denya.

Ms. Pamela Coke-Hamilton, Executive Director of the International Trade Centre, underscored the significant trade potential between Africa and the Caribbean, projecting trade to reach US$1.8 billion annually by 2028. She suggested it is time to explore establishing a free trade area between the two regions, stating, “Trade agreements are one way to reduce barriers and open new opportunities.”

Following the Opening Ceremony, delegates attended a session on “Building Resilience in an Era of Globalisation,” featuring a keynote address from Dr. Roger W. Ferguson, Former Vice Chair of the Federal Reserve. Dr. Ferguson, the first African American to hold that position, emphasised 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 effectively. Prof. Jeffery Sachs, Senior Lecturer in Economics at the International Institute of Social Studies (ISS) of Erasmus University Rotterdam, called for African unity, asserting, “You cannot operate in this world as a small country. Even the small countries that are successful are part of somebody’s world. Africa is too big to be part of somebody’s world. It’s got to be Africa as a fundamental pillar of the world scene.”

In the second plenary session before lunch, the Hon. Ken Ofori Attah, Economic Advisor to the President of Ghana, Hon. Hassan Abdalla, Governor of the Central Bank of Egypt, and Hon. Chad Blackman, Minister in the Ministry of Economic Affairs & Investment, Barbados, discussed best practices in dealing with macroeconomic crises, emphasising the importance of credibility and access to better financing options.

The day also saw Actress and JVL Media Co-Founder Viola Davis sign 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, stating that prevailing perceptions of poverty and suffering are perpetuated to justify mistreatment by oppressors. She stressed the importance of Africans owning their narrative.

After lunch, delegates attended three plenary sessions: “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. Mr. Babajide Olusola Sanwo-Olu, Governor of Lagos State, who urged Africans to embrace the global African agenda, envision their potential, and march into the future with determination to write their own success stories, such as the African Continental Free Trade Area.

The AAM and ACTIF aim to address challenges affecting African and Caribbean economies, promote growth, and accelerate trade and investment flows within Africa and with the diaspora.

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Source: Afreximbank