The 30th Annual Meetings of the African Export-Import Bank (Afreximbank) came to a close last week in Accra, Ghana, marking the culmination of a four-day event that brought together some of the most influential figures from Africa and the Caribbean. The seminars, with the focus on “Delivering the Vision: Building Prosperity for Africans,” went above and beyond expectations, offering a forum for engaging discussions and laying the groundwork for upcoming economic development on the continent.
Headlining the event were Ghanaian President Nana Addo Dankwa Akufo-Addo and Barbadian Prime Minister Mia Amor Mottley. They were joined by an outstanding roster of leaders, including Chief Olusegun Obasanjo, a former president of Nigeria, Dr. Donald Kaberuka, chairman of the board of directors of SouthBridge Group, and Wamkele Mene, secretary general of the African Continental Free Trade Area (AfCFTA) Secretariat. This diverse gathering of political, business, and trade finance experts showcased the significance of Afreximbank’s Annual Meetings as a vital platform for driving economic growth and integration in Africa.
The event’s extensive seminar program featured an array of keynote addresses, panel discussions, and fireside conversations that covered a wide range of topics, providing invaluable insights into African trade, trade finance, and development issues. Participants engaged in thought-provoking discussions on subjects such as turbo-charging the implementation of the AfCFTA, overcoming food security challenges for sustainable development, leveraging the power of science and technology in a digital era, and reflections on the history and future of Pan-Africanism. These sessions highlighted the pressing issues and potential opportunities that lie ahead for the continent.
The emphasis on fostering prosperity through industrialisation and intra-African trade was one of the Annual Meetings’ centrepieces. Leaders and policymakers in Africa reaffirmed their firm commitment to utilising the continent’s assets, skills, and rich cultural history to spur economic transformation. The discussions underscored the importance of unity, collaboration, and a shared vision in achieving sustainable development and prosperity for all Africans.
While the official communique detailing the outcomes and resolutions of the Annual Meetings is yet to be published, preliminary reports suggest that the discussions were highly productive, paving the way for actionable strategies and initiatives. Afreximbank’s commitment to supporting the African Continental Free Trade Agreement (AfCFTA) was reaffirmed, with the announcement of a new US$10 billion Adjustment Fund to assist countries in effectively participating in the trade agreement. This fund, in conjunction with the Pan-African Payment and Settlement System (PAPSS), will facilitate smoother trade transactions and promote greater intra-African trade.
The 30th Annual Meetings’ successful completion underlines Afreximbank’s significance as a major role in supporting and promoting trade both inside and outside of Africa. The bank has been instrumental in driving industrialization, developing regional integration, and aiding the development of Africa’s trading landscape over the past 30 years. The institution has demonstrated its capacity to promote economic growth on the continent by disbursing over US$86 billion between 2016 and 2022 and having total assets and guarantees surpassing US$31 billion.
Looking ahead, the outcomes of the 30th Annual Meetings will undoubtedly shape the bank’s future trajectory, enabling it to continue supporting African economies and facilitating greater trade and investment flows. As the continent enters a new era of economic integration and cooperation, Afreximbank stands as a beacon of progress, providing the necessary financial instruments and expertise to unlock Africa’s immense potential.
