Afreximbank gears up for annual meetings in June

The President of Afreximbank, Benedict Oramah, recently shared insights on the upcoming annual general meeting of the bank in an interview with CNBC Africa. The annual meeting, which coincides with the 30th anniversary of the bank, will be held in Ghana and is themed around 'delivering the vision, building prosperity for Africans'. Oramah highlighted the significance of both celebrating the achievements of the past and envisioning the future amidst the evolving global landscape. He emphasized the need to adapt to the changing world while harnessing the immense opportunities present in Africa despite its challenges. One of the key themes discussed was the issue of regional integration within Africa, particularly in the context of the African Continental Free Trade Area (AfCFTA). Oramah acknowledged the progress being made towards integration but stressed the importance of addressing the barriers that obstruct seamless trade on the continent. He emphasized the role of Afreximbank in facilitating trade through financial support, such as disbursing $20 billion into Africa from 2016 to 2021 with a target of reaching $40 billion in the next five years. Furthermore, Oramah outlined specific initiatives aimed at enhancing trade integration, including the establishment of a Pan-African payment and settlement system to enable transactions in African currencies. This move is anticipated to save the continent billions of dollars currently spent on external payment processing. Additionally, he mentioned the implementation of an African collaborative transit guarantee scheme to streamline the movement of goods across borders, particularly in landlocked countries. These efforts are complemented by the bank's support in harmonizing trade standards and leveraging digital technology to improve trade information accessibility. In conclusion, Oramah expressed optimism that by dismantling trade barriers and fostering a conducive environment for investment, Africa would witness accelerated trade in value-added goods and services. The initiatives spearheaded by Afreximbank aim to not only boost intra-African trade but also position the continent favorably in the global marketplace. As the annual meeting approaches, stakeholders and partners are expected to engage in discussions centered around enhancing trade integration, overcoming challenges, and seizing opportunities for sustainable economic growth in Africa.