Catalysing Africa’s integration to deepen trade

Investments in regional integration are expected to enhance trade among African countries, despite facing challenges such as security threats in the Sahel region, climate change, and food insecurity. In a recent interview with CNBC Africa, Moussa Djigue, Chief Executive Officer of Sombasi, discussed the importance of African nations prioritizing partnerships over aid to foster economic development on the continent. Djigue emphasized the need for intra-African collaboration before seeking external partnerships, highlighting a shift towards self-reliance and independence from traditional aid models. Djigue noted that after decades of relying on international aid, African countries are now striving for self-sufficiency and ownership of their economic agendas. He acknowledged the limitations of aid, citing the dual nature of assistance that often involves giving with one hand and taking with the other. The call for stronger intra-African partnerships aligns with the vision of a new generation of African leaders who seek to drive progress on their own terms. The partnership between Sombasi and the International Finance Corporation (IFC) is a significant step towards enhancing access to finance in Mali and other African regions. Djigue explained that the collaboration with IFC was initiated in 2020 to address the challenges of securing financing through local banks, particularly in conflict-affected areas like Mali. By signing the partnership deal with IFC, Sombasi aims to accelerate economic growth and overcome the financial barriers hindering development in the region. This strategic alliance is expected to have a transformative impact on African economies, enabling businesses to thrive amidst external shocks and economic uncertainties. By prioritizing partnerships that drive sustainable growth and empower local businesses, African countries are paving the way for greater economic integration and resilience in the face of global challenges. As Africa navigates a complex landscape of socio-economic issues, collaboration and unity emerge as key drivers of progress. The evolution from aid dependency to partnership-driven development signifies a paradigm shift in the continent's approach to growth and sustainability. With a renewed focus on regional integration and self-reliance, Africa stands poised to harness its vast potential and emerge as a formidable player on the global economic stage.