Cementing closer links between African and CARICOM countries

The 2024 Annual Meetings of Afreximbank in Nassau, Bahamas have been abuzz with discussions centered around enhancing trade connections between African nations and CARICOM countries. One of the key highlights from the event was a conversation between Kenneth Igbomor from CNBC Africa and Kevin Greenidge, the Governor of the Central Bank of Barbados. The focus of their discussion was on building better trade linkages between African and CARICOM countries and the necessary steps to achieve this goal. Greenidge emphasized the importance of unity among African and CARICOM nations to drive accelerated development and tackle common challenges. He highlighted the need for a collective voice to address issues related to financing and economic development. Greenidge stressed the significance of institutions, particularly the role of Afreximbank, in catalyzing conversations and scaling up efforts to strengthen trade relations. The recent establishment of an Afreximbank office in Barbados marked a milestone in fostering physical trade, financial flows, and collaborations between the regions. The bank's financing initiatives have supported various projects in the Caribbean, including the refurbishment of iconic cricket grounds in Barbados, showcasing tangible outcomes of partnership. The Africa Caribbean Trade and Investment Conference served as a platform for establishing business relationships and agreements between African and Caribbean entities. Noteworthy agreements, such as the Pan-Africa payment system, were signed to enhance payment systems and promote greater trade. Greenidge also shed light on the Bridgetown Initiative, aimed at reforming international financial architecture to provide essential financing for developing countries. The initiative seeks to challenge the allocation of Special Drawing Rights (SDRs) and leverage multilateral development banks to support economic recovery and resilience. Greenidge emphasized the urgency of global cooperation to address pressing challenges, particularly in a world marked by political and climate crises. He called for collective action and unity to propel integration and sustainable development in the region. The panel discussion at the event echoed the sentiment of speaking with one voice as a continent to drive policy changes and foster integration among African nations. The overarching theme that resonated throughout the conversation was the need for unity, collaboration, and active participation in global forums to shape the future of trade and economic growth between Africa and CARICOM countries.