Rolle: Policies & reforms crucial to Afri-Caribbean integration

The Central Bank Governor of the Bahamas, John Rolle, recently emphasized the need for Africa and the Caribbean to align on policies and reforms to achieve Afri-Caribbean trade integration. In an exclusive interview with CNBC Africa's Kenneth Igbomor, Rolle highlighted the importance of shared vision and collective efforts in implementing necessary reforms to realize this trade integration. Rolle stressed the significance of addressing logistical and policy challenges to facilitate trade between Africa and the Caribbean. By creating a larger market space, economies can build resilience and enhance business activities. Recognizing that services play a crucial role in trade, particularly in the Caribbean with sectors like tourism and financial services, Rolle underscored the importance of simplifying logistical issues to leverage expertise across regions for mutual benefits. Moreover, Rolle emphasized the pivotal role of institutions, particularly central banks, in driving integration. His focus on digital transformation and payments highlighted the essential role that efficient payment systems play in fostering commerce. By accelerating the shift towards digital payments and ensuring financial inclusion, regions can unlock new opportunities for micro and small businesses, as well as improve peer-to-peer transactions. In terms of incentives for businesses, Rolle advocated for transparency in public business conduct, ease of doing business, and harmonization of trade policies to address barriers that hinder the movement of goods and services. He proposed deepening trade agreements within Africa and extending them to regions like the Caribbean to foster greater economic cooperation. Reflecting on the 50th anniversary of the Bahamas and its Central Bank, Rolle acknowledged the achievements in maintaining stability over the years with a fixed exchange rate. However, he also emphasized the continuous need for deeper reforms to enhance the vibrancy and resilience of the economy. As the world faces various external shocks, the call for coordinated efforts and policy alignment between Africa and the Caribbean becomes more crucial than ever. By embracing digital transformation in payments and fostering a shared vision through policy reforms, the path to achieving Afri-Caribbean trade integration may be within reach.