Africa-Bahamas collaboration for creative economy

The Minister of Grand Bahama, Ginger Moxey, recently spoke to CNBC Africa about the collaboration between Africa and the Bahamas to promote the creative economy with a $2 billion fund for Canex and cross-continental and national collaboration. The focus is on leveraging the creative industries of Africa and the Caribbean, which is considered the sixth region of Africa. The involvement of key organizations such as Afreximbank, the United Nations (UN), the African Union (AU), and the African Continental Free Trade Area (AfCFTA) highlights the importance of cooperation to drive trade and economic development in the creative sector. During the interview, Minister Moxey provided updates on the progress of the Africa-Caribbean Marketplace and Logistics Centre project. The project, which was initiated during the Afrexim AGM held in the Bahamas in June, involves extensive work on financial analysis, environmental impact assessment, and architectural design. The collaboration with Canex, a creative platform, aims to create a vibrant space for entrepreneurs in the creative industry to showcase their products and attract visitors. With a projected six million visitors to Grandmama Island by 2027, the marketplace offers a unique opportunity for entrepreneurs from 54 African countries, 20 Caribbean countries, and 16 Bahamian islands to display their culture, art, and culinary offerings. Minister Moxey emphasized the potential for entrepreneurs to thrive in an environment that facilitates interaction with a diverse audience seeking unique products. The conversation between the Bahamas and the African private sector is also gaining momentum, with discussions focusing on collaboration opportunities in product manufacturing and distribution. Minister Moxey shared an example of producing straw bags in the Bahamas, where limited production capacity hinders meeting demand. By partnering with communities in Africa to semi-produce the bags and then adding value in the Bahamas, both regions stand to benefit. The minister highlighted the potential to empower women in villages across Africa by leveraging their skills to meet market demand in the Bahamas. The collaboration is seen as a win-win situation where communities can support each other's growth and enhance economic opportunities for all involved. Overall, the Africa-Bahamas collaboration signals a new era of cooperation in the creative economy, harnessing the strengths of both regions to drive sustainable growth and prosperity. With a strategic focus on leveraging unique cultural assets and promoting entrepreneurship, this initiative sets a precedent for cross-continental partnerships that prioritize inclusivity and economic empowerment.