Building Africa's trade corridors needs sustainable financing

Africa's trade landscape is on the brink of a transformation, with the need for accelerated trade finance taking center stage. Financial institutions in the region are recognizing the importance of meeting the growing needs of the continent to expand intra-African trade. CNBC Africa's David Alabi sat down with Souad Aden-Osman, the head of Coalition for Dialogue On Africa (CoDA), to delve deeper into the critical role of sustainable financing in building Africa's trade corridors. Aden-Osman emphasized the significance of coalition building, citing Afrixin Bank as a key player pushing a transformative agenda. She highlighted the presence of unconventional participants, such as anti-money laundering and corruption experts, at seminars to foster open dialogue and collaboration. This inclusive approach, with representatives from Senegal, the DRC, Nigeria, and Mali among others, underscores the commitment to a progressive, transformative economic agenda. Aden-Osman stressed the need for sustainable solutions to drive broad-based and inclusive growth, emphasizing the urgency to get it right as Africa positions itself in a rapidly evolving global landscape. The conversation also touched on the democratic transition in Mali and its implications for regional integration, illustrating the dynamic nature of Africa's institutional landscape. As the younger generation spearheads change, institutions like Afrik Zimbabwe play a pivotal role in driving the narrative and ensuring Africa stays ahead in a world that is constantly evolving. Aden-Osman highlighted the interconnectedness of global events, such as the US elections, and their impact on African economies, emphasizing the need for a united front across governments, civil society, academia, and the media. Looking ahead to the next year, the focus is on strengthening partnerships with multilateral development partners and financial institutions to combat illicit financial flows and enhance knowledge sharing. Aden-Osman underscored the importance of intellectual independence and autonomy in implementing effective solutions, calling for a revaluation of institutions like Afrique Zimbabwe to better align with Africa's trade and development aspirations. The emphasis on trade finance, with Afrik Zimbabwe leading the charge, reflects a strategic move to fill existing gaps and drive sustainable economic growth across the continent.