Awani: The future of trade is Africa

The inaugural Access Africa Trade Summit in Cape Town, South Africa, was graced by the presence of Mrs. Kanayo Awani, the Executive Vice President of Intra-African Trade & Export Development at Afreximbank. In an exclusive interview with CNBC Africa's Keamogetswe Mosepele, Mrs. Awani shed light on the future of trade in Africa and the pivotal role that intra-African trade is set to play in driving economic growth and prosperity across the continent. Acknowledging the current global climate of trade wars and protectionism, Mrs. Awani emphasized the importance of regional integration and cooperation as a means to navigate the prevailing challenges in the international trade landscape. She highlighted the African Continental Free Trade Area (AFCFTA) as a significant milestone towards fostering intra-African trade and promoting economic development. According to Mrs. Awani, the AFCFTA presents a unique opportunity for African nations to capitalize on the vast potential of regional trade, boosting industrialization, and adding value to their products before export. By addressing key impediments such as currency barriers, lack of market information, and inadequate infrastructure, Africa can harness its rich resources to drive sustainable economic growth and create a more inclusive trading environment. Through initiatives like the Pan-African payment and settlement system, the African trade fair, and the AFCFTA adjustment fund, steps are being taken to overcome these hurdles and pave the way for a more seamless and prosperous trading landscape. With a clear focus on enhancing regional connectivity, reducing trade barriers, and fostering a culture of collaboration, Africa stands poised to unlock its economic potential and chart a new course towards shared prosperity.