Unveiling a New Horizon: Bridging Africa and the Caribbean
Celebrating the commencement of its 30th annual meetings in Ghana, the African Export-Import Bank (Afreximbank) welcomed significant developments that promise to reshape intra-African trade. The opening ceremony witnessed Barbados Prime Minister Mia Mottley lauding the initiation of Afreximbank’s Pan-African Payment and Settlement System (PAPSS), a revolutionary platform that enables countries across the continent to engage in trade using their local currencies.
Key highlights from the event included:
– Eleven Caribbean Community (Caricom) countries joining Afreximbank
– The adoption of PAPSS by the Association of Caricom Central Banks for a pilot project
– Projects totaling US$1.5 billion to support the Caricom initiative
Reflecting on the significance of PAPSS, Mottley reminisced about Caricom’s past efforts to enhance inter-regional trade through a multilateral clearing facility. Contrasting this with the guarantor-backed PAPSS, she emphasized the critical role of financial security in sustaining such initiatives. President and Chairman of Afreximbank, Prof Benedict O. Oramah, projected that PAPSS could result in a monumental US$5 billion savings on intra-African transfer charges, underlining the system’s potential for transformative economic impact.
The presence of Caricom leaders at the event symbolized a collective commitment towards fostering closer ties between Africa and the Caribbean. Prof Oramah envisioned a cohesive AfriCaribbean continent, stretching from Mauritius to The Bahamas, with a unified voice poised to address contemporary challenges and future opportunities. The imminent launch of Afreximbank’s Caribbean office in Barbados further solidifies the vision of enhanced connectivity between African and Caribbean businesses.
As the annual meetings progress, Afreximbank aims to strengthen partnerships with African and Caribbean airlines to facilitate commercial operations between the two regions. With plans to double the approved US$1.5 billion funding for the Caricom initiative, Afreximbank remains steadfast in its mission to empower a united Africa and the Caribbean for a more resilient and prosperous future.
In a time where global solidarity is paramount, the collaborative efforts between Afreximbank, Caricom, and regional leaders stand as a testament to the transformative power of intercontinental cooperation. Let us embrace this new chapter of connectivity between Africa and the Caribbean, for it holds the promise of shared prosperity and collective strength in an increasingly interconnected world.
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