Chronicle Editor
Levi Mukarati in Accra, Ghana
CONTINENTAL and Caribbean leaders converge in Ghana this weekend in a momentous gathering, the 30th African Export Import Bank (Afreximbank) meetings, with a series of deliberations focused on initiatives to propel trade and socio-economic development among nations. The gatherings serve as a platform to celebrate three decades of the bank’s bold initiative in pursuit of deeper cooperation and solutions to the challenges facing Africa and the Caribbean.
The timing of the meetings is significant, as Afreximbank has recently launched a groundbreaking Pan African Payment and Settlement System, which has been adopted by the African Union as an alternative transacting mode to the United States dollar. This system aims to underpin the implementation of the African Continental Free Trade Agreement (AfCFTA), fostering greater economic integration across the continent.
A statement released by Afreximbank outlines the provisional programme for the four-day meetings, set to commence in Accra, Ghana, tomorrow. Ghanaian President Nana Akufo-Addo is expected to lead the Heads of State and Government, including President Emmerson Mnangagwa, in a series of extensive seminars.
Zimbabwe’s participation in the meetings is particularly noteworthy, as Afreximbank is currently constructing a multi-million United States dollar landmark centre in Harare to facilitate intra-African trade. The centre will house the bank’s permanent regional office, a world-class hotel, a trade data centre, and a technology incubation centre. This development will significantly contribute to Zimbabwe’s infrastructure development drive and position the country on the global map.
In March, President Mnangagwa reaffirmed Zimbabwe’s support for the bank by signing an establishment agreement for the Fund for Export Development in Africa, a subsidiary of Afreximbank focusing on the continent’s growth.
This signature made Zimbabwe the sixth nation on the continent to back this new multilateral development platform.
According to Afreximbank, the 30th annual meetings will attract high-profile leaders, including Heads of State and Government, former Heads of State, renowned business leaders, and African trade experts, who are scheduled to address the participants.
“Some of the topics listed for discussion include turbo charging the implementation of the AfCFTA, challenges of peace and security, overcoming the challenges of food security for sustainable development in Africa as well as benefits of strong continental financial institutions.”
The meetings hold significant importance as they gather influential economic decision-makers in Africa, representing a commitment to finding homegrown solutions to the continent’s challenges.
Afreximbank, as a multilateral financial institution mandated to finance intra- and extra-African trade, plays a pivotal role in accelerating the continent’s industrialisation drive. From 2016 to 2022, the bank disbursed nearly US$90 billion to support trade and development in Africa.
The 30th annual meetings are being held under the theme: “Delivering the Vision: Building Prosperity for Africans.” This theme encapsulates the collective effort and determination to foster a prosperous future for the people of Africa, driven by collaboration and sustainable development.
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