Platform for African – European Partnership in Agricultural Research for Development

Monday, June 17, 2024

AfriCaribbean Trade and Investment Forum

12 - 15 June 2024Afreximbank Annual Meetings (AAM2024), taook place in Nassau, The Bahamas

The 3rd edition of the AfriCaribbean Trade and Investment Forum (ACTIF2024) explored the platform of Global Africa – to navigate new vistas for the Caribbean through African and global investments from across the diaspora; with more than 25 deals signed and new commercial and developmental initiatives announced.

The Annual General Meeting of Shareholders and Advisory Group Meetings took place on Saturday 15th June, with seminars and plenaries comprising the AfriCaribbean Trade and Investment Forum taking place on the preceding days from 12-14 June.

Extracts of the programme

12/06 Launch of 2024 African Trade Report & 2024 African Trade and Economic Outlook Report

The first report is titled: 
Afreximbank (2024) Climate Implications of the AfCFTA Implementation #92 pp.
  • Despite the tumultuous global landscape, intra-African trade remained resilient, standing as a beacon of hope for sustainable development in Africa. It grew at 7.2 percent year-on-year, reaching US$192 billion, which accounted for 15 percent of total African trade in 2023, up from 13.6 percent a year ago. This resilience was a testament to the continued push to implement the AfCFTA, backed by AfCFTA-enabling initiatives, such as Afreximbank's IntraAfrican Trade Fair (IATF), the PanAfrican Payments and Settlement System (PAPSS), and Intra-Champ Initiative.
  • Products exhibiting the greatest potential for trade among African nations encompass machinery, electricity, motor vehicles and parts, food products, minerals, beauty products, chemicals, plastic and rubber, ferrous metals, pearls and precious stones, and fertilizers. 
  • Southern Africa emerges as the sub-region with the most substantial export potential, followed by Eastern Africa, Western Africa, Northern African, and Central Africa
  • the AfCFTA offers a path to achieving the developmental goals of African nations while also addressing climate change concerns.
  • while the benefits of the AfCFTA can be seen, the debate on its impact on climate change is still ongoing. One group believes that increased urbanisation and industrialisation associated with the AfCFTA will worsen carbon emissions, and the second group believes that by emphasising intra-African trade and reducing extra-African trade, carbon emissions will be eliminated through shorter shipping distances.
  • Overall, the report states that optimising the AfCFTA can result in potential gains through increased intra-African trade and investment, creating economic prosperity and fulfilling the vision of the founding fathers.

The second report is titled :

  • The report forecasts that African economies will grow on average by 3.8% in 2024 – slightly ahead of predicted global growth of 3.2% – prior to increasing by 4% in 2025.
  • The Report provides in-depth analysis of the current global and African macroeconomic environment, trade patterns, and sovereign debt sustainability dynamics, as the basis for trade and economic projections for 2025. 
  • Through the examination of historical trends, existing and emerging risks, as well as opportunities, the report seeks to foster a deeper understanding of the factors driving Africa's economic performance and trade patterns, with a view to informing policy design. It also singles out the implementation of the African Continental Free Trade Area (AfCFTA) and other initiatives as critical to accelerating industrialization and promoting sustainable growth across the continent.

12/06 Plenary Session 1: Navigating Economic Transformation in a Polycrisis World: Strategies for Global Africa @2:41:00

  • Prof. Jeffery Sachs - Senior Lecturer in Economics at the International Institute of Social Studies (ISS) of the Erasmus University of Rotterdam @3:02
  • Mr. John A. Rolle - Central Bank of the Commonwealth of the Bahamas Governor
  • Mr. Denys Denya Senior Executive Vice President Afreximbank
  • Hon. Kevin Greenidge Governor, Central Bank of the Barbados
  • Dr. Howard Nicholas Senior Lecturer in Economics at the International Institute of Social Studies (ISS) of the Erasmus University of Rotterdam
  • Prof. Yemi Osinbajo Former Vice President of Nigeria 
  • Dr. Donald P. Kaberuka Chairman and Managing Partner of SouthBridge Group and Former President, African Development Bank Group
  • Moderator Eleni Giokos Correspondent, CNN

12/06 Presentation of African Award

See blogpost Following a highly competitive selection process, FARA and Afreximbank announced the two laureates of the 2024 AFRICA Awards. They are: Umezuruike Linus Opara + Professor Richard Mkandawire

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