From the African Continental Free Trade Area Agreement to MANSA, TFG heard from Afreximbank on how they are addressing the challenges around African trade
If Africa is to realize her trade potential, they must be willing to implement far-reaching reforms across all the segments and institutions of the economy.
The AfCFTA is an agreement seeking to establish a free trade area in Africa. AfCFTA’s trade liberalization objective, along with other industries goals, Africa may just be set for a new horizon in its trade, post-COVID19.
TFG heard from EXX Africa’s Keri Leicher, on the economic, political and health crisis in Africa caused by Covid-19 pandemic. Keri spoke of Africa’s high level of debt and silent attacks affecting the continent’s security.
Now is the time for trade finance institutions to take the lead in efforts to strengthen SME resilience and leave them in a position to be able to bounce back in the aftermath of the pandemic.
For Africa, the trade finance gap has been estimated at USD 110-120 billion. TFG spoke to Afreximbank on the challenges/ opps that lie ahead.
Africa is home to 1.3 billion people spread across 54 countries, 20 of which have economies set to expand by an average of 5% or higher over the next five years. We spoke to BACB’s CEO about export opportunities in Africa.
2019 has been a fairly promising year of growth for some emerging and developing markets, but with continued regulatory scrutiny, correspondent banking relationships continuing to be a cut, and a sluggish growth forecast for 2020, what does this mean for trade in EDE’s?
TFG spoke to Stephen Renna, Chief Banking Officer at US Exim Bank at TXF CPRI in London, about the core priorities and focus for the bank in order to facilitate US exports, now that is has a wider remit to promote US SMEs.
New financial products, regulatory improvements and more responsive economic policies have enhanced the performance of countries in the Absa Africa Financial Markets Index 2019, produced by OMFIF. Now in its third year, the index evaluates financial market development in 20 countries across the continent.
Following the announcement on 9 October 2019 by the African Export-Import Bank (“Afreximbank” or the “Bank”), a supranational financial institution whose purpose is to facilitate, promote and expand intra- and extra- African trade, of its potential intention to publish a registration document, the Bank hereby confirms its intention to proceed with an Initial Public Offering.
The Turkish government declared 2005 as the “Year of Africa”. Since then, Turkey has consistently strengthened its presence in Africa, enabling it to establish strategic and economic partnerships.
Specialist intelligence company EXX Africa’s director Robert Besseling assesses that African governments are increasingly integrating infrastructure investment options into a more competitive landscape that seeks to bridge the massive annual financing gap. However, accomplishing sustained economic growth, meeting revenue collection targets, and achieving positive indicators will be required to balance growing debt levels and record fiscal expansionism.
It is clear that NGOs play a major role in providing humanitarian aid. However, there are several NGOs that are responsible for facilitating national and international trade as well. Organizations like Care International, use trade as a tool to empower women by improving their financial literacy.
ABSA’s Doreen Fick examines the current state of the African trade and receivables market, highlighting key tools and initiatives.