Latest news with #Afreximbank
Yahoo
a day ago
- Business
- Yahoo
'We are on our own'- Africa looks within to weather growing global tariff turmoil
'We are on our own'- Africa looks within to weather growing global tariff turmoil By Colleen Goko and Libby George JOHANNESBURG (Reuters) -African leaders are pushing to speed up implementation of a continent-wide deal to boost trade as growing concerns over U.S. tariffs, including rates as high as 50% for Lesotho, threaten to decimate industries and hit economic growth. The African Continental Free Trade Area pact designed to unify all 1.4 billion people under Africa's more than 50 nations into a single market, has been legally ratified by 49 countries and officially launched trading in 2021. But translation into action has been sluggish, with less than half of member states actively trading under the framework. The World Bank estimates AfCFTA could increase Africa's intra-continental exports by 81% and proponents point to last year's 12.4% boost in intra-African trade, to $208 billion, according to Afreximbank figures, as early signs of success. "We've got to accelerate the establishment of our own value chain systems. What we are observing now — the weaponisation of trade policy, investment policy, nationalism — is unprecedented and it has a very negative impact on the multilateral trading system," AfCFTA Secretary-General Wamkele Mene told Reuters. "The lesson to observe is that we are on our own as a continent." U.S. President Donald Trump's return to the White House in January put trade relations centre-stage for policymakers worldwide, with his breathless cycle of punitive tariff policies poised to upend decades of globalisation and reshape flows of money and goods. G20 finance chiefs meeting in Durban this week, under South Africa's presidency, have trade high on the agenda. But despite the urgent need to boost African continental trade, accelerating it is beset with challenges. African Union countries have a combined GDP of some $3 trillion - not far off the size of France's economy, a G7 nation. So far, 24 countries are officially trading under AfCFTA, Mene said, including South Africa and Nigeria. Implementation has been inconsistent, said Raheema Parker of Oxford Economics, with weak governance undermining overall effectiveness and informal trade adding complexities. "These barriers are especially pronounced in smaller sub-Saharan economies, which are more vulnerable to external shocks and often lack the administrative and financial capacity," Parker said. INFRASTRUCTURE GAP The biggest constraint to intra-Africa trade is an infrastructure deficit, Mene said. The African Development Bank and Afreximbank collectively invested $65 billion in infrastructure projects since 2020 - barely making a dent in the $100 billion plus estimated annual infrastructure investment shortfall. Johannesburg-based Standard Bank CEO Bill Blackie warned that "without hardened bridges and faster rail links, AfCFTA will remain a paper promise." Other barriers include border delays and complex paperwork requirements. "We need to diminish all the commercial barriers," said Chad's ex-finance minister Abbas Mahamat Tolli. DOWN WITH THE DOLLAR? Currency is also contentious; nearly two-thirds of payments across more than 40 African currencies are clearing through dollar corridors. Afreximbank has called for a shift away from the dollar, citing volatility and high fees. "Local-currency corridors must become the norm to slash costs and tame volatility," said Afreximbank group chief economist Yemi Kale. The recently launched Pan-African Payments and Settlement System links 16 central banks and aims to reduce costs. Leaders say AfCFTA's transformative potential is worth tackling the challenges. "We have a generational chance to build value chains that keep wealth on the continent, develop competitive industries, and create millions of jobs while shaping global supply chains from a position of strength," Kenyan President William Ruto said earlier this month. Solve the daily Crossword
Zawya
a day ago
- Business
- Zawya
Professor Benedict Oramah recognised for long service as Export Trading Group (ETG), TRACE, KCB and CBZ toast award success at 32nd Afreximbank Annual Meetings
Key Highlights The third edition of the Pan-African Business and Development Awards has recognised and celebrated leading businesses on the continent and in the diaspora in alignment with Afreximbank's push for a promotion of a Global Africa Marking his distinguished tenor, Professor Benedict Oramah, outgoing Afreximbank President, was honoured with the Bank's Long Service Award alongside other employees Export Trading Group (ETG) won the Global Africa Business Leader Award 2025 for fostering economic growth across the continent and enhancing food security KCB Group Plc, Kenya and CBZ Bank, Zimbabwe emerged winners of the Afreximbank Financial Institutions Award 2025 for banking institutions with more than $500m and less than $500m capital respectively for having played a pivotal role in bridging the trade finance gap in Africa. TRACE, a multimedia platform dedicated to the entertainment and empowerment of people of African descent won the Diaspora Business of the Year Award for their impact in strengthening continental and diaspora ties. African Export-Import Bank (Afreximbank) ( hosted the third edition of the Pan-African Business and Development Awards in association with the Business Council for Africa (BCA) on Wednesday June 25, 2025, at a colourful Gala Dinner attended by more than 400 dignitaries including business and political leaders from Nigeria, across Africa and the diaspora. The Pan-African Business and Development Awards, held annually during the Afreximbank Annual Meetings, are designed to celebrate and recognise transformative businesses and financial institutions within the African continent and in the diaspora in keeping with the Bank's vision for a Global Africa. Export Trading Group (ETG), operational in nearly 20 countries on the continent, won the Global Africa Business Leader Award, 2025 for fostering economic growth across the continent and enhancing food security by connecting smallholder farmers with regional and global markets, improving livelihoods and boosting intra-African trade, reflecting Afreximbank's mandate of fostering trade and economic growth across the continent. The company's investments in storage, logistics, and processing infrastructure have helped reduce post-harvest losses and increased value addition. This year, TRACE, the multimedia platform dedicated to the entertainment and empowerment of people of African descent, won the Diaspora Business of the Year award for its impact in strengthening continental and diaspora ties through the vehicle of entertainment. Its mission is to uplift African identity through music, education, and storytelling. TRACE's platforms reach and support over 5,000 artists and 1,000 brands annually. It employs hundreds across Africa, contributing hundreds of millions of dollars in value. Two banking giants were recognised in the Afreximbank Financial Institutions Award - 2025. KCB Group Plc, Kenya's largest bank by assets emerged winner of the award for banking institutions with more than $500m capital while CBZ Bank, also Zimbabwe's largest Bank emerged winner of the Afreximbank Financial Institutions Award-2025 for banking institutions with less than $500m capital. KCB, which won in the same category in 2024, was recognised for facilitating local and cross-border trade finance through various products as well as mitigating risks inherent in trade on behalf of its customers. One of the first East African banks to enhance financial inclusion and economic growth, it has positioned itself as an enabler for businesses and consumers to transact efficiently across African borders. CBZ Bank from Zimbabwe has played a pivotal role in bridging the trade finance gap in Africa by leveraging strategic partnerships, introducing innovative products, and executing a comprehensive pan-African vision. During the 31 st Afreximbank Annual meetings held in Nassau, The Bahamas last year, CBZ Bank and Afreximbank inked two deals ( totalling $80 million consisting of US$60 million line of credit and $20 million Afreximbank Trade Facilitation Programme (AFTRAF) facility signalling their continued collaboration aimed at promoting economic development. In a speech delivered on behalf of Professor Benedict Oramah, President and Chairman of Board of Directors at Afreximbank, the Bank's Senior Executive Vice President, Denys Denya, said: 'This Awards event is our way of saying thank you to everyone who, regardless of size or significance of your role, has contributed to furthering the course of development in Africa. I would like to take this opportunity to congratulate you. With these awards, we reaffirm our commitment to the shared goal of transforming the African economy and restoring the dignity of Africans, regardless of their geographic location.' Arnold Ekpe, former group CEO of Ecobank Transnational Incorporated and chair of the BCA, in his remarks, commented on the importance of recognising and celebrating institutions that contribute to Africa's development, which he said, 'has become the defining essence of Afreximbank.' A major highlight of the awards ceremony was the recognition of four long serving Afreximbank staff members for their dedicated service of between 25 and 30 years. This esteemed group included Professor Benedict Oramah who was honoured for over three decades at the Bank with ten years spent at the helm as President and Chairman of Board of Directors. Presenting the long service award to Prof. Oramah, Wale Edun, Nigeria's Minister of Finance and Coordinating Minister of the Economy said: 'Tonight, we acknowledge not just a remarkable career, but a transformative journey spanning three decades. Under your leadership, the bank hasn't just scaled; it has soared, championing strategies that have fundamentally reshaped trade and development across Africa. Nigeria is incredibly proud of your achievements, your leadership, and your unwavering commitment to the economic prosperity of our continent. You are a true son of the soil; a shining example of what dedication and vision can accomplish.' The Pan-African Business and Development Awards are hosted by Afreximbank in association with the BCA. The awards series was launched in 2023 to recognise those organisations and leaders that epitomise the pan-African spirit by leading the way in building substantive and transformative cross-border businesses. Distributed by APO Group on behalf of Afreximbank. Media Contact: Vincent Musumba Communications and Events Manager (Media Relations) Email: press@ Follow on Social Media: X: Facebook: LinkedIn: Instagram: About Afreximbank: African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, "the Group"). The Bank is headquartered in Cairo, Egypt.
Zawya
2 days ago
- Business
- Zawya
Celebrating Partnership: Switzerland and The International Trade Centre (ITC) Reaffirm Commitment to Africa's Trade Future
The International Trade Centre (ITC) celebrated its first Partnership for Africa Day, bringing together more than 200 high-level participants from institutions, Member States, business support organizations, donors, and small businesses. The event also marked a new milestone in ITC's collaboration with the Swiss-African Business Circle (SABC). This landmark occasion showcased how strategic, inclusive partnerships can drive trade, innovation, and prosperity for African small businesses. Held as a high-level welcome reception on the eve of Swiss Africa Business Day (SABD) 2025, the event was co-organized by ITC and SABC. It offered a unique platform for Swiss and African leaders from both the public and private sectors to deepen dialogue and shape forward-looking trade collaborations. 'By joining forces with ITC to organise a welcome reception as the official start to SABD2025, we further strengthened dialogue on Swiss-African trade. The event brought together actors from international Geneva, business support organisations, and public and private sector representatives from Africa, Switzerland, and beyond,' said Helena Bischoff, Deputy Managing Director, SABC. A central highlight of the gathering was the signing of a memorandum of understanding between H.E. Helene Budliger Artieda, State Secretary of the Swiss State Secretariat for Economic Affairs (SECO), and Prof. Benedict Oramah, President of Afreximbank. This formalized Switzerland's renewed commitment to advancing regional integration and SME development in Africa. Beyond official engagements, the reception celebrated the richness of Africa's creative economy. From a 'Taste of Africa' culinary experience curated by Geneva-based African restaurants to a fashion showcase featuring designs from the Pan African Fashion Alliance (PAFA) and Swiss NGO Afrodysée, the event underscored the growing importance of diaspora engagement and cultural industries in trade development. 'The State Secretariat for Economic Affairs collaborates with ITC, a long-standing partner, to strengthen the competitiveness of African SMEs by promoting intra-African trade and fostering linkages between Africa and Switzerland,' noted SECO representatives. As host country and development partner, Switzerland continues to play a pivotal role in ITC's mission to empower African small businesses. Through its One Trade Africa initiative, ITC supports the implementation of the African Continental Free Trade Area (AfCFTA) and promotes triangular cooperation between Switzerland, African institutions, and global partners. This inaugural Partnership for Africa Day was not only a celebration but also a springboard toward a more connected, resilient, and opportunity-rich trade future for Africa. Together with Switzerland and partners such as SABC and Afreximbank, ITC is committed to turning dialogue into action—and partnerships into impact. Distributed by APO Group on behalf of International Trade Centre.
IOL News
2 days ago
- Business
- IOL News
Direct flights on the horizon: Africa and the Caribbean are ready for takeoff
Antigua and Barbuda are part of the Caribbean region. Image: Unsplash A new era of connectivity is on the verge of unfolding for African travellers seeking to explore the Caribbean. With efforts underway to establish direct flights between the continent and the region, prospects are looking bright. Reports from the Caribbean National Weekly Network indicate that this transformative milestone is a few months away, spurred by an increase in demand and strategic partnerships, particularly from Afreximbank. Earlier this month, a landmark non-stop flight from Nigeria to St. Kitts marked a significant step towards making these connections a reality. Following this inaugural journey, authorities are now in talks to introduce regular flight routes, beginning with a potential direct flight to Algeria for the Intra-African Trade Fair (IATF 2025) scheduled for September. Afreximbank's Caribbean office is eager to highlight that this initiative is not solely about tourism; it represents an expanding realm of trade, cultural exchange, and meaningful connections. The ambition is to create a robust Africa-Caribbean ecosystem where 'demand meets supply.' This vision encompasses not just the tourism sector but also the shipment of goods and the linking of diaspora markets. The Caribbean comprises a diverse array of nations, including Antigua and Barbuda, the Bahamas, Barbados, Jamaica, and Trinidad and Tobago, among others. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ South African travellers will be pleased to note that they can enjoy visa-free entry to several of these idyllic islands, such as St. Lucia and Grenada. However, those looking to visit other destinations in the Dutch Caribbean, including Aruba and Curaçao, will need to secure a visa beforehand. At present, South Africa does not boast any direct flights to the Caribbean. Popular non-direct routes currently available include connections from Cape Town International Airport to George Town Owen Roberts International Airport, and from Johannesburg OR Tambo Airport to both Kingston Norman Manley Airport and San Juan Luis Muñoz Marín International Airport. As discussions progress towards establishing scheduled direct flights, the anticipation grows among intrepid South African travellers eager to experience the unique allure of Caribbean culture and beautiful landscapes.
Zawya
12-07-2025
- Business
- Zawya
Afreximbank, CARICOM Chair welcome strengthened Africa ties
Professor Benedict Okechukwu Oramah, president and chairman of the Board at the African Export-Import Bank (Afreximbank), has welcomed Jamaica's formal accession to the partnership agreement between CARICOM and the bank, which adds an additional US$1.5 billion in financing to the Caribbean region. With Jamaica's signature, 13 of the 15 CARICOM member states have now acceded to the partnership agreement, which was introduced by Afreximbank in 2022, following the African Union's 2008 resolution designating the African Diaspora as the sixth region of Africa. The move, solidified through the signing of a memorandum of understanding during the 49th CARICOM Heads of Government meeting in Montego Bay, Jamaica, pushes total available funds for the region to US$3 billion, aimed at deepening trade and investment ties between Africa and the Caribbean. Describing Jamaica's signature to the agreement as 'an incredible opportunity for even greater transformative impact,' Professor Oramah said that it strategically positions the bank to deepen its financial engagement in the region, including potential long-term capital investments to support the growth and development of SMEs in Jamaica. Echoing the sentiment, Okechukwu Ihejirika, acting chief operating officer for Afreximbank's Caribbean Office added: 'The initiative the bank has taken coming into the region is something that no other institution can make happen apart from Afreximbank and I am happy for the response from the governments in the CARICOM region. That shows that we are now ready to forge a greater partnership between Africa and CARICOM. This is something no other entity can do for us and we are now rising up to the challenge.' The bank's leadership made the remarks at an African-Caribbean side event during the CARICOM Heads of Government 49th meeting, sponsored by JN Bank (one of Jamaica's top three commercial banks) and Afreximbank. The event was organised by NTT Global Destinations, a trailblazing African tourism and trade consultancy company. In declaring the event open, Dr Andrew Holness, Jamaica's Prime Minister and chair of CARICOM, also stressed the importance of moving beyond the signing of the agreement to implementing practical mechanisms for trade. These, he noted, include settlement in local currencies, cross-listings on regional stock exchanges, and harmonised standards to reduce non-tariff barriers. He also underscored the critical role of the private sector, stating, 'Financial institutions, including JN Bank which I must commend, will have a key role to play in these regulations, not just through funding but through innovation in fintech, small and medium-sized enterprise (SME) financing, and diaspora bonds.' Keith Levy, JN Bank chairman also affirmed the institution's readiness to support the efforts while hailing Jamaica's accession, noting that the formalisation of the partnership agreement opens the door for Jamaica to connect capital with key opportunities for bilateral growth. 'The Caribbean needs a diversification of financing for important initiatives across this region including investments in infrastructure, technology and cultural assets,' he shared. 'We also see the growing economic activities in Africa in areas such as science, technology, and medicine, coupled with the fact that there is a young, educated population who will purchase goods and services and visit the Caribbean as tourists. Through trade and cooperation, we can and shall achieve mutual economic growth.' Reflecting on the origins of the JN Group, the parent company of JN Bank, which was founded in the 1800s to provide financial security to still relatively recently emancipated Africans in Jamaica, Mr Levy noted that the partnership and discussions at the side meeting are key steps towards unlocking broader economic freedoms for people of African descent. 'The Caribbean people are part of the African diaspora and as such we must take advantage of the opportunities that are available in Africa and the Caribbean. You can fight against many things but you cannot fight against the demographics of the world,' he said. 'There are similarities in the objectives of Afreximbank, JN Bank, JN Group and NTT and all this interest comes about bridging transportation and all links between African and the Caribbean. Today is one giant step for the Caribbean and Africa,' he added. The side event of the CARICOM Heads of Government Meeting, which featured a African-Caribbean Symposium and African Village, was held at the Half Moon Hotel Conference Centre under the theme: 'From Shared Roots to a Shared Future: Africa and the Caribbean Unite'.
