The Next 30 Years Afreximbank - 30th Anniversary Founders Day Lecture of the African Export-Import Bank by Prof MoghaluKingsley allafrica: AfCFTA will provide more enabling environment Afreximbank becoming transformative for Africa in worldtrade
There is no question -- in my mind at least -- that world trade is the foundation of the global economy and the main engine of wealth creation. It also remains the chief channel of the phenomenon of globalization. According to the United Nations Conference on Trade and Development , the total value of global trade reached the record level of $28.5 trillion in 2021.
Beyond the difficulties imposed by the global trade framework on African countries there are other, more homegrown obstacles that have conspired to keep Africa’s share of world trade low. These include: ● Weak infrastructure: Africa has been unable to diversify its economies because of weak infrastructure. This includes not just physical infrastructure, such as roads, rail and electricity but also social infrastructure such as health, education and skills. Transport and electric generator costs add up to 75% of the total prices of African goods, making such products uncompetitive in the global market in price terms.
Uniquely, Afrixembank is both a multilateral institution with full protections in international law for its operations in member countries, but also a profit-making financial institution that pays dividends, offers a wide array of direct trade finance facilities, credit guarantees and other risk management products, and advisory services. In short, Afreximbank aims to be total trade finance solution provider for Africa- a “trade finance supermarket “- to sovereign and private sector entities.
While Afreximbank’s ratings have improved from BBB- to BBB, I would argue from all this information available about the Bank, that its ratings should perhaps more appropriately be AAA-, especially when we consider that the African Development Bank has a stellar rating of AAA. There certainly is a case to be made for a fairer assessment methodology for the credit rating agencies rating of African sovereigns.
With the AfCFTA Secretariat and Afreximbank in a strong partnership, we can achieve, at least, an African half-century by 2063 in accordance with the vision of the AU. Already, the United Nations Economic Commission for Africa has reported that, because of the AfCFTA, intra-African trade increased by 20% in 2022.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AI could replace 80% of jobs in next few years, says expert | News24Artificial intelligence could replace 80% of human jobs in the coming years - but that's a good thing, says US-Brazilian researcher Ben Goertzel, a leading AI guru.
Read more »
Mzwanele Manyi crowned with a red beret — will Jacob Zuma be next?As Britain celebrates the coronation of King Charles III, politician Mzwanele Manyi was 'crowned' an EFF member, after leaving the African Transformation Movement (ATM) for the red berets.
Read more »
What’s Next — IoT.nxt experts on solving ESG challenges with IoTIn this What’s Next interview, Lazaros Karapanagiotidis and Vusi Mngomezulu discuss the role IoT is playing in addressing key ESG challenges in South Africa.
Read more »
'No interdict': Section 194 Inquiry to resume next week despite Mkhwebane's court bid | The Citizen🚨 Section194 Inquiry to resume despite Mkhwebane’s legal action over funding court bid 👀 Section194Inquiry BusisiweMkhwebane Read more on TheCitizenNews 👇
Read more »
Aubameyang's desired next club revealed | KickOffChelsea striker Pierre-Emerick Aubameyang has revealed the club he wants to play for next season. Read more ▶️
Read more »
AYOBAMIGBE TERIBA: Start-ups can help fuel next big leap in Africa’s economic growthFunding and support for young firms will help the continent as a whole
Read more »