The 31st Annual Meeting of Afreximbank took place in Nassau, The Bahamas, from June 12 to June 15, 2024. This event gathered high-level officials, business leaders, and stakeholders to discuss the future of trade and economic development in Africa.
Heads of State, Ministers, government officials, and renowned captains of industry were among the over two thousand delegates.
The three-day event was held for the first time in the Caribbean at the Baha Mar Convention, Arts & Entertainment Center on West Bay Street, under the theme “Owning Our Destiny: Economic Prosperity on the Platform of Global Africa.” This year, the AfriCaribbean Trade and Investment Forum (ACTIF2024) was seamlessly integrated into the Afreximbank Annual Meetings.
The opening ceremony on Wednesday, June 12, featured a presidential plenary and high-level panel sessions. Over the following two days, seminars continued, focusing on the AfriCaribbean Trade and Investment Forum. The event was highlighted by vibrant celebrations of the shared AfriCaribbean culture and the socio-economic aspirations of the two regions.
Prime Minister Philip E. Davis emphasized the economic commitment made to The Bahamas, stating, “The $30 million capitalization of the Bahamas Development Bank by Afreximbank will create new opportunities for Bahamians, support small businesses, drive innovation, and foster sustainable development.”
He also noted the signing of a $1.86 million Project Preparation Facility agreement between Afreximbank and the Ministry for Grand Bahama. This agreement marks a significant advancement towards the development of the Afro-Caribbean Marketplace and Logistics Center on Grand Bahama Island, which is set to become a dynamic hub for tourism, commerce, and trade between African countries, The Bahamas, and the Caribbean.
“This transformative project will revitalize the International Bazaar, stimulate economic growth, empower entrepreneurs, and strengthen cultural ties across continents, fostering mutual exchanges in culture, education, and investment,” the Prime Minister explained.
Notably, American actress Viola Davis, appointed by U.S. President Joe Biden in September 2023 to the President’s Advisory Council on African Diaspora Engagement, participated in the meetings. In April 2024, Davis and her husband, Julius Tennon, along with best-selling author and publisher Lavaille Lavette, launched JVL Media, a new publishing house aimed at amplifying underrepresented voices in the literary world.
Additionally, Chinelo Oramah, spouse of Professor Benedict Oramah, President and Chairman of the Board of Afreximbank, made two $50,000 donations to the Bahamas Children’s Emergency Hostel and the Salvation Army in The Bahamas.
Key highlights of the meeting included the launch of the African Trade Report 2024 and the African Trade and Economic Outlook Report 2024. These reports projected an average growth of 3.8% for African economies in 2024, slightly above the global growth forecast of 3.2%, with a further increase to 4% in 2025. The reports emphasized the resilience of African economies despite global challenges, highlighting the potential benefits of the African Continental Free Trade Area (AfCFTA) in enhancing intra-African trade and mitigating global economic shocks (Afreximbank) (Kapital Afrik).
In addition to economic forecasts, discussions at the meeting covered various challenges faced by African economies, such as sovereign debt risks, geopolitical tensions, high commodity prices, and inflationary pressures. Strategies for optimizing the AfCFTA to achieve economic prosperity and address climate change concerns were also explored(Afreximbank) (Kapital Afrik).
The event underscored the importance of coordinated efforts to foster economic growth and stability across the continent, showcasing the ongoing commitment of Afreximbank to facilitate and promote intra and extra-African trade(Afreximbank).
By Alize Utteryn 06/17/2024
