The Bahamas to host 31st Afreximbank annual meetings

By Guardian Correspondent , The Guardian
Published at 07:17 AM Apr 13 2024
Prof Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank
Photo: Courtesy of Afreximbank
Prof Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank

THE government of The Bahamas and African Export-Import Bank (Afreximbank) have signed agreement for the former to host 31st Afreximbank Annual Meetings (AAM) and the third edition of the AfriCaribbean Trade and Investment Forum (ACTIF).

Prof Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said in a statement yesterday that the AAM will be held in Nassau, The Bahamas capital, from 12 to 14 June, 2024.

“Afreximbank’s historic decision to hold the 31st Afreximbank Annual Meetings in The Bahamas will be the first time it has been held in the Caribbean. There is a hugely positive outlook for many African and CARICOM countries - as demonstrated by the IMF’s forecast that seven African countries and one CARICOM country will be in the top 10 fastest growing economies globally – so cementing closer links between the two regions is of clear mutual benefit to accelerate growth and prosperity,” he said.

“We are in an era where some major global economies are reacting to geopolitical tensions by restricting international trade to prioritise their domestic industries. This partial move away from the rules-based trading system, where international trade is conducted according to agreed-upon transparent, non-discriminatory, and impartial rules, threatens the longstanding reliance of African economies on global support for shared growth and prosperity.”

Themed ‘Owing Our Destiny: Economic Prosperity on the Platform of Global Africa,’ the 31st AAM and the 3rd ACTIF reflect focus on broadening the discourse to determine solutions to the challenges that affect African Caribbean economies, the policy issues required to promote growth, development and prosperity across Africa and the Caribbean, and to accelerate intra-African trade and investment flows, including with the diaspora.

At the signing ceremony, which was live streamed to reach a global audience, Philip Davis, Prime Minister of the Commonwealth of The Bahamas, commented: “Hosting both the AAM and ACTIF demonstrates the determination and commitment of The Bahamas to leverage on the shared history, identities, and cultures of AfriCaribbean nations to forge significantly greater trade, investment, and direct transport linkages. Doing so will stimulate economic growth and development, which will feed through to immensely beneficial societal impact. It is also vital that we enhance our global influence by speaking with a unified voice on matters such as securing global action to meaningfully address climate change.”  

The holding of the 31st Annual Meetings in the Caribbean, and alongside the ACTIF, emphases and accelerates the global opportunities for the AfriCaribbean regions. 

The impact of the three-day event will be heightened by the opening ceremony, the Presidential plenary and high-level panel sessions. 

The focus will be on the emerging neo-protectionism from advanced economies and the need for Africans to pursue self-determination in the context of a global Africa that includes the Caribbean and the diaspora generally.

Seminars will continue on the second day, while 14 June will be dedicated to the AfriCaribbean Trade and Investment Forum (ACTIF) and will be marked by colourful events to celebrate shared AfriCaribbean culture, as well as elevating the essence of the two regions shared socio-economic aspirations.