Access Bank’s inaugural Africa Trade Conference in Cape Town gathered leaders to address trade barriers and accelerate Africa’s economic growth
[dropcap]A[/dropcap]ccess Bank PLC successfully hosted the inaugural Africa Trade Conference in Cape Town, South Africa, uniting key industry leaders, policymakers, and trade experts to address pressing challenges and drive solutions for accelerating intra-African trade.
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The event underscored the continent’s economic potential and aimed to create strategies that would unlock growth through enhanced trade integration.
The conference focused on critical trade barriers, including limited access to capital, information gaps between markets, trust deficits among trading partners, and the pressing need for modernised trade infrastructure.
These issues are pivotal in ensuring that Africa capitalises on its demographic and economic potential.
Roosevelt Ogbonna, the Managing Director/CEO of Access Bank, delivered the opening remarks, setting the stage for lively discussions on overcoming obstacles to trade.
He emphasised the importance of collaboration within the financial sector to facilitate seamless access to capital and create an environment conducive to scaling African businesses.
“We must invest in initiatives that bring businesses together, forge trust, and create the connections necessary for trade,” Ogbonna remarked.
He also urged Africans to proudly support their own continent’s products: “We must buy Africa, be proud to wear Africa, and invest in Africa because that is what the continent needs to leap forward into the next generation.”
Looking to the future, Africa’s population is projected to reach 2.5 billion by 2050, creating a substantial opportunity for economic growth.
One of the most significant initiatives shaping this future is the African Continental Free Trade Area (AfCFTA), which promises to become the largest free trade agreement since the establishment of the World Trade Organisation.
The AfCFTA has the potential to reshape Africa’s trade landscape, driving industrialisation, creating jobs, and enhancing the continent’s global competitiveness.
H.E. Wamkele K. Mene, Secretary-General of the AfCFTA, highlighted the transformative potential of the agreement.
“The AfCFTA is not just a trade agreement; it is an instrument for Africa’s industrialisation and economic sovereignty.
To fully realise its potential, we must ensure that businesses, especially SMEs and women-led enterprises, have access to the information, capital, and platforms they need to thrive,” Mene stated.
Kanayo Awani, Executive Vice President of Afreximbank, also emphasised the role of financing mechanisms in supporting cross-border trade.
She discussed Afreximbank’s efforts to strengthen trade finance solutions, including the Pan-African Payment and Settlement System (PAPSS), which enables seamless transactions across borders and reduces reliance on foreign currencies.
“At Afreximbank, we understand that trade finance is the lifeblood of economic development,” Awani remarked.
The event also featured insights from Nathalie Louat, Global Director at the IFC/World Bank Group, who reinforced the pivotal role of trade finance in supporting financial inclusion and cross-border transactions.
She highlighted the longstanding collaboration between IFC and Access Bank in advancing Africa’s economic resilience.
Panel discussions at the conference further explored innovative solutions to trade barriers, with experts from Deutsche Bank, Traydstream, OWP Partners, and others contributing their perspectives.
Dr. Marc Auboin of the World Trade Organization (WTO) shared how digital transformation is revolutionising supply chains across Africa, creating efficiencies and expanding market opportunities.
Tanya Dos Santos-Ford from GIBS Business School led a session on the importance of sustainable trade practices, underscoring the need for environmentally responsible growth strategies.
The conference concluded with an awards ceremony recognising individuals and companies contributing to intra-African trade and economic transformation. Tradepass Commodities Limited, Chemaf International FZE, and Harvest Group of Companies were honoured for their impact on SMEs and women-led trade initiatives. Other awardees included Bulkstream Limited, Electricidade de Moçambique, Tennant Metals South Africa Pty Ltd, and the International Finance Corporation (IFC), which received the prestigious Climate Finance Leadership Award.
Access Bank’s commitment to fostering regional integration was reiterated by Seyi Kumapayi, Executive Director of African Subsidiaries at Access Bank. Kumapayi stated that the bank is dedicated to supporting trade finance and policies that create an enabling environment for businesses across the continent.
About Access Bank PLC
Access Bank PLC is a leading full-service commercial bank, providing a broad range of financial services through a network of over 700 branches across Africa, Europe, and Asia.
Also read: Access Bank champions Africa’s Net-Zero future at Nigeria climate change forum
The bank’s operations span 24 countries and serve over 60 million customers. As part of its growth strategy, Access Bank is focused on promoting sustainable business practices and driving economic development in Africa.
