Africa must develop frameworks, demonstrate value add and work in partnerships in order to attract the $82 billion funding it needs from FDIs, governments and investors to implement AfCFTA. Such was the conclusion of a panel considering the most critical elements to achieving the funding Africa needs to implement AfCFTA.
A panel made up of Hani Salem Sonbol, CEO International Islamic Trade Finance Corporation, Mr Dante Campioni the Managing Director of Alex Bank, Mr Tamer Mosalam CEO of MISR Investment and Mr Farouk Gumel, Group Executive Director of TGI Group at the 2022 Afreximbank Annual Meetings (AAM2022) in Cairo considered the approach Africa needs to take to finance the implementation of AfCFTA in a disrupted environment.
The panel agreed that Africa is already on the right track to implement the CFT agreement but we need to take the next step to ensure funds are available and identify ways to tackle the challenges.
A recurring crucial point was that Africans need to add value and cannot continue to export raw materials or import 100% of medical supplies. This will involve the creation of frameworks to ensure a smarter and more consistent approach to industrializing.
Also, to attract foreign investment we need to work in partnership. Without partnerships we cannot get AfCFTA done. Supporting banks and finance companies, such as Afreximbank, must continue to innovate and push the boundaries whilst policy makers must continue to listen. Africans were urged to listen to their governments and work closely with them to develop their own frameworks.
Professor Benedict Oramah responded to the panel’s remarks, reinforcing that his role as President of Afreximbank is to listen and consider how ideas can impact operations: “We must listen to our friends, build trade bridges and strong partners. As we try to do new things, we must make sure we produce and implement solid programmes and interventions.”