Afreximbank: Uniting the diaspora

A united African and Caribbean diaspora is a stronger and louder voice at the global table.

"Our combined imagination and resources should create a viable force for a competitive edge," said Denys Denya, senior executive vice president of Afreximbank.

He was speaking at the opening of the 31st Afreximbank annual meeting and AfriCaribbean Trade and Investment Forum in Nassau, Bahamas, on June 12.

Africa is home to over 30 per cent of the world's mineral reserves and 13 per cent of the world's oil.

These include critical minerals such as copper and cobalt used in battery production.

Additionally, Africa controls a considerable proportion, ranging from 20-60 per cent, of global production of other minerals such as platinum, natural diamonds, chromite, manganese, gold and uranium.

At the same time, it accounts for over 60 per cent of the world's uncultivated arable land.

"Regrettably, for a continent with such an abundance of natural resources, the quest for sustainable development has been a perennial struggle.

"The state of development across the Caribbean, while not identical, is not quite different from this narrative."

It is in this context of sustained deprivation and marginalisation, that Afreximbank seeks to unify both forces - Global Africa- for a better future.

"In our unity, we have the numbers and voices to sit on the table when decisions are made."

Trade between Africa and the Caribbean remains exceptionally low compared to intra-regional trade in other parts of the world.

"Strengthening trade and investment flows between the diaspora is a crucial step towards generational wealth creation."

He added that deepening trade and investment flows will also promote and enhance inter-connectivity while contributing to the regional bloc's capacity to withstand global shocks.

"We must unite and change the course of our destiny and economic fortunes."

He said Afreximbank is at the forefront of championing Africa's prosperity through the concept of global Africa.

This initiative aims to unify Africa, its diaspora and its descendants across the world to leverage its collective strength for economic growth.

"As the world faces increasing protectionism and the weakening of multilateral institutions, Africa must take charge of its economic future," Afreximbank said.

Through initiatives like the AfriCaribbean Trade and Investment Forum and the establishment of a Caricom regional office in Barbados, Afreximbank said it is cementing closer familial links with the Caribbean.