The event, which aimed at fostering dialogue and collaboration on the future of African international trade banking, brought together leaders, innovators, and stakeholders from across the continent to explore transformative ideas and strategies trade finance, as a sustainable alternative to debt-driven economic models.
The Gambian delegation included Bakary Jaiteh, Credit Analyst at Mega Bank Gambia, Kafara Jobarteh, Director, Financial Markets and Reserve Management Department of the Central Bank of The Gambia, Momodou Njie, S&A Director, Corporate Services, Office of the Governor – Central Bank of The Gambia, and Muhammed Sissay, Head, Treasury Department, Trust Bank Gambia. Others were Muhammed Sissay, Head, Treasury Department, Trust Bank Gambia, Mamadou Bah, Head of Legal and Compliance Department, Vista Gambia, and Stephen Abban, Country Managing Director, Access Bank Gambia.
Chief Executive Officer at GHIB, Dean Adansi, spoke on the relevance of the ‘CNVERGE platform in the current trade and economic landscape on the African continent. He said “Given the important role of trade in advancing growth in our markets, it is imperative that we find and implement solutions to promote trade activity. I think the biggest question to keep in mind as we explore and discuss issues related to trade at this conference is how best to play our part in growing trade in our markets. From our perspective at GHIB, the biggest obstacles to trade development continue to be the lack of funding (pre-shipment and post shipment financing), lack of expertise in structuring trade transactions, capacity issues related to marketing expertise, beneficiaries’ demand for rated and well capitalized confirming banks (which is why the majority of confirming banks in SSA are still foreign institutions), and ever more demanding compliance requirements.”
“CNVERGE has thus been constructed to tap into this experience and leverage our network of partners, customers, clients and indeed even competitors, so that we can begin a sustained series of regular roundtables to deliberate, brainstorm and propose new ideas towards growing African trade. For instance, this particular CNVERGE will empanel experts to discuss some very interesting topics as regards harmonized standards on financial crime for the continent and also digitizing trade finance operations towards more speedy and successful outcomes,” he added.
Economic experts agree that Africa’s path to a sustainable future of rapid and inclusive prosperity lies in expanding trade. Statistics show that increasing trade across the continent could unlock up to $70 billion in value. This vision was the driving force behind the establishment of the African Continental Free Trade Area (AfCFTA). However, several challenges continue to hinder this progress. Africa remains behind the rest of the world, contributing only 3% to global trade. Despite
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the momentum behind AfCFTA, significant breakthroughs have yet to be realized. One of the critical issues is trade finance, which is essential for fuelling trade across Africa. The African Development Bank (AfDB) estimates that the trade finance gap stands at around $81 billion. Additionally, Africa is often viewed as a high-risk trading environment, leading to increased costs for essential financial instruments needed to facilitate trade, such as international trade finance, correspondent banking, cross-border payments, and treasury solutions.
GHIB, through its CNVERGE conference, is actualizing its aspiration to be part of the critical conversations towards addressing these challenges and shaping the future through addressing and solving some of these challenges. GHIB, which is considered one of the first pan-African trading financial institutions in the City of London, is uniquely placed to drive and lead the way in these conversations.
Ghana International Bank (GHIB), through its CNVERGE conference, is committed to being a pivotal player in addressing these challenges and shaping the future of African trade. As one of the pioneering pan-African financial institutions in the City of London, GHIB is uniquely positioned to lead these critical conversations. CNVERGE has been specifically designed to harness GHIB’s extensive experience and leverage its network of partners, clients, and even competitors. Through this platform, the bank aims to initiate a continuous series of roundtables focused on generating, discussing, and implementing new ideas to foster the growth of African trade. The inaugural conference, which was held under the theme “The Risk/Opportunity Interplay for African Trade,” had participants from over 60 corporates, sovereigns and banks operating in the United Kingdom and Sub-Sahara Africa. High-level representatives from the central banks of Ghana, The Gambia, Sierra Leone, Guinea, Liberia, and Nigeria attended the event.
About GHIB
Ghana International Bank (GHIB) was incorporated in the United Kingdom with a unique mandate to support the economies of Ghana and the wider African continent. We are a dynamic pan-African bank supporting a dynamic continent. Through our market knowledge and strong relationships, we work to foster trade, promote companies’ business growth, deliver cost-effective services to individuals and drive sustained economic development. By working together, we aim to create a brighter future for everyone: our customers, staff, shareholders and the communities we serve. GHIB focuses on six key areas: treasury and global markets, trade finance, corporate and institutional banking, retail and small business banking, correspondent banking, and payment solutions. GHIB is considered one of the oldest Pan African Banking institutions, operation out of London since 1959.
Media Contact:
Kofi Safo Akyea
67 Cheapside, London
UK
Tel: +447535 541015
Email: Kofi.Akyea@ghanabank.co.uk Website: www.ghanabank.co.uk
