In the lead up to a series of regional breakfast dialogues in the West African Monetary Zone (WAMZ), a delegation from the Ghana International Trade and Finance conference (GITFIC) has paid series of courtesy calls to leading stakeholder institutions including the West Africa Monetary Institute (WAMI), and the Ecowas Bank.
According to the Chief Executive Officer at GITFIC, Selasi Koffi Ackom, the role of trade financing in the success of the continent-wide trade area cannot be overemphasised, hence, his outfit’s insistence on deepening partnership with institutions which are crucial in this regard.
“We paid courtesy calls at a number of great institutions over the course last two weeks, including the executive management of the West African monetary Institute, you recall that they were panel participants at the just-ended fifth edition of the Ghana International Trade and Finance Conference and we have gone there to familiarise ourselves more and establish deeper relationship because WAMI is the implementing institution for the Pan-African Payment and Settlement System.
And if we are strong advocates in getting that side of the AfCFTA well working perfectly, then the implementation agencies should become close allies in working hand-in-hand in sensitisation and policy frameworks to get these things done well,” he explained elaborately in an interview with the B&FT.
Similar was said on the Ecowas Bank, which he described as “very critical in the development agenda within the West African Zone.” This, he added, is evidenced by the Bank’s financing of several infrastructural projects, including private sector projects, in excess of US$3 billion.
“When we are talking about trade finance, you cannot do without the pan-African financial institution,” he remarked, as he spoke of more formal collaborations with these institutions in the short term, hinting that a Memorandum of Understanding is in the offing.
Further interactions also saw a meeting with the Commissioner for Economic Development, Trade, Industry, and Mining – African Union, Albert Muchanga over the during his visit to Ghana for a special meeting with President Nana Addo Dankwa Akufo-Addo.
Also, at the meeting where AfCFTA, PAPSS, Afreximbank, and the upcoming dialogue series took center stage were Advisor on Regional Integration – Office of the AU Chairperson, Ambassador Rossette Nyirinkindi Katungye, and Special Assistant to Albert Muchanga, Joseph Chinyemba.
“I was much delighted to meet the man tasked to make sure Africa’s economy grows by at least seven percent within the next ten years post the pandemic, Dr. Dossina Yeo – Head of Economic Policy and Research Division, Economic Affairs Department, African Union. GITFiC has pledged support in helping this become a reality within the time frame,” Mr. Ackom said.
Evaluating the gains and non-gains from the first year of AfCFTA would shape future discourse, he added.