The Ghana International Bank (GHIB) is poised to host its inaugural ‘CNVERGE’ conference, aimed at fostering dialogue and collaboration on enhancing African international trade banking.
Scheduled to take place from August 5 to August 9, 2024, in London, the conference will focus on the theme: “The Risk/Opportunity Interplay for African Trade.”
The CNVERGE conference will convene more than 30 organizations, bringing together leaders, innovators, and stakeholders from across the African continent. The primary objective is to explore transformative ideas and strategies that position trade finance as a sustainable alternative to debt-driven economic models. By focusing on harmonizing standards on financial crime and digitizing trade finance operations, the conference aims to facilitate faster and more successful trade outcomes for Africa.
Keynotes are expected from Dr. Ernest Addison, Governor of the Bank of Ghana (BoG), and representatives from the central banks of The Gambia and Sierra Leone. Their insights will be crucial in addressing the challenges and opportunities within African trade finance.
The official statement issued in Accra emphasized the potential economic benefits, noting that increasing trade for Africa could unlock approximately $70 billion in value for the continent. This growth is essential for the actualization of the African Continental Free Trade Area (AfCFTA) protocols, headquartered in Accra.
Challenges and Opportunities in African Trade
Despite the promising prospects, several challenges impede the expected growth of African trade. Africa currently accounts for a mere three percent of global trade, lagging significantly behind other regions. The implementation of AfCFTA, while generating substantial momentum, has yet to achieve significant breakthroughs in trade finance— a critical component for lubricating and financing trade across the continent.
GHIB’s CNVERGE conference aims to address these challenges by enhancing critical conversations and providing solutions to propel African trade forward. The conference seeks to create a platform where stakeholders can discuss and develop strategies to overcome the hurdles facing African trade finance and expand its global footprint.
As one of the first Pan-African trading financial institutions in the City of London, GHIB is uniquely positioned to lead these conversations. The bank’s history dates back to 1959, and it has consistently leveraged its status as a City of London bank, utilizing its discipline and best practices to succeed.
Dean Adansi, Chief Executive Officer (CEO) of GHIB and convener of the CNVERGE conference, emphasized the bank’s commitment to this cause. He noted that GHIB’s experience and extensive network of partners, customers, clients, and even competitors would be instrumental in ensuring sustained discussions aimed at growing African trade.
Strategic Goals of the CNVERGE Conference
The CNVERGE conference is designed to tap into GHIB’s wealth of experience and leverage its strategic partnerships to foster a collaborative environment. The goal is to scale up the value of African international trade, leading to exponential developmental benefits for the continent. By addressing key issues such as financial crime, trade finance digitization, and standard harmonization, the conference aims to create a more robust and efficient trade finance system for Africa.
The Ghana International Bank’s initiative to host the CNVERGE conference marks a significant step towards addressing the challenges and harnessing the opportunities in African trade finance. With the potential to unlock substantial economic value and drive the implementation of AfCFTA protocols, the conference is poised to make a meaningful impact on the continent’s trade landscape. By fostering collaboration and innovation, GHIB is paving the way for a brighter future for African trade, ensuring that it becomes a major player on the global stage.
The CNVERGE conference represents a critical juncture for African trade finance, bringing together key stakeholders to forge a path towards sustainable economic growth. Through strategic discussions and innovative solutions, the conference aims to transform the trade finance sector, positioning Africa for greater success in the global market.
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