Domesticate AfCFTA protocols to spur development in Africa — Afreximbank Board chair

THE President and Chairman of the Board of Directors of the African Export–Import Bank (Afreximbank), Prof. Benedict Okey Oramah, has urged African governments, businesses and individuals to domesticate the African Continental Free Trade Area (AfCFTA) protocols and institutionalise them in their individual countries.

This, he explained, was one of the surest ways to facilitate intra-Africa trade, create employment for the teeming youth, expand businesses and generate prosperity for the people of the continent.

In an interview with the Daily Graphic on the sidelines of the African Prosperity Dialogue at Aburi, Prof. Oramah said the AfCFTA secretariat, council of ministers and the African Union leadership have done most of things that need to be done.

He said the AfCFTA secretariat and the summit of African union have also approved most of the protocols required for smooth implementation and what was required was for African businesses, governments and individuals to domesticate the AfCFTA protocols and institutionalise them in their individual countries.

He called for the training of business people; they must be made aware and for them to see intra-African trade as a viable business opportunity.

He announced that the bank was expanding lending into intra African trade and that in the past five years it had learnt about 40 billion dollars making intra African trade share of the bank’s portfolio about 30 per cent, noting that  “We have proven that it can be safe and be profitable”. 

Prof. Oramah said together with AfCFTA Secretariat and the AU Commission, they were working on other instruments such as Pan-African Payment and Settlement System (PPAPS) which currently has 12 central banks that have signed on, five commercial banks ten switches, and 100 commercial banks in the pipeline to be connected.