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The Afreximbank Annual Meetings (AAM) 2024 were held in Nassau, The Bahamas. (Image source: Afreximbank)

African Export-Import Bank (Afreximbank) has launched its African Trade Report 2024 and African Trade and Economic Outlook Report 2024, forecasting greater growth in African economies than the global average

The reports were launched at the Afreximbank Annual Meetings (AAM) 2024 which was held in Nassau, The Bahamas. The latter of which, titled ‘A Resilient Africa: Delivering Growth in a Turbulent World’, analyses the economic environment, trade patterns, debt scenarios and future projections for African economies. One of the key, positive takeways highlighted by the organisation is that African economies are expected to grow on average by 3.8% in 2024 – a figure greater than the predicted global growth of 3.2%. In 2025, Afreximbank forecasts this to climb even higher, reaching 4% growth.

“This performance is reflective of the resilience of the African economy and the potential impact of the African Continental Free Trade Area’s (AfCFTA) single market for the continent as a tool to protect them from global shocks,” explained Yemi Kale, Afreximbank’s group chief economist and managing director of research and international cooperation. “Our analysis in the report also revealed large untapped potential in intra-African trade, especially with respect to machinery, electricity, motor vehicles, and food products.”

The report also revealed that African economies face several downside risks, including increasing levels of sovereign debt and associated sustainability risks, excessive exposure to adverse terms-of-trade shocks, escalating geopolitical tensions in some cases, volatile domestic political environments in certain African countries, high commodity prices and inflationary pressures, and potential food insecurity.

Despite this, the general outlook for Africa in 2024 remains positive with the research suggesting that most macroeconomic indicators are expected to improve in 2024 and 2025.

AfCFTA’s impact

In the African Trade Report 2024, titled 'Climate Implications of the AfCFTA Implementation', it is concluded that the AfCFTA offers a path to achieving the developmental goals of African nations while also addressing climate change concerns, according to the chief economist.

Kale also indicated that while the benefits of the AfCFTA can be seen, the debate on its impact on climate change is still ongoing. He remarked, “One group believes that increased urbanisation and industrialisation associated with the AfCFTA will worsen carbon emissions, and the second group believes that by emphasising intra-African trade and reducing extra-African trade, carbon emissions will be eliminated through shorter shipping distances.”

Overall, the report states that optimising the AfCFTA can result in potential gains through increased intra-African trade and investment, creating economic prosperity and fulfilling the vision of the founding fathers.

Earlier this year, Afreximbank captured headlines by announcing a financing facility to support the Government of Cameroon implement its National Development Strategy. Read more at: https://africanreview.com/finance/cameroon-national-development-strategy-receives-afreximbank-backing

Lorenzo Pellegrino, chief operating and digital officer, and Juan Pablo Jutgla, CEO. (Image source: PayRetailers)

Leading payment processor for Latin America, PayRetailers, has announced its expansion to Africa in a bid to offer a unified payment solution to support online merchants

The company has indicated that it will activate its payment processing functions in Rwanda, Zambia, Uganda and Tanzania, offering a user-friendly and scalable business experience to businesses looking to grow their regional operations. This will also provide them access to major local methods such as SPENN, Airtel and MTN, in what has been described as a ‘game changer for cross-border online merchants looking at Africa as their next move for strategic growth’.

“As a part of our strategic expansion, we are extending our coverage to four markets in Africa, at least to start with,” Lorenzo Pellegrino, chief operating & digital officer at the fintech, commented. “Over the coming months, we plan to steadily expand our operation in the continent, which is experiencing incredible growth in the payments industry and has massive potential for merchants looking to diversify and broaden their consumer base. Using the stellar and continuous growth we have experienced in LATAM as our guide, we are well-poised to help businesses thrive faster and more sustainably.”

Africa’s blossoming market

PayRetailers indicated that it has taken this step on account of the increasingly connected market in Africa and is hoping to contribute to this exciting era of prosperity.

“We recognise the immense potential and significance of venturing into these dynamic markets,” added Juan Pablo Jutgla, CEO of PayRetailers. “Each new addition to our market coverage is a gateway into untapped opportunities and strengthened partnerships, ensuring our sustained growth and global relevance. Our imminent expansion into additional countries across West, North, and southern Africa underscores our commitment to empowering our clients and connecting them with diverse consumer bases across the continent.”

From May onward, businesses will be able to operate in the region using PayRetailers for their online users and the company has stated that further expansion plans already in stow for the coming months.

Demica has been working with Afreximbank to provide payables finance across Africa as part of Afreximbank’s strategy to boost Africa’s share of global trade. (Image source: Adobe Stock)

The supply chain finance solutions from Demica, a leading fintech, has been selected by African Export-Import Bank (Afreximbank) and Sterling Bank to provide approved payables finance to Nigerian businesses and suppliers

According to Novare, recent anti-corruption measures have significantly improved Angola's investment environment. (Image source: Adobe Stock)

Novare, a provider of investment solutions to institutional investors across Africa, has announced plans to expand its Nigerian business into the Angolan market

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