Caribbean business stakeholders are advised to consider adopting the PAPPS

Abena Osei-Asare, Minister of State in the Ministry of Finance

African leaders and economic development stakeholders have been called upon to join forces and tackle the biases of the global economic order, which are having adverse consequences on the region’s economic prospects.

Over the years, the continent has made notable progress in tackling inequality in the international economic space, but this feat has suffered a setback, scuttling the progress made by Africa.

The region was then implored to become self-reliant to propel economic progress, anchored in aspirations backed by actions, not speeches.

To this end, member states have been tasked with closing ranks to try to change the narrative on the global economic architecture, which has been detrimental to the region.

Minister of State in the Ministry of Finance, Abena Osei-Asare, made this remark when she delivered a welcome address at the opening of the 31st Annual General Meeting (AGM) of Afreximbank, held recently in Nassau, Bahamas, under the theme “Owning Our Destiny: Economic Prosperity on the Global Africa Platform,”

According to her, many have pointed to the prejudices inherent in the global economic order as obstacles to Africa’s efforts. However, the reform of the global economic architecture is deeply linked to Africans taking control of their own destiny.

“This requires us to harness the spirit of unity and collaboration to ensure that our economic progress is driven by our aspirations and not simply the accidental outcome of the economic goals of others,” she stressed.

The event brought together heads of state, ministers and other members of the African and Caribbean diaspora on how the two regions can forge economic partnerships for development. The event also highlighted the challenges hindering the economic development of these regions.

She told meeting participants that while Africa had made notable progress in the global economic order in recent years, it had also often suffered setbacks, a challenge she said sometimes fueled a certain afro -pessimism and undermined progress.

Taking the current challenge of global trade bias to a historical antecedent, the Ghanaian Minister of State for Finance revealed that sentiments of trade bias take the continent back to the era of the 1900 All-African Conference and the 1919 All-African Congress.

She therefore rallied the continent to build on what she described as “the enduring links” between member states to work together in the areas of trade and investment. A major pillar of this bridge is the annual Africa-Caribbean Business Investment Forum, which was held for the first time in Bridgetown. Barbados in 2022.

Regarding the rationale for the forum, the Minister of State revealed that the meeting, under the auspices of Afreximbank, aims to strengthen ties between the private sectors of the two regions (Africa and the Caribbean) to promote trade, therefore investment and the economy. transformation.

Addressing the progress made by Afreximbank over the past year, Abena Osei-Asare announced that the bank’s net profit increased from $455.3 million to $761.1 million, a growth of 66%. , adding that equity also saw a significant increase. by 17.55% also from 6.1 billion US dollars, reinforced by 349.8 million US dollars of new equity contributions.

Meanwhile, the Afreximbank board is proposing to return part of the value generated by the bank to shareholders through a dividend declaration of $264.6 million, up from the $159.3 million declared l ‘last year.

The proposed dividend equates to a payout ratio of 35 percent, a level maintained compared to last year. In line with the resolution taken at last year’s Annual General Meeting, an additional special dividend for the concessional financing window amounting to US$50 million is also proposed, which is at the same level as that approved last year.

She further expressed her deepest gratitude on behalf of Afreximbank shareholders for their support and capital investment and urged all to continue to do more.

Abena Osei-Asare reiterated that what is even more compelling is the fact that these impressive financial results have been accompanied by significant development impacts.

She suggested that Afreximbank’s strategic investments have enabled several countries to overcome recent financial crises.

According to her, this highlights the importance of a strong African development institution and underlines the importance of continued capital support and safeguarding its success.