The Honourable Philip Davis, Prime Minister of the Bahamas, delivered a stirring speech at the Afreximbank’s annual meetings in Nassau, Bahamas, articulating a vision for “Global Africa” that transcends geographical boundaries to unite African and Caribbean nations in economic prosperity and self-determination.
Mr Davis acknowledged the global economic landscape’s shift towards protectionism and nationalism, emphasizing how these trends undermine multilateralism and global cooperation essential for addressing global issues like climate change and poverty. He criticised the biases within global financial systems, advocating for a fairer approach that benefits all nations, particularly those that have been historically marginalized.
- Advertisement -
Central to Mr Davis’s speech was the concept of Global Africa, a movement that celebrates the shared heritage and potential of African and Caribbean nations. This vision, underscored by initiatives like the African Continental Free Trade Agreement and regional economic summits, aims to empower over 2 billion people of African descent worldwide to define their economic destiny on their own terms. Mr Davis highlighted Afreximbank’s pivotal role in fostering connections and initiatives that strengthen economic ties between geographic Africa and its diaspora.
Mr Davis outlined a blueprint for financial integration between Africa and the Caribbean, emphasizing collaboration in banking systems, digital finance, and regulatory frameworks. He highlighted the Bahamas’ leadership in pioneering initiatives like the Sand Dollar, the world’s first central bank digital currency, as a model for enhancing financial inclusivity and resilience across the regions.
His Caribbean counterparts also echoed similar bold visions for the region. Mia Mottley, Prime Minister of Barbados highlighted that cruise tourism is one such sector that remains untapped, while Irfaan Ali, Guyana’s President called for greater economic integration and south-south co-operation between Africa and Caribbean.
Mottley said, “If we are reclaiming our destiny and charting our future, then tourism must be an all-year-round pursuit. I believe that the time has come for investors here in the Caribbean and Africa to work together to be able to pursue initially the leasing of a cruise ship, the chartering of it and focusing directly on the things that our people like to do.”
Speaking on regional economic integration, Ali said, “If we don’t tell the story, then who will tell the story for us? Three years ago, we would not have seen a single sophisticated investor from Africa in this region. Fast forward to today, we have seen, since Afreximbank came on board, more than 50 African delegations looking at business opportunities in this region. That alone tells you a story.”
