Discussions at the 2023 Global Trade Review (GTR) conference focused on Africa’s trade environment and the path to recovery, including the impact of macroeconomic headwinds following the global pandemic, with a variety of panels and speakers.
Additionally, consideration was given to the role of governments, regulators and businesses to continue to facilitate trade, and the resilience required by stakeholders to continue to support trade finance in areas such as foreign exchange liquidity, local currency sourcing, risk management, capacity building of high-quality women talent, support for small and medium-sized enterprises, particularly those led by women and youth, and the impact of agribusiness on new technologies and export development.
Standard Chartered Bank’s Head of Trade Banking for Nigeria and West Africa, Mr. Ibiemi Okuneye and Head of Transaction Banking for Ghana, Mr. Kwame Asante, attended the event as speakers and chairs and had the opportunity to share their insights on topical trade issues.
“We need to intentionally change our support for youth and women-led businesses,” Ibiyemi said while speaking on the value of diversity, inclusion and sustainability in trade and the ACFCTA.
She noted that gender-neutral trade policies will only continue to widen economic disparities, and that poverty alleviation solutions must be shaped with a clear focus on recognizing women-led businesses and maximizing their potential by moving them into the formal sector.
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“Now is the time to accelerate policy and framework change, and the AFCFTA Commission on Women and Youth can play an important role in facilitating an enabling environment. Without this environment, we will not be able to reap the full benefits of AFCFTA,” she said.
“Shaping this will involve strong public-private sector collaboration, policy change, and a diversity-focused financier perspective to provide the specialized financing and legal support needed to foster the immense growth potential and benefits that come from Africa’s female talent and women-led businesses.”
Commenting on the resilience needed to operate businesses in West Africa, Kwame said, “Companies need to innovate to take advantage of new customer pools and revenue sources, adopt cost-effective solutions to improve revenue, and continue to diversify sources of supply to manage foreign currency exposure.” In his view, this will provide the competitive advantage needed for growth. ”
The event was a catalyst for development in Africa, as the theme was carefully chosen to integrate intra-African trade.
Standard Chartered Bank remains a strong market player in the trade finance sector, particularly in Africa and West Africa, providing cutting-edge solutions to deepen trade facilitation and support participation in global value chains. By participating in industry events like this, Standard Chartered Bank further strengthens its position as a trade finance expert and a leader in providing innovative digital trade solutions.
The bank participated as the Gold Principal Sponsor of the recently concluded GTR West Africa Lagos 2023, themed “A New Dawn: Charting the Path of West Africa Trade”.
The event brought together over 400 delegates and 50 professionals, including companies, financial institutions, financial market professionals, non-bank lenders, technology and fintech enthusiasts, financial consultants, insurance and risk managers.
