JOHANNESBURG - Multilateralism is on the rise and unless African countries come together they will not be able to negotiate with bigger economies, the head of the African Export–Import Bank (Afreximbank) has said.
Afreximbank president Prof. Benedict Oramah made the comments on the sideliness of the ongoing African Investment Forum in Johannesburg, according to a statement from the African Development Bank (AfDB), which conceived the forum as a marketplace to raise capital, advance projects and accelerate the financial closure of deals on the continent.
The AfDB quoted Oramah as expressing concern over the fragmentation of 55 markets in Africa.
"Until Africa forms a common platform for an economic and integrated continent, some countries will not survive," he warned.
"All around the world continents are working together. Multilateralism is becoming a challenge and unless the continent comes together we cannot negotiate with bigger economies."
Afreximbank President Benedict Oramah. PHOTO: Afreximbank website
The Africa Investment Forum has made progress in attracting global interest since its launch last year, with the value of boardroom transactions negotiated this year expected to be be considerably higher compared with US$43 billion in 2018, the AfDB said.
"A hundred and nine countries are represented at this year’s conference, 61 of which are not African, indicating growing international interest in the annual gathering," it said.
Multilateralism is on the rise and unless African countries come together they will not be able to negotiate with bigger economies, the head of the African Export–Import Bank (Afreximbank) has said.