During the opening day of the 32nd Afreximbank conference on Wednesday, St Kitts and Nevis Prime Minister Dr. Terrance Drew highlighted the critical challenges and opportunities facing the African continent within the global economic landscape.

Dr. Drew recognized the importance of sharing insights from significant reports, such as the trade and economic output report, to inform policymakers and stakeholders about current and future economic conditions in Africa.

Annual Report of the Afrexom Bank presented to speakers (picture by Afrexim bank)

He emphasized that while the global economy is facing tumultuous challenges, including rising geopolitical tensions and trade barriers, African nations have shown remarkable resilience.

“Despite the slow growth, Africa has not felt the economic pain as acutely as many other regions,” Dr. Drew stated.

He explained that the continent’s low integration into the global economy, once viewed as a weakness, has become a protective factor, shielding African countries from the fallout of international tariffs and changes in global investment flows.

According to Dr. Drew, only 25% of African trade is conducted with the United States, which limits the impact of U.S. tariff policies. However, he warned that rising global inflation and interest rates could still pose threats, albeit not as severely as in other parts of the world.

The Prime Minister asserted that Africa was poised for growth, with expectations of increased trade, particularly intra-African trade, which has been identified as a vital driver for development.

He conveyed optimism that African countries would continue on a growth trajectory, anticipating a stronger performance this year than in previous years, with inflation rates expected to stabilize.

In addressing concerns about monetary policies and supply chain challenges across the continent, Dr. Drew remained confident in Africa’s economic resilience, referencing recent IMF reports predicting a 3.3% growth rate for 2024.

As the conference progresses, discussions will continue to unfold around the collective economic future of Africa in a rapidly changing global environment.
The conference will end on Saturday.