In an address at the 32nd Annual Meeting of the Afrexim Bank Dr. Carla Barnett, Secretary-General of CARICOM, emphasized the pressing need for “Progressive Unity in a Fractured World” as she outlined the potential for a Global African Coalition for Development.

Highlighting the challenges posed by an increasingly polarized global landscape, she urged both Africa and the Caribbean to embrace a collective vision that prioritizes shared values and collaborative action.

Dr. Barnett noted that globalization, which was expected to enhance relationships between the North and South, has instead resulted in significant geopolitical, environmental, societal, and technological challenges.

She referenced the World Economic Forum’s Global Risks Report 2025, which points to a fractured global environment that undermines development efforts.

Despite these challenges, Dr. Barnett illuminated Africa’s vast potential, driven by its demographic advantages, rich natural resources, and untapped markets, particularly in renewable energy.

However, she stressed that realizing this potential requires harnessing diversity and leveraging strategic assets to navigate the global landscape effectively.

“The concept of ‘progressive unity’ must guide Africa’s interactions on the global stage,” she stated. This principle of collaboration is essential for breaking down the barriers that persist due to historical divides, particularly those rooted in colonialism.

Dr. Barnett also addressed the economic challenges facing both regions, pointing to sluggish global growth and heightened trade tensions that threaten development. With projections indicating a slowdown in global economic activity, she warned of its implications for developing countries, particularly in Africa and the Caribbean.

“The breakdown of the rules-based international trading system and increased geopolitical tensions could lead to diminished foreign direct investment, critical for sustainable development.”