Cape Town Conference Aims to Boost Intra-African Trade

The African Trade Conference held in Cape Town, South Africa, focuses on boosting intra-African trade, which is projected to reach $220.3 billion in 2024, reflecting a 12.4% growth despite a 5.9% contraction in 2023. Seyi Kumapayi, Executive Director of African Subsidiaries at Access Bank PLC, highlighted three main challenges impeding trade: limited access to affordable capital, lack of reliable information, and weak trust among trade partners.

The conference aims to address historical barriers that have slowed trade across the continent. Currently, intra-African trade accounts for only 16% of the continent's total trade, significantly lower than trade figures in Europe and Asia.

The conference seeks to unite decision-makers across the trade ecosystem to identify practical solutions to these challenges. Access to finance remains a significant obstacle for businesses, particularly small and medium enterprises, which struggle to secure necessary capital for cross-border trade.

Access Bank is collaborating with global partners to mobilize $2 billion in financing to support projects that enhance trade capacity and create economic opportunities.