African Logistics Ownership Urged to Boost Intra-Continental Trade

June 18, 2024by Redeemer0
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Executive Chair of McDan Group Calls for African Leadership in Shipping

 

Dr. Daniel Mckorley, Executive Chair of McDan Group, has issued a compelling plea for increased African ownership in the logistics and shipping sectors to bolster regional trade dynamics. Speaking at AFREXIM Bank’s forum in the Bahamas, Dr. Mckorley emphasized the imperative to curtail reliance on external routes that inflate costs and logistical complexities for African enterprises.

 

“The current practice of exporting goods outside Africa only to re-import them is unsustainable,” Dr. Mckorley underscored. He urged financial institutions and governments to champion local ownership initiatives, enhancing operational efficiencies and economic resilience across the continent.

 

Points:

AFREXIM Bank Initiative: Africa Trade Gateway

Dr. Mckorley spotlighted AFREXIM Bank’s Africa Trade Gateway as a transformative platform empowering intra-African commerce. This digital ecosystem fosters seamless B2B transactions among commercial banks, driving economic growth and fostering income generation within Africa.

Impact of AfCFTA

Addressing the African Continental Free Trade Area (AfCFTA), Dr. Mckorley acknowledged its role in simplifying intra-African trade processes. Yet, he stressed the critical need for enhanced regional connectivity and logistical infrastructure to maximize its potential benefits.

Challenges and Vision

“Control over sea routes dictates business outcomes,” Dr. Mckorley lamented the logistical hurdles stifling intra-African trade. He highlighted platforms like Africa Trade Gateway as pivotal in facilitating cross-border transactions and advocated sustained support for AFREXIM Bank’s initiatives.

In conclusion, Dr. Daniel Mckorley’s impassioned call for heightened African participation in logistics and shipping underscores a transformative moment in the continent’s economic narrative, emphasizing the urgency of indigenous capacity-building to propel sustainable development and economic integration.

Source : News Ghana

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