“Catch a glimpse of the gathering in Nairobi as Eric Rutto, President of the Kenya National Chamber of Commerce and Industry, presided over a crucial meeting at Ecobank’s CEOs Forum on November 8.”
In the hustle and bustle of Kenya’s capital, top executives gathered to brainstorm fresh strategies for taking Kenyan businesses to new heights. Imagine expanding not just within the region, but globally! This conversation aligns closely with the ambitious African Continental Free Trade Area (AfCFTA).
With the AfCFTA on the horizon, we’re staring at what could become the largest free trade zone since the World Trade Organization was birthed. Africa’s population is currently at 1.2 billion, projected to mushroom to a staggering 2.5 billion by 2050. So, what’s cooking with these numbers? Well, for one, an expected boom in trade among African nations, which currently floats between 15% and 18%. Imagine if we could spark production through pumped-up regional value chains—turning local manufacturing, agroprocessing, and other sectors into formidable engines that flood the market with African-made goods.
This mammoth agreement isn’t just about numbers or economics; it’s about empowering African companies to not only break into but thrive in global markets. We’re strengthening the continent’s commercial diplomacy in a big way!
Now, back to Kenya. The nation has been beating the drum loudly for intra-African trade, especially through the African Continental Free Trade Agreement (AfCFTA). The aim here isn’t just to boost exports; it’s to see them explode across various African markets!
Standing shoulder-to-shoulder for cross-border trade reimagination are Ecobank, with its extensive tentacles in 35 African countries, and KNCCI with its formidable business network. Their goal? Revolutionize the way Kenyan enterprises engage in cross-border trade ventures.
In a joint statement, both entities declared their commitment to not only easing access to verified trade partners but also enhancing Kenya’s footprint in the AfCFTA fold. This harmonious relationship actively encourages intra-African trade.
Under the captivating theme of “Powering Trade across Africa,” a breakfast forum spotlighted dazzling new roads this collaboration carves for Kenyan businesses. Thanks to Ecobank’s sophisticated payment network, enterprises can now maneuver secure, smooth transactions across 35 nations, trimming down cost, effort, and operational complexities significantly.
Picture this: The Ecobank Single Market Trade Hub Portal opens doors for Kenyan traders to touch base with over 6,000 businesses scattered throughout Africa. Opportunities to pinpoint new partners, grow unfamiliar markets, and ambitiously operate expansions are limitless.
The pressing hurdles gnawing at KNCCI members, such as exorbitant transaction costs and capricious exchange rates, have long caused trade nightmares. Limited access to finance and the daunting task of finding trustworthy partners are only the mini-bosses in this intricate game. But fret not, because this partnership has designed savvy solutions to overcome these cross-border business conundrums. Think competitive rates and tailed trade finance options courtesy of Ecobank to obliterate the financial barricades in regional and global trade.
Furthermore, the Single Market Trade Hub Portal handily links traders with vetted enterprises all over Africa. This dramatically reduces the risks and dicey uncertainties typically tied to cross-border collaborations, nurturing secure and delightful business development.
Josephine Anan-Ankomah, Ecobank Kenya’s visionary Managing Director and Regional Executive, emphasized that the bank’s acumen in trade finance and foreign exchanges, coupled with cross-border payment prowess, empowers companies to handle international transactions with finesse. This nifty portal aids in navigating the murky waters of cross-border trade while dodging potential downfalls.
“Additionally,” she chimed in, “the partnership will spark opportunities for businesses to unite with potential allies and investors all over the region, hastening trade agreements, and amplifying market reach.”
KNCCI’s main honcho, Erick Rutto, lauded their collaboration with Ecobank as a powerful tool to dismantle pesky trade barriers bogging down their members. “With this, Kenyan enterprises will be equipped to forge connections with thousands of African businesses,” he declared. “We’re not just laying down stepping stones; we’re crafting a swift highway for Kenyan businesses to thrive, regionally and globally!”
Edited by: Ali Musa
alimusa@axadletimes.com
Axadle international–Monitoring
