Manufacturers and stakeholders across Africa are pushing for the adoption of blockchain technology to transform trade under the African Continental Free Trade Area.
Blockchain technology is a major player for promoting transparency, security, and efficiency in trade transactions across the continent, according to The Punch.
The President of the Pan-African Manufacturers Association, Mansur Ahmed stated that this initiative is in line with the AfCFTA’s objectives of boosting economic integration and lowering trade barriers within Africa.
Themed “Manufacturing, Value Creation, and Market Integration in Africa: Challenges and Opportunities for Africa’s Manufacturers,” the webinar featured key stakeholders from across the African manufacturing value chain.
In his speech during the PAMA capacity-building webinar on Wednesday, Ahmed voiced concern over the meager trade within Africa.
He said, “The push for blockchain integration comes as manufacturers grapple with challenges such as limited market access, complex trade procedures, and lack of trust in cross-border transactions.
“Recognising the immense potential of blockchain to streamline processes, enhance transparency, and boost efficiency, industry leaders are calling for its widespread implementation to unlock the full potential of the AfCFTA.”
Ahmed also noted that AfCFTA offers opportunities for job creation, market access, and financial inclusion, but requires a multi-stakeholder approach.
During the PAMA webinar, stakeholders talked on the necessity for a thorough directory of African manufacturers, interacting with African banks, and providing a platform for the exchange and display of commodities around the continent.
They also discussed the difficulties small and medium-sized manufacturers in Africa face, such as getting access to inexpensive financing and infrastructure, and emphasized the significance of payment technology as the framework for connecting trade transactions together.
Other speakers at the PAMA webinar included the Director of Private Sector Development at the ECOWAS Commission, Dr. Tony Luka Elumelu; Director of Export Development, Ma Oluranti Doherty; Lead Expert of Trade Enablement at the NGAfCFTA Secretariat, Mr. Olusegun Olutayo; CEO of Africa eTrade, Mr. Mulualem Syoum; and DGCEO of the Manufacturers Association of Nigeria and Co-Interim Secretary General of PAMA, Dr. Segun Ajayi Kadiri.
