In order to transform trade operations within the African Continental Free Trade Area, manufacturers and various stakeholders throughout Africa are advocating for the widespread adoption of blockchain technology.
The utilization of blockchain technology is seen as a crucial tool in enhancing transparency, security, and efficiency in trade transactions across the continent.
Mansur Ahmed, the President of the Pan-African Manufacturers Association, emphasized that this drive aligns with the objectives of AfCFTA, aiming to boost intra-African trade by breaking down barriers and promoting economic integration.
Under the theme “Manufacturing, Value Creation, and Market Integration in Africa: Challenges and Opportunities for Africa’s Manufacturers,” a webinar was held, featuring key stakeholders from various sectors of the African manufacturing value chain.
During the PAMA capacity-building webinar that took place on Wednesday, Ahmed expressed concerns regarding the low levels of intra-Africa trade.
He explained, “The integration of blockchain technology is being pushed forward as manufacturers are facing challenges such as limited market access, intricate trade procedures, and a lack of trust in cross-border transactions.
By leveraging blockchain’s capabilities in record-keeping, smart contracts, and traceability, manufacturers believe they can overcome these obstacles and establish a more efficient trading ecosystem within Africa.
Recognizing the significant potential of blockchain in streamlining processes, enhancing transparency, and improving efficiency, industry leaders are urging for its widespread implementation to fully leverage the benefits of the AfCFTA.
Ahmed also highlighted that AfCFTA presents opportunities for job creation, market access, and financial inclusion, but emphasizes the need for a collaborative, multi-stakeholder approach.
Throughout the PAMA webinar, stakeholders discussed the necessity of developing a comprehensive African manufacturing directory, collaborating with African banks, and establishing a platform for displaying and exchanging goods across the continent.
Additionally, they emphasized the importance of payment technology as a fundamental element in linking trade transactions while addressing the challenges encountered by small and medium-sized manufacturers in Africa, such as access to affordable financing and infrastructure.
Other speakers at the PAMA webinar included Dr. Tony Luka Elumelu, the Director of Private Sector Development at the ECOWAS Commission; Ma Oluranti Doherty, the Director of Export Development; Mr. Olusegun Olutayo, the Lead Expert of Trade Enablement at the NGAfCFTA Secretariat; Mr. Mulualem Syoum, the CEO of Africa eTrade; and Dr. Segun Ajayi Kadiri, the DGCEO of the Manufacturers Association of Nigeria and Co-Interim Secretary-General of PAMA.