Holness calls for shift from symbolism to strategic action in Africa-Caribbean relationship

WESTERN BUREAU:

Prime Minister Andrew Holness is calling for a transformation in the relationship between Africa and the Caribbean and wants the region’s leaders to turn their shared history into practical partnerships with the capacity to deliver tangible economic benefits.

Holness, who was speaking at the Africa Export, Import Exim Bank and Jamaica National Bank Africa-Caribbean Symposium and African Village at the Half Moon Conference Centre in Montego Bay on Tuesday, said the time had come to move beyond symbolism and more towards strategic, results-driven action.

“This symposium represents not only a celebration of our cultural talents, but a call for renewed and pragmatic South-South cooperation, one that places trade, innovation, finance, culture, and our people at the heart of our shared development agenda,” Holness said.

Holness further noted that while Africa is home to more than 1.5 billion people and accounts for 11 of the world’s 20 fastest-growing economies, CARICOM’s trade with the continent remains below one per cent of global trade, a gap that presents both a challenge and a vast opportunity.

“We are united not only by a common past, but by a future rich in opportunity. Let us move from goodwill to strategic action, from symbolism to sustained economic and cultural bridges,” he added.

Holness also confirmed that Jamaica has officially signed a partnership agreement with the African Export-Import Bank (Afreximbank), becoming the 13th CARICOM member state to do so.

“This singular move unlocks US$1.5 billion in credit support to Jamaica and the wider region,” Holness said in highlighting the bank’s growing footprint in the Caribbean.

KEYNOTE ADDRESS

Delivering the keynote address at the event, Professor Benedict Oramah, president and chairman of Afreximbank, said the time has come for the region to achieve full economic independence.

“There can be no better opportunity to complete our independence struggle by adding economic freedom to the political independence achieved decades ago,” said Oramah said.

Oramah went on to point to current global political and trade uncertainties as further evidence that Africa and the Caribbean must become more self-reliant, driven by internal strength and supported by regional institutions.

“For too long, we’ve relied on external aid and grants even when history teaches us that sustainable development is driven internally … and today, these, too, have gone with the wind,” he cautioned.

Oramah revealed that Afreximbank has developed a US$2.5 billion project pipeline across the Caribbean, with nearly US$1 billion already approved or in the implementation stage. These projects span tourism, ports, infrastructure, the creative industries, and small and medium-sized enterprise (SME) development.

“Earlier this morning (Tuesday), Jamaica joined Afreximbank, bringing the total number of partner states to 13 of the 15 CARICOM nations. That move unlocks a further US$1.5 billion in credit for the region, providing an incredible opportunity for even greater transformative impact,” he said.

Oramah also emphasised the importance of cultural integration and building economic bridges through the creative industries, tourism, and shared heritage.

“Let Mandela’s hope and Marley’s love guide us to a future where our economies thrive, our youth innovate, and our cultures conquer the world,” he said.

He confirmed that Afreximbank would proceed with plans to establish a Caribbean Payment and Settlement System, modelled on Africa’s regional platform. This system will facilitate trade in local currencies and make financial transactions between the two regions easier and more efficient.

albert.ferguson@leanerjm.com