The head of Afreximbank, Benedict Oramah, announced on Sunday in Accra the creation of the Afrexim Insurance Management Company, an insurance mechanism aimed at "bridging the persistent trade finance and trade-related investment gap" in Africa.

President of Afreximbank, who was speaking at an event on the sidelines of the 30th Annual Meeting of the African Export-Import Bank (Afreximbank), acknowledged that it is "widely recognized that African economies need to create a more robust economy by diversifying their export baskets and export markets, with a greater emphasis on intra-African trade".

"This need has become more urgent in the wake of the covid-19 pandemic and the Russia-Ukraine conflict that threatens to reverse the continent's impressive economic growth of recent decades," added Benedict Oramah.

According to the head of Afreximbank, "a robust African financial services sector is essential to ensure a dynamic economic ecosystem that increasingly stimulates intra- and extra-African trade and growth".

"By reducing the risk of transactions or investments, insurance can help boost the business strategy of those involved in intra-African trade, as well as enabling global partners to promote their business interests and ambitions in Africa," he said.

The 30th Annual Meeting of Afreximbank (AAM2023), the pan-African financial institution created in 1993, is taking place until the 21st in Accra to discuss, among other topics, the further consolidation of the African Continental Free Trade Area (AfCFTA).

Under the theme "Realizing the vision: Building prosperity for Africans", the Accra meeting focuses on African trade, trade finance and development issues, including the implementation of the AfCFTA.

The free trade agreement in Africa was approved in 2019, came into force at the beginning of 2021 and covers a market of more than 1.3 billion consumers, who will benefit from the sharp reduction in customs tariffs and freer exports in the region, with 46 of the 54 African countries having already signed the document that created the AfCFTA.

Other topics that will also be discussed in Accra include building prosperity for Africans in relation to the challenges of peace and security and what is missing for the continent's food self-sufficiency.

The annual meetings are Afreximbank's most important event, with this year's edition taking place at the Accra International Conference Center.

Participants include the President of Ghana, Nana Addo Dankwa Akufo-Addo, and the Prime Minister of Barbados, Mia Amor Mottley, as well as heads of state and government, former heads of state such as former Nigerian President Olusegun Obasanjo, political leaders, business leaders, African trade experts, trade finance experts, academics and high-level public figures, according to the organization.