Cape town: Dr. Kennedy Mbekeani, Director-General for Southern Africa at the African Development Bank (AfDB), has emphasized the need for enhanced policy alignment and the mobilization of private capital to unlock Africa’s trade potential under the African Continental Free Trade Area (AfCFTA). Mbekeani delivered his keynote address at the 2026 Africa Trade Conference held in Cape Town, South Africa. The event was organized by Access Bank under the theme ‘Turning Vision into Velocity: Building Africa’s Trade Ecosystem for Real-World Impact’.
According to News Agency of Nigeria, Mbekeani highlighted that Africa possesses the necessary resources, institutions, and capital to drive its development. However, he stressed the importance of stronger coordination and confidence in African systems to boost economic growth and regional integration. He underscored that the AfCFTA presents a significant opportunity to transform Africa into a unified market, enhancing production, consumption, and trade among African nations.
Mbekeani pointed out that Africa’s vast natural resources and large population position it well to establish one of the world’s largest consumer markets. He urged governments to harmonize policies and create conducive environments for businesses. He emphasized that Africa’s developmental challenges stem not from a lack of resources but from the need to effectively mobilize capital and direct it into infrastructure and productive sectors.
He called for deeper partnerships between African governments and the private sector in critical areas like energy, transport, water, and education to address the continent’s infrastructure deficit. Mbekeani noted that successful public-private partnerships in various countries demonstrate that private investors can deliver essential infrastructure when supported by clear policies and effective regulation.
Dr. Mbekeani also highlighted the need for African institutions to reshape the narrative around the continent’s investment climate, arguing that perceptions of risk in Africa are often overstated. He stated that stronger regional markets could reduce Africa’s vulnerability to global shocks and enable countries to process more resources locally, thereby increasing intra-African trade, strengthening supply chains, and enhancing resilience against global disruptions.
Mr. Mike Ogbalu, Chief Executive Officer of the Pan-African Payment and Settlement System (PAPSS), also addressed the conference, emphasizing the high transaction costs and fragmented payment systems that have historically hindered trade within Africa. He noted that some of the world’s most expensive payment corridors are in Africa, posing challenges for cross-border transactions.
Ogbalu explained that PAPSS was established to tackle these issues by facilitating cross-border payments in local currencies across the continent. The platform allows payments initiated in one African currency to be received in another within seconds, eliminating the need for third-party currencies and lengthy banking processes. Ogbalu highlighted that PAPSS had significantly reduced the cost of cross-border payments while ensuring compliance with global standards on anti-money laundering and fraud management.
He further stated that the platform is operational in about 20 African countries, with over 170 commercial banks and fintech firms connected to the network. This system, he argued, would allow African businesses to expand beyond national borders and fully exploit the potential of intra-African trade under the AfCFTA.
Earlier, Mr. Roosevelt Ogbonna, Group Managing Director and Chief Executive Officer of Access Bank Plc, emphasized the need for Africa to convert its strong vision and vast economic potential into tangible progress for sustainable development. Ogbonna noted that while Africa has a clear development vision, the continent must accelerate its implementation to achieve meaningful results.
Ogbonna highlighted that Africa’s market, composed of approximately 1.5 billion people, offers substantial demand, a large labor force, and vast opportunities for investment and innovation. He emphasized that Africa, with the youngest workforce globally and significant shares of critical minerals needed for the global energy transition, is poised to play a crucial role in the evolving global economy.