Spoken Word with Emi Mahmoud

At the center of long-standing debate is whether emigration from Africa has caused the continent more harm than good. According to reports, more than 70,000 skilled people leave the continent annually yet foreign inflows to the continent from Diasporan remittances have grown exponentially in the last decade to reach more than $50 billion each year. Beyond remittances, research has also shown that continuous engagement with the Diaspora can accrue additional benefits to the continent through increased trade, investment and knowledge transfer. Moreover, the Diaspora is also believed to have played a major role in promoting the adoption of African music and shaping the narrative of Africa on the global stage. This panel will discuss how Africa can strengthen its ties with the large Diasporan community around the world and foster deeper connections for mutual benefit. Does every country need a “Beyond the Return" campaign like Ghana or are there other creative levers the continent can pull to better engage its Diasporan community?

‍

The conversation on intra-Africa trade has been dominated by the recently implemented game-changing African Continental Free Trade Agreement (AfCFTA) and its potential to position the region as the fastest growing in the world. This discussion will broaden the conversation and unpack the AfCFTA for what it is – a legal instrument to enhance intra-Africa trade – and what we can realistically expect from the agreement, in the context of existing regional economic networks and other trade instruments already in effect. The discussion will seek to address questions such as how Africa can unlock potential by building more viable regional value chains, how countries can overcome infrastructural differences impeding trade, and how payment innovation must align to facilitate cross-border exchange. Underpinning these reforms is the critical role of financing to not only bridge the infrastructure and investment gaps, but also offset the revenues generated by existing trade barriers. Lastly, the role of the private sector cannot be understated. The discussion will highlight the dual role the private sector has to play, both as traders and agents of innovation.

According to the World Bank “Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs, delivered in a responsible and sustainable way”. Current estimates show about ~55% of Africa’s population is unbanked and ~40% are living in poverty. Fortunately, novel financial technologies and innovative banking systems have begun to revolutionize this dynamic in recent times. This panel will explore three main themes: 1) What does financial inclusion mean in Africa, who exactly has been excluded historically and why is it important to bring them in? 2) What is the responsibility of industry participants to drive financial inclusion and help lift the continent out of poverty? 3) What does the future of Financial Inclusion in Africa look like?