Manufacturers and stakeholders across Africa are pushing for the integration of blockchain technology to revolutionize trade under the African Continental Free Trade Area (AfCFTA).
Recognizing blockchain as a pivotal enabler for enhancing transparency, security, and efficiency in trade transactions, the President of the Pan-African Manufacturers Association (PAMA), Mansur Ahmed, emphasized that this initiative aligns with AfCFTA’s goals of increasing intra-African trade by reducing barriers and fostering economic integration.
During the PAMA capacity-building webinar themed “Manufacturing, Value Creation, and Market Integration in Africa: Challenges and Opportunities for Africa’s Manufacturers,” Ahmed expressed concern over the current low levels of intra-African trade.
He highlighted the potential of blockchain to address challenges such as limited market access, complex trade procedures, and lack of trust in cross-border transactions.
Ahmed stated, “The push for blockchain integration comes as manufacturers grapple with challenges such as limited market access, complex trade procedures, and lack of trust in cross-border transactions.
By leveraging blockchain’s immutable record-keeping, smart contracts, and traceability features, manufacturers believe they can overcome these hurdles and create a more seamless trading environment within Africa.”
Industry leaders call for the widespread implementation of blockchain to streamline processes, enhance transparency, and boost efficiency, aiming to unlock the full potential of AfCFTA.
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They also discussed the need for a comprehensive African manufacturing directory, engagement with African banks, and a platform for showcasing and exchanging goods across the continent.
The webinar also addressed the importance of payment technology as a backbone for connecting trade transactions and tackled challenges faced by small and medium manufacturers, such as access to affordable finance and infrastructure.
Other notable speakers included Dr. Tony Luka Elumelu, Director of Private Sector Development at the ECOWAS Commission; Ma Oluranti Doherty, Director of Export Development; Mr. Olusegun Olutayo, Lead Expert of Trade Enablement at the NGAfCFTA Secretariat; Mr. Mulualem Syoum, CEO of Africa eTrade; and Dr. Segun Ajayi Kadiri, DGCEO of the Manufacturers Association of Nigeria and Co-Interim Secretary General of PAMA.
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