BAHAMAS CHRONICLE EDITOR’S NOTE: Bahamas Prime Minister Philip.E. Davis’s Remarks during a visit to the Bank of Botswana on Tuesday, March 19, 2024.
GABORONE, Botswana, March 19, 2024 — In a historic move, Prime Minister Philip Davis, during his official visit to the Bank of Botswana, unveiled a comprehensive blueprint designed to strengthen financial ties between Africa and the Caribbean, heralding a new era of economic partnership and innovation.
Addressing a distinguished audience, Prime Minister Davis drew inspiration from Sir Seretse Khama’s vision of a united and resilient nation. He emphasized the shared journey of Africa and the Caribbean, from overcoming the legacies of colonialism and slavery to becoming architects of their destinies. This shared history forms the bedrock of a new initiative aimed at economic empowerment and mutual growth.
The Prime Minister announced the launch of a “Blueprint for Collaboration” aimed at enhancing financial inclusivity and fostering economic growth across both regions. Central to this vision is the establishment of a Joint Financial Task Force, harmonization of regulatory frameworks, promotion of financial inclusion and digital banking, and facilitating trade and investment.
Highlighting recent achievements, such as the pivotal role played by The Bahamas and African nations in advocating for equitable global tax governance at the United Nations, Prime Minister Davis called for continued collaboration. This includes leveraging victories such as the adoption of a resolution for a more inclusive approach to international tax cooperation.
The blueprint envisions transformative cooperation through initiatives like the development of a bilateral payment system or a shared digital currency, and a focus on developing human capital through joint educational initiatives. These efforts aim to create a seamless environment for cross-regional banking operations and economic exchanges.
As The Bahamas prepares to host a significant meeting with the African Export-Import Bank (Afreximbank) this summer, Prime Minister Davis underscored the importance of this gathering as a catalyst for the proposed initiatives. He challenged both regions to see the vast oceans not as barriers but as bridges for collaboration and shared prosperity.
Prime Minister Davis is expected to launch a major initiative in the coming weeks of The Bahamas being a major bridge between Africa and the Caribbean Bank Industry.
In conclusion, Prime Minister Davis called on the nations of Africa and the Caribbean to seize this moment of opportunity. He emphasized the potential for a future where trade, investment, and mutual growth are as free-flowing as the waters that connect the two regions. This partnership, he remarked, is not just about economic benefits but a testament to the shared resolve and dreams that unite these diverse yet interconnected communities.
ABOUT THE BLUEPRING FOR COLLABORATION
The Blueprint for Collaboration sets forth a strategic plan for connecting the banking sectors of Africa and the Caribbean. Key initiatives include establishing a Joint Financial Task Force, harmonizing regulatory frameworks, promoting financial inclusion and digital banking, facilitating trade and investment, developing human capital, and creating a bilateral payment system or shared digital currency. This blueprint signifies a bold step toward financial sovereignty, innovation, and integration for mutual prosperity.
CLICK ON THE LINK BELOW FOR A VIDEO THAT INCLUDES THE PRIME MINISTER’S REMARKS:
https://www.facebook.com/BankofBotswana/videos/341585288438964
