The African Continental Free Trade Area’s manufacturers and stakeholders are pushing for the adoption of blockchain technology to revolutionise trade.
Enhancing commercial transactions throughout the continent in terms of efficiency, security, and transparency is made possible in large part by blockchain technology.
Mansur Ahmed, the president of the Pan-African Manufacturers Association, stated that this initiative is in line with the objectives of the AfCFTA, which include boosting economic integration and boosting intra-African commerce.
Key players from all points along the African manufacturing value chain participated in the webinar, which had as its theme “Manufacturing, Value Creation, and Market Integration in Africa: Challenges and Opportunities for Africa’s Manufacturers.”
Speaking on Wednesday during the PAMA capacity-building webinar, Ahmed voiced concerns on the low level of intra-African trade.
According to him, producers are facing difficulties including restricted market access, difficult trade procedures, and low confidence in international transactions, which is why there is a drive for blockchain integration.
Manufacturers think they can get over these obstacles and establish a more smooth trading environment within Africa by utilising blockchain’s immutable record-keeping, smart contracts, and traceability characteristics.
“In order to fully realise the potential of the AfCFTA, industry leaders are urging the widespread implementation of blockchain technology, acknowledging its enormous potential to improve efficiency, streamline procedures, and increase transparency.”
Ahmed added that although a multi-stakeholder approach is necessary, the AfCFTA offers prospects for market access, financial inclusion, and job growth.
During the PAMA webinar, participants talked on the necessity for a thorough directory of African manufacturers, interacting with African banks, and providing a platform for the exchange and display of commodities around the continent.
They also discussed the difficulties small and medium-sized manufacturers in Africa face, such as getting access to inexpensive financing and infrastructure, and emphasised the significance of payment technology as the foundation for tying trade transactions together.
Dr. Tony Luka Elumelu, Director of Private Sector Development at the ECOWAS Commission; Ma Oluranti Doherty, Director of Export Development; Olusegun Olutayo, Lead Expert of Trade Enablement at the NGAfCFTA Secretariat; 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 were among the other speakers at the PAMA webinar.