Africa: ‘Time for Businesses in Africa to Harness Global Trade Growth Opportunities’


The recovery of global trade will depend on the extent to which businesses harness existing business opportunities to boost their operations, Chief Executive Officer (CEO) of First National Bank, Dominic Adu, has said.

He said the growth opportunities that the COVID-19 had brought were closer than businesses “think and might be closer to their doorstep.”

Mr Adu said COVID-19 undoubtedly had put the brakes on trade all over the world, and Africa wasn’t insulated from this pandemic-driven fallout.

‘”But much of the world is now on track towards recovering from the economic impacts of the virus, which means it’s time for businesses to shake off the difficulties and constraints that understandably became the norm in 2020 and 2021, and make the decision to take back their success,” he said.

Mr Adu said the global economicrecovery would be gradual and there was the possibility of more waves of COVID-19.

He said the conflict between Russia and Ukraine would likely have a long-term impact on many economies across the world.

“Yes, the Russia-Ukraine conflict poses many challenges on the global economic stage. However, the direct loss of trade value and volumes are not hugely significant,” he said.

The CEO of First National Bank, saidbusinesses should view the economic and logistics challenges of the past two years as a reminder of the unique opportunity to grow their businesses.

“If there’s one lesson that organisations and industries inAfrica can, and should, be taking from the international trade repercussions of the conflict and the massive offshore logistics bottlenecks created by COVID-19 lockdowns, it is that, through it all, Africa has essentially stayed open for business,” he said.