The Tribune

By FAY SIMMONS

Tribune Business Reporter

jsimmons@tribunemedia.net

THE Prime Minister yesterday unveiled his vision and road map for developing stronger financial ties with Africa via a plan that capitalises on The Bahamas’ long-standing strengths.

Philip Davis KC, unveiling what he branded as a ‘Blueprint for Collaboration’ between the Caribbean and African financial sectors during a speech on his five-day state visit to Botswana, said this outlined a strategy that could “unite our banking systems, enhance financial inclusivity, and catalyse economic growth across Africa and the Caribbean”.

Speaking at the Bank of Botswana, he said the strategy’s implementation would start through the formation of a joint financial task force made up of industry executives, policymakers and stakeholders from both regions. Its primary goal will be to dismantle barriers to banking integration.

“Establishing a joint Financial Task Force can be the cornerstone of our blueprint. This collaborative body will harness the expertise of banking and finance leaders, policymakers and stakeholders from both regions. Tasked with identifying and dismantling barriers to banking integration, this task force symbolises our collective will to forge a unified path forward,” Mr Davis said.

The Prime Minister, who is also minister of finance, said his blueprint would align African and Caribbean anti-money laundering and counter-terror financing standards as well as digital currency policies. Streamlined banking procedures, he added, will increase trade in sectors such as tourism, agriculture, renewable energy and technology.

“We can also harmonise our regulatory frameworks to address a critical hurdle in our journey,” Mr Davis said. “By aligning our anti-money laundering

standards, counter-financing of terrorism policies and digital currency regulations, we create a seamless environment conducive to cross-regional banking operations.

“With its robust regulatory landscape exemplified by the DARE (Digital Assets and Registered Exchanges) Act, the Bahamas is a pioneer in this endeavour, guiding our efforts towards regulatory excellence and stability.

“Additionally, the promotion of financial inclusion and digital banking leverages the power of technology to erase boundaries and open doors,” the Prime Minister continued. “Inspired by The Bahamas’ pioneering launch of the Sand Dollar, the world’s first central bank digital currency, this facet of the blueprint can envision a future where digital banking platforms extend financial services to every corner of our regions, ensuring that no citizen is left behind.

“Facilitating trade and investment through streamlined banking procedures and dedicated financial instruments can bolster economic exchanges between Africa and the Caribbean. By focusing on sectors of mutual interest like tourism, agriculture, renewable energy and technology, we can unlock new avenues for growth and collaboration.”

Mr Davis said his strategy will also help workforce development as joint education and training initiatives will be formed.

He added: “Key to this blueprint is developing human capital, which underscores the belief that our greatest asset is our people. Joint educational initiatives and training programmes will equip banking professionals with cutting-edge skills in fintech, cyber security and regulatory compliance, ensuring our financial sector is robust and secure but also innovative and adaptive.

“Creating a bilateral payment system or exploring the development of a shared digital currency represents a bold step towards financial sovereignty and integration. Such an initiative will facilitate smoother trade and investment, reduce our reliance on external currencies, and strengthen our economic bonds.”