The publication of Standard Bank’s Africa Trade Barometer was inaugurated this week. The barometer is expected to become Africa’s leading trade index.
Present in 20 African markets and supporting trade activities in many more, Standard Bank enjoys a uniquely privileged view of Africa, “especially its rapidly emerging enterprises heavily focused on domestic, cross-border and global trade,” said Philip Myburgh, Head of Trade and Africa-China at Standard Bank.
Trade is deeply rooted in Africa’s DNA and integral to its history and future development. As such, Myburgh believes Africa’s largest bank by assets and so single-mindedly committed to Africa’s growth has a duty to “leverage its privileged position, presence and insight to intelligently inform and grow the continent’s trade ecosystem.”
Over the long term, rapidly growing markets in East and West Africa and the re-emergence of global growth post Covid-19, currently combine with the broadly ratified African Continental Free Trade Area (AfCFTA) to present considerable opportunity for Africa’s small, medium, and larger domestic businesses.
Short-term challenges also demand closer coordination.