Africa should promote more intra-regional trade: Kganyago

by Trust Matsilele 0

South Africa Reserve Bank governor, Lesetja Kganyago lauded the continent for its abundant resources while making his opening remarks at the SWIFT African Regional Conference in Cape Town.

With the world’s 60 per cent of arable land and mineral resources, the governor said Africa was blessed with an abundance of resources critical for regional growth.

Kganyago urged the region to promote more regional trade and improve transacting systems so as to curb the easy flow of ‘dirty’ money and mechanism that fund terror activities.

“If you do not avail efficient and affordable cross border remittance system people will rely on the alternative which will not help in abating dirty money and terrorism,” Kganyago said.

Kganyago however said several regions have enacted a number of initiatives to making transacting easier which he said was positive for the continent.

“Boosting trade within the continent should take centre stage,” said the South African Reserve Bank governor.

“The challenges the continent is facing are far outweighed by the opportunities,” said Kganyago adding that the ongoing regional integration taking place was a move in the positive direction.

He also urged the region to make collaborative efforts in ensuring that system are synchronised as there was so much duplication of roles by many bodies.

At least 410 participants are part of the annual SWIFT conference with 38 speakers expected to address the conference.

This year’s conference is being held under the theme; Africa- seizing the opportunity