A Fresh call has been made on the need for streamlined trade, harmonised standards and improved infrastructure in African agriculture to foster food security across the continent.

President, Rest of Africa at AFEX, Sanne Steemers, who disclosed this, lamented that Africa lacks essential infrastructure for inter-continental trade, which is hindering the achievement of robust food security in the continent.

He noted that through the implementation of a more efficient agreement with African communities, the firm can promote sub-regional production networks and encourage cooperation initiatives, while promoting good agricultural practices throughout the continent.

Currently, the intra-African trade stands at just 14.4 per cent of total African exports.
The United Nations Conference on Trade and Development (UNCTAD) forecasts show the African Continental Free Trade Area (AfCFTA) could boost intra-African trade by about 33 per cent and cut the continent’s trade deficit by 51 per cent.

Steemers, who disclosed this during a session tagged: “The Real Cost of Food Security,” at the African Food System Forum 2023, said AFEX recently formed a partnership with Ghana Commodities Exchange, a move rooted in the belief that together, they can catalyse transformative change.

“This partnership has been structured to facilitate cross-border knowledge exchange, foster synergistic research endeavours, and enable the seamless cross-listing of commodities, heralding a new era of progress and prosperity for Africa’s agricultural landscape.”

The Managing Director of AFEX Investment Limited, Samirah Ade-Adebiyi, who spoke at the closing plenary, said the company’s primary mission is to contribute to Africa’s self-sufficiency in food production.

He said: “To achieve this objective, we recognised the importance of tackling three fundamental challenges – financing, storage infrastructure, and facilitating market access.
“We have successfully implemented solutions to address these challenges in Nigeria, Uganda and Kenya.

“Looking ahead, we are excited to announce our expansion into Cote d’Ivoire this year, marking a significant step towards realising our vision of establishing a presence in 10 African nations within the next five years, thus, fostering and enhancing regional trade.”

He added that AFEX’s expansion goal continues to set a solid foundation for transparent and inclusive agricultural commodity systems to make trade easier and increase opportunities for farmers by setting grading standards, establishing fair prices, and using advanced technology for quick and efficient trading, while strengthening intra-African trade in line with the AfCFTA’s goals.

AFEX is dedicated to enhancing trade within Africa by utilising its distinctive exchange model to enter new African markets. After expanding to Kenya and Uganda in 2021 and 2022, AFEX has remained optimistic in achieving its strategic Pan-African expansion objective of setting up in 10 African countries within the next 10 years.

By doing so, the firm aims to facilitate the efficient trading of commodities in Africa, while supporting AFCFTA’s mission to enhance regional trade integration.