The people of the Caribbean share culture, ethnicity, and history with the people of Africa, but economic links are very limited.

Marcus Garvey called on the people of Africa and its global Diaspora to combine their resources to raise their standard of living and establish their independence. International trade could employ the capital of people of African descent in North America, the skills of the Caribbean, and the land and raw materials of Africa. Economic links are limited, but there is enormous untapped potential.

Recently there has been a belated increase in awareness of the economic opportunities in Africa. Several initiatives have indicate new interest.

Last year the first Africa-Caricom Summit was held virtually among the leaders of the two regions on September 7, 2021. They committed to deepening ties and enhanced cooperation among the governments to explore the blue economy and foster increased trade and investment and the expansion of transportation links between the two regions. The Caricom Secretariat has been working to formulate a programme of activities and specific projects, among which is a Caricom/Africa public-private partnership to mobilise investments in renewable energy, creative industries, and digital technology.

Complementing this development has been the establishment of the P J Patterson Centre for Africa-Caribbean Advocacy at the Mona Campus of The University of the West Indies (UWI), spearheaded by statesman in residence, former Prime Minister of Jamaica P J Patterson.

The centre will conduct advocacy to advance the economic, social, and cultural development of Africa, the Caribbean, and the global African Diaspora. Among the economic initiatives of the centre is the exploration of trade opportunities with Kenya and Ghana under the leadership of Prof Rosalea Hamilton, distinguished scholar at the centre.

In October 2021, the African Export-Import Bank (Afreximbank) and the Government of Barbados signed a memorandum of understanding (MOU) to expand trade and investment links. In April of this year, six manufacturers, with the assistance of Export Barbados (BIDC), shipped US$18,000 worth of products to Ghana as the first step in exporting on a regular basis to West African markets.

The Caribbean private sector has also become increasingly engaged in seeking and developing economic opportunities in Africa. An early development was a Trinidadian bank investing in the financial sector in Ghana. Republic Bank (Ghana) PLC is a subsidiary of Republic Financial Holdings Ltd (RFHL) of Trinidad and Tobago, with assets of US$16.5 billion at the end of 2021. Republic Bank (Ghana) Limited came into existence when HFC Bank (Ghana) was rebranded, a transition that started in 2014 when HFC Bank became part of the Republic Bank Financial Holdings Limited (RFHL) Group.

Private sector activity will be critical to boosting trade and investment. In Guyana, the establishment of the African Caribbean Chamber of Trade Commerce and Industry is a positive sign for the promotion of trade. Also, in a quest to stimulate investment flows between the Caribbean and Africa, the Jamaica Stock Exchange (JSE) signed an MOU of mutual recognition with the Ghana Stock Exchange (GSE).

There are considerable possibilities for tourism and Edmund Bartlett, minister of tourism of Jamaica, is working on a leadership summit between Africa and the Caribbean to chart a course for developing the growth of tourism, starting with the establishment of a Caribbean African Tourism Forum.

The Global Tourism Resilience and Crisis Management Centre headquartered at the Mona campus of The UWI has established a branch at Kenyatta University in Kenya. The growth of entertainment is indicative of the strong interest in the Caribbean among Africans.

These encouraging new developments augur well for the realisation of the potential talked about by Marcus Garvey, the pan-Africanists, and advocates of south-south economic cooperation as the core driver of the long-awaited new international economic order.

Ambassador Dr Richard L Bernal is principal research fellow at the P J Patterson Centre for Africa-Caribbean Advocacy, The University of the West Indies, Jamaica.