A new era of economic collaboration is unfolding between Africa and the Caribbean as both regions ramp up trade and investment partnerships across multiple sectors, from energy to financial technology. 

With historic agreements and policy shifts, African and Caribbean leaders are positioning their nations for deeper economic integration, aiming to nearly triple trade volumes to US$1.8 billion annually by 2028.

One of the most significant developments is the African Export-Import Bank’s (Afreximbank) recent US$1 billion “oil service” financing agreement with Guyana. 

As Guyana emerges as a global energy powerhouse—projected to produce 1.7 million barrels of oil per day by 2035—African oil companies from Ghana, Egypt, and South Africa are actively seeking opportunities in the country. 

Afreximbank President Benedict Oramah emphasized that the bank is committed to underwriting partnerships that will strengthen economic ties between African and Caribbean businesses.

Beyond energy, other key sectors are also gaining traction. In January, ministers from Benin and the Caribbean Community (CARICOM) convened in the West African nation to explore trade opportunities, with a particular focus on sustainable ocean resource management. 

Dominica’s Foreign Affairs Minister Vince Henderson underscored the importance of the “blue economy” and announced new initiatives, including visa waivers between Benin and Dominica to facilitate travel and trade. Additionally, both nations are set to collaborate on financial technology development, further deepening economic ties.

“The blue economy is critical for us,” Henderson said. “Being on the Atlantic with Benin makes it only natural for us to foster cultural exchanges that will drive economic benefits for our people.”

The push for greater African-Caribbean integration has been gaining momentum in recent years. In October, the African Union and CARICOM signed a memorandum of understanding to enhance investment and cooperation, building on a 2022 agreement between the African Development Bank and the Caribbean Development Bank. 

Research from the International Trade Centre (ITC) and Afreximbank suggests that with improvements in logistics and a focus on value-added industries, trade between the two regions could grow significantly from the current US$700 million to nearly US$2 billion annually.

With a combined market of 1.3 billion people and a GDP of approximately US$3.5 trillion, Africa and the Caribbean are forging an economic alliance that could unlock new opportunities for trade, investment, and sustainable development.