In a major boost to Africa-Canada economic ties, the Africa Prosperity Network (APN) and the Canada-Africa Chamber of Business have signed a landmark Memorandum of Understanding (MoU) to enhance trade and investment between the two regions.

The partnership was formalised on the sidelines of the ongoing Africa CEO Forum in Abidjan, during a high-level reception hosted at the Canadian Embassy.

The agreement was signed by Gabby Asare Otchere-Darko, Founder and Chairperson of APN, and Paula Caldwell St-Onge, Chairperson of the Board of Directors of the Canada-Africa Chamber of Business.

The ceremony was graced by the presence of Canada’s Ambassador to Côte d’Ivoire, H.E. Blanchard.

Mr Otchere-Darko emphasised the timeliness of the partnership, noting that Canada’s ambitious target to grow its exports by 50% by 2025, launched in 2018, had encountered challenges partly due to a post-pandemic shift in focus towards Asia-Pacific markets.

He stressed, however, that Africa offers significant untapped potential.

“For Canada to truly achieve its trade diversification ambitions, it must look more intently towards Africa,” he stated.

“Africa is serious about building a unified market of 1.5 billion people, with a rapidly growing middle class expected to reach half a billion by 2030.

That represents a massive consumer base and trade opportunity.”

Ambassador (Ret’d) St-Onge, who formerly served as Director-General for Pan African Affairs in the Canadian government, outlined the MoU’s practical implications.

“This agreement commits both organisations to reciprocal engagement through our extensive programme offerings, and lays the groundwork for new initiatives that will directly support Africa-Canada trade and investment,” she explained.

She also acknowledged the contribution of her predecessor: “I would like to extend special thanks to former Board Chair Sebastian Spio-Garbrah for his leadership in bringing this initiative to fruition.”

Canada’s Ambassador, H.E. Blanchard, welcomed the strategic alliance. “This MoU represents the type of private sector leadership that complements our diplomatic efforts to strengthen Canada-Africa relations.

We are pleased to witness this commitment to structured collaboration that supports sustainable economic development.”

The agreement is expected to open new doors for Canadian businesses looking to invest in Africa, while supporting African enterprises in accessing North American markets.