Africa-Press – Botswana. In a global environment that continues to evolve, Botswana and the Caribbean stand united not just in shared history, but share a mission to leverage collective skills, resources and brotherhood.
This was revealed by the Bahama Prime Minister, Mr Phillip Davis during a tour of Bank of Botswana in Gaborone on Tuesday.
He said the history between Africa and the Caribbean was not just a story of survival, but a testament to resilience, ingenuity and a commitment to self-determination.
“We find ourselves at a critical junction where our past legacy meets our future’s potential as the journey from being enslaved peoples to becoming architects of our destiny marked by battles fought not just on the physical front, but also within the realms of economic and financial systems,” he said.
Such systems, Mr Davis said often had been designed to keep a stranglehold on developing countries and attempting to dictate their economic fate from the ivory towers in which they sat.
“Our response to this challenge is not merely to resist, but to innovate and collaborate, creating a blueprint for a future where Africa and the Caribbean will be able to harness their collective economic power to dismantle barriers and build bridges,” said Mr Davis.
Prime Minister Davis said a clear example of the strength and resilience of the two regions could be seen in the recent developments at the United Nations concerning international tax matters.
“The Bahamas, alongside other African nations, play a supportive role in a pivotal resolution that marks not the end of our struggles, but a significant victory in the ongoing fight for equitable global tax governance,” he said.
He said this resolution, championed by African countries and supported by 125 nations, primarily low or middle-income countries, signaled a shift towards a more inclusive approach to international tax cooperation.
He however said it was crucial to understand that while this victory was significant, it was not an end point, but rather a milestone in the journey towards fairness and equity in the global financial systems.
Mr Davis stated that the resolution adopted at the UN would initiate the process of creating a more significant role for the UN in establishing a convention on international tax Cconvention.
“This move directly challenges the role of the UN in the international tax system and directly challenges the long-standing dominance of the Organisation for Economic Co-operation and Development (OECD) intergovernmental organisation and the European Union, which has historically led global tax negotiations.
He nonetheless cautioned that despite the reached resolutions, both regions should prepare for the challenges ahead.
In that context, he said Bahamas and the broader African region must remain vigilant and proactive and leverage the moment to push for an inclusion of a multi-dimensional index in a global accounting system.
“Recognising the challenges in relations to climate change and natural disasters, more efforts should be focused on innovating and collaborating on global systems designed to transform the growth of developing nations through availing access to funding,” he said.
He said Africa and the Caribbean should strive to engage in constant inter-government discussions to continue to assert the right to participate fully in shaping global tax reforms and impact the world development agenda and prosperity.
“As we move forward, we must remain committed to the spirit of collaboration and innovation to draw strength from our shared history with the knowledge that we can together build a safe haven for our people,” he said.
He said collectively, both Africa and the Caribbean should strive to strengthen economic ties aimed at solidifying relations for the betterment of the society.
Mr Davis said it was of importance to enhance financial exclusivity, adding that establishment of a joint financial task force could be the cornerstone of the blueprint that would position Africa and the Caribbean as financial powerhouses.
The task force, he said, would symbolise the two region’s collective efforts to forge a unified system that would guard against financial challenges such as money laundering, financing of terrorism and grey listing.
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