Friends,
Being here in Samoa feels like coming home.
The warmth of the people, the stunning landscapes, and the deep sense of community remind me so much of the islands of The Bahamas.
It’s a feeling that connects us across oceans, and it’s what makes the Commonwealth truly special. We are a family of nations—diverse in culture, yet united in spirit and purpose.
Today, I want to share a story that embodies the power of the Commonwealth. It’s a story of economic strength and human talent, and it begins with a vision—a vision to bridge continents and create new pathways for prosperity.
Earlier this year, The Bahamas had the privilege of hosting the Afrexim Bank’s annual Board and General Meeting along with the African Caribbean Trade Show . For the first time, this major African development finance institution held its gathering outside of Africa, choosing our capital, Nassau, as the venue.
When we first discussed this possibility, there were skeptics. People wondered why an African bank would look to the Caribbean. But for us, it was clear: we saw an opportunity to create a new chapter of partnership between Africa and the Caribbean, two regions with shared histories and shared dreams. The event for us held a more fundamental meaning than just a conference; it was a message to the world that the Commonwealth is more than a collection of nations—it’s a dynamic network capable of fostering collaboration and innovation across borders.
When we hosted the AfriCaribbean Trade and Investment Forum alongside the Afreximbank General Meeting in Nassau, over 7,000 delegates attended, mostly from Africa, highlighting a significant link between Africa and the Caribbean. Entrepreneurs found partners, policymakers shared regulatory insights, and industry leaders discussed sustainable growth. It was a powerful moment of connection and shared aspirations.
For The Bahamas, it was a moment to shine, but more importantly, it was a moment to showcase what’s possible when we think beyond traditional boundaries.
The success of this event reminded me of why the Commonwealth matters. It’s not just about economic transactions; it’s about the exchange of ideas, the sharing of expertise, and the building of relationships that endure. Our strength lies in our diversity and our ability to draw from a rich pool of human talent. From the financial hubs of London and Singapore to the emerging tech sectors in Kenya and Jamaica, the Commonwealth is brimming with creativity, innovation, and skill.
But if we are to harness this potential, we must address one of the greatest challenges facing our economies: access to finance. For Small Island Developing States (SIDS) and emerging markets, financial barriers can be a significant hurdle.
Without adequate funding, how can we invest in the infrastructure, education, and healthcare that are essential for development? How can we support our entrepreneurs, our innovators, and our visionaries if they cannot access the capital they need to bring their ideas to life?
Imagine the profound injustice of having to shoulder the burden of a climate crisis we did not create—a crisis that threatens to swallow our coastlines, devastate our agriculture, and disrupt the very livelihoods of our people. Imagine the shockwaves of a global pandemic, knowing that while some nations had seamless access to life-saving vaccines, others faced hurdles that left millions vulnerable and unprotected. And consider the economic tremors that have shaken our economies, shocks that were set in motion far from our shores, yet hit our nations the hardest. These are not just challenges; they are tests of our resilience and unity.
But even in the face of these formidable challenges, we stand on the cusp of immense opportunity. The combined GDP of Commonwealth countries in 2021 was US$13.1 trillion, and it is projected to surge to $19.5 trillion by 2027—nearly doubling from $10.4 trillion in 2017. This isn’t just a statistic; it’s a testament to the potential of our shared strength. It’s a powerful reminder that, when united, the Commonwealth is more than the sum of its parts. We have the collective economic might, the human ingenuity, and the will to shape a future where every nation, regardless of its size, has the opportunity to thrive.
This is where the Commonwealth can make a difference.
We have the collective knowledge and resources to find new solutions to these challenges. In The Bahamas, we have seen how blended finance—combining public and private sector funding—can create opportunities where none existed before. We have seen the importance of building trust in our financial institutions, ensuring that investors feel confident that their funds are secure and well-managed. This stability fosters an environment where businesses can grow, where jobs can be created, and where economies can thrive.
I believe the Commonwealth has a critical role to play in this space.
By facilitating conversations, sharing best practices, and providing technical support, we can strengthen financial systems across our member states. We can create environments where businesses, large and small, can flourish.
Let me tell you another story—this one about a partnership between The Bahamas and Botswana. A few years ago, Botswana was facing challenges related to OECD banking regulations. They were complex issues, and finding a solution wasn’t easy. But rather than facing these challenges alone, Botswana reached out to us. We shared our experiences, particularly our work in digital currency regulations. Through this partnership, we were able to help Botswana navigate their regulatory hurdles, and in the process, we both learned and grew. This collaboration wasn’t just about solving a problem; it was about building a relationship based on trust and mutual respect. It was a perfect example of the Commonwealth’s power to connect, to support, and to elevate.
Another example of how the Caribbean and Africa are strengthening ties is through the Pan African Payments and Settlements System (PAPSS). Developed by Afreximbank, PAPSS was created to address a long-standing challenge in Africa—complex and costly cross-border payments. By streamlining transactions, it made trade across African countries easier, faster, and more affordable. Recognizing the shared economic potential, Afreximbank piloting this system in the Caribbean, aiming to create deeper integration between our regions.
For years, businesses on both sides of the Atlantic faced barriers when trying to trade, often relying on costly intermediaries. With PAPSS, a business in The Bahamas can now easily engage with a supplier in Ghana, and a tech startup in Nigeria can partner with a firm in Barbados without the complexities of currency conversion. This system removes barriers, fosters economic collaboration, and encourages businesses to explore new opportunities across borders.
PAPSS doesn’t just simplify payments; it builds bridges.
It brings our economies closer, showing how the Caribbean and Africa can work together to build more interconnected and resilient markets, where businesses of all sizes can grow and thrive.
These are the stories we need to tell more often. Stories of how nations, big and small, come together to solve problems, share resources, and create opportunities.
Stories of how the Commonwealth can be a force for good, not just in terms of economic wealth, but in nurturing human talent. Our network is vast, stretching across continents, and within it, we have the tools, the expertise, and the passion to drive real change.
As I look around this room, I see the potential for the next chapter of our Commonwealth story. I see the opportunity for more events like the Afrexim Bank meeting, where leaders come together to forge new partnerships. I see the possibility for more collaborations like the one between The Bahamas and Botswana, where we use our collective knowledge to address challenges that no nation should face alone.
We are at a pivotal moment. The world is changing rapidly, and we must adapt to ensure that our economies remain resilient and competitive. This is why initiatives like the Bridgetown Financing Agenda, led by Mia Mottley of Barbados, are so important. This agenda seeks to reform the global financial system to better accommodate nations burdened by high debt. It’s a call for fairness, for an approach that recognizes the unique vulnerabilities of countries like mine. The Bahamas stands fully behind this initiative because we understand the importance of creating a financial system that works for everyone, not just a select few.
The Commonwealth has the opportunity to lead in this area. We can be the champions of an equitable financial system that supports development and growth. We can create platforms for innovation, for investment, and for collaboration that benefit all our member states.
As I close, I want to leave you with a vision. We come from different countries, different traditions, and different ways of life. Whether it’s the bustling markets of Lagos, where entrepreneurs rise with the sun, or the serene shores of the Caribbean, where communities pull together to build resilience against storms, our nations are defined by the strength and spirit of our people. From the spice fields of Grenada to the tech hubs of Nairobi, we share a common desire: to see our people thrive, to see opportunity reach every corner of our societies.
Let’s work together to make wealth more common in the Commonwealth. Too often, prosperity is concentrated, leaving many of our nations to face economic challenges alone. But we have the tools, the talent, and the will to change this. Imagine a network where talent flows freely, where an entrepreneur in Barbados can seamlessly connect with an investor in Kenya, or where a small business in Trinidad can find partners in India without barriers. By breaking down the obstacles that limit trade and innovation, and fostering a culture of collaboration, we can ensure that opportunity and success are shared across all our member states.
When we say “Commonwealth,” let it truly mean a community where wealth, knowledge, and opportunity are accessible to all. Imagine a Commonwealth that is not just united in name, but united in purpose, driving forward a new era of inclusive economic growth. This is the Commonwealth I believe in, one where every nation, regardless of size or wealth, can access the resources they need to thrive.
This is the Commonwealth we can build together.
Where the wealth is more common for us all.
Thank you.