LAUNCH OF GCEL GLOBAL INITIATIVE IN NORTH AFRICA

The African Union Commission (AUC) and GCEL signed a Memorandum of Understanding to support deployment of the HumaWealth Program, an 18-month initiative designed to improve trade efficiency and economic growth across Africa and the MEA region.

The program is projected to increase MEA trade by USD 256 billion and support up to 32 million jobs. It is built on digital trade infrastructure designed to reduce trade costs, improve transparency, and expand access to global markets.

The agreement was signed by AUC Deputy Chairperson H.E. Erastus Mwencha and GCEL Co-Chairman Captain Samuel Salloum. The African Union emphasized the need to leverage Africa’s natural resources and human capital to unlock greater economic potential and strengthen participation in the global economy.

GCEL highlighted that the program provides defined economic targets, a clear implementation roadmap, and the required digital tools to accelerate growth. The initiative has received support from organizations including the United Nations, ASEAN-BAC, the Organization of American States, and the League of Arab States.

The HumaWealth Platform will help SMEs reduce trade costs by 30% and operating costs by 15%, while connecting them to global markets. It is also expected to create a new USD 6 trillion market opportunity for the finance, insurance, and technology sectors.

Globally, the program aims to reduce annual trade costs by USD 700 billion, increase trade by USD 1.2 trillion, and support nearly 100 million jobs through four benchmark trade lanes across Asia, MEA, Europe, and the Americas. Future MEA deployment activities are planned across Lebanon, GCC countries, Morocco, and other African nations.