At the G20 Compact with Africa summit in Berlin on November 20, African leaders passionately underscored the critical need for heightened investment. Azali Assoumani, Chair of the African Union (AU), emphasized the internal investment requirements within African nations as “colossal.” While post-pandemic investment from G20 countries has shown a gradual increase, it falls significantly short of the record $53 billion achieved in the 2017-2018 fiscal year.
The G20 Compact with Africa (CwA) initiative, designed to foster private investment in Africa, united 13 African member nations with representatives from major G20 economies, the World Bank, the International Monetary Fund, and the African Development Bank.
Azali Assoumani, also the president of the Comoros and rotating AU chair, defended Africa’s openness to Chinese investment and advocated for “positive competition” from Europe, stating, “there is no monopoly anywhere…everyone has a place.”
Moussa Faki Mahamat, Chair of the African Union Commission, emphasized Africa’s vast potential, citing its young population and abundant natural resources as attractive to investors.
The summit’s conclusion left a mandate for the global community to support Africa’s economic development. The leaders’ unified call for increased investment, coupled with a desire for positive competition, sets the stage for a new chapter in Africa’s economic landscape—one that beckons collaboration and mutual benefit. The spotlight is now on the international community to turn these words into tangible actions, driving substantial investment towards unlocking Africa’s vast potential.
photo (https://www.orfonline.org/)
By: Montel Kamau
Serrari Financial Analyst
21st November, 2023
