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Experts at Corporate Council on Africa (CCA) forum reimagine future of African economies for post-COVID era

Experts at Corporate Council on Africa (CCA) forum reimagine future of African economies for post-COVID era

The COVID-19 pandemic has crippled African economies but also offers an opportunity to reinvent economic systems on the continent and make small businesses more resilient, said Creative Associates International’s Vice President and Senior Director for Economic Growth at a high-level forum for U.S. and African leaders in government and the private sector.

“We are seeing digital solutions and transformation and awareness among political and business leaders that we can do things now that maybe we didn’t even imagine before,” Creative’s Jim Winkler (https://bit.ly/3i2M4CN) said. “The pandemic has woken us up.”

Speaking at the Corporate Council on Africa’s Leaders Forum (https://bit.ly/2Acj36u), Winkler explained that traditional global supply chains were highly efficient, but also vulnerable to a shock like COVID-19, leaving producers in Africa with no way to sell their products amid the pandemic. Winkler said an “unexpected silver lining” of the crisis is an opportunity to rethink those supply chains to make Africa more resilient in the face of future shocks.

For example, investing in processing and manufacturing that adds value to products, Winkler said, “will create value and jobs and more economic dynamism on the continent.”

The Corporate Council on Africa’s inaugural Leaders Forum, held virtually June 23-26, brought together heads of state, senior officials and private sector executives to discuss the role of U.S.-African business relations in supporting the long-term economic recovery from COVID-19.

Winkler, a veteran development leader and CCA board member, spoke on a panel (https://bit.ly/2NCnJW4) alongside Hon. Betty C. Maina, Cabinet Secretary for Kenya’s Ministry of Industrialization, Trade and Enterprise Development, Gregory Rockson, Co-Founder and CEO of Ghana-based mPharma, and Farid Fezoua, President and CEO of GE Africa. It was moderated by Dr. Witney Schneidman, Senior Africa Advisor at Covington & Burling, LLP.

Winkler’s fellow panelists highlighted the need for Africa to grow its health sector so that countries can be more self-sufficient in responding to a crisis like COVID-19.

“The key lesson for me in this is that we cannot continue to react only in moments of crisis,” said Rockson of mPharma. “What we need to do is take a step back as a continent to really ask ourselves how we begin to build that critical infrastructure that is needed to prevent the next pandemic.”

For the health sectors and other key industries in Africa, Winkler said, strengthening the private sector and supporting greater collaboration among African countries and between Africa and the U.S. are vital.

“That resiliency I think is now within our vision, and now it’s time to execute on it with the investment and collaboration with government, private sector and donors,” he said.

One example of that collaboration is the West Africa Trade and Investment Hub (https://westafricatradehub.com/), which is funded by the U.S. Agency for International Development and implemented by Creative.

Over five years, the Trade Hub will provide $60 million in co-investment grant funds to achieve USAID’s objectives to support at least $240 million in exports, $300 million in new private sector investment, 40,000 new jobs — half for women — and food security by improving private sector competitiveness in West Africa. The Trade Hub focuses on increasing the agricultural productivity and profitability of smallholder farmers in Nigeria, Ghana, Senegal, Cote d’Ivoire and other West African countries and promoting regional and international trade and investment. The Trade Hub works closely with Prosper Africa to promote two-way trade and investment between West Africa and the United States.

The Trade Hub will be directing a portion of that grant fund toward long-term recovery from COVID-19 through co-investment partnerships with U.S. and African companies, impact and private equity funds, the U.S. International Development Finance Corporation and other Development Finance Institutions to sustain jobs, mitigate disruptions in agriculture and manufacturing, and support exports across the region and to the U.S. under the Africa Growth and Opportunity Act.

For more information on the Trade Hub, please visit: https://westafricatradehub.com/

Winkler said that initiatives like the Trade Hub can give much-needed access to investment and financing to small businesses, which are the backbone of African economies.

“We need to get working capital and trade finance available to them … so that up and down the supply chains and across the economies, we’ll be able to see these companies be poised to rebound when the economy opens up,” Winkler said.

Winkler’s comments echoed those of H.E. Filipe Nyusi, President of Mozambique, who gave introductory remarks before the panel began.

“We have a new normal setting in, and we have to create the conditions to deal with that new normal,” President Nyusi said. “Small and medium-sized enterprises will need an injection of assistance so they can be revitalized.”

Distributed by APO Group on behalf of Creative Associates International.

Media Contact:
Michael J. Zamba
communications@creativedc.com

About Creative Associates International:
Creative Associates International (https://www.CreativeAssociatesInternational.com/) is a leading international development implementer that works with underserved communities by sharing expertise and experience and building local capacity in education, economic growth, governance and transitions from conflict to peace. Founded in 1977 and based in Washington, D.C., Creative has active projects in more than 30 countries, including Nigeria, Mali, Somalia, Mozambique and Ethiopia. For more information, please visit: https://www.CreativeAssociatesInternational.com/

The Corporate Council on Africa’s Leaders Forum was sponsored by Acrow Bridge; Afro Tourism; AllAfrica, APO Group; Caterpillar Inc.; Citi; Covington and Burling LLP; Creative Associates International; Development Finance International; Flutterwave; General Electric; Lockheed Martin; Procter & Gamble; Rabin Martin; and Vis


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