The head of the African Union (AU) has told a conference bringing together G20 and African nations that shortcomings in the financial system hinder the mobilization of capital for African economies.
Speaking in Berlin, Azali Assoumani asked the AU's G20 partners to support Africa's call for reform of the international financial architecture, and for more fair and more inclusive global economic governance.
Assoumani also called on the Compact with Africa initiative to be extended to all African countries, "for a stronger, more inclusive partnership, to the benefit of the entire continent and our continent crossed with Europe and other continents."
“The potential of the Compact with Africa initiative can only be fully realized if a number of challenges are met. Indeed, even if investment flows from G20 countries to adhering African countries exceed pre-pandemic levels, as in 2019, they still fall far short of the record amount of almost $53 billion reached in the fiscal year 2017/2018 and yet, the countries’ internal investment needs still remain colossal.”
The G20's Compact with Africa initiative is being hosted by Germany with the aim of supporting African countries in their economic development. Leaders from more than a dozen African countries are taking part in the two day conference began the two day conference in Germany
The member countries of the G20 Compact are Morocco, Tunisia, Egypt, Senegal, Guinea, Ivory Coast, Ghana, Togo, Benin, Burkina Faso, Rwanda, Democratic Republic of Congo and Ethiopia.