AU President calls for G20 support in Africa’s Financial Reform

During a conference bringing together the G20 and African countries in Berlin on November 20, 2023, the President of the African Union (AU), Azali Assoumani, emphasized the persistent challenges Africa faces in the financial sector. He advocated for G20 support for Africa’s call for reform in the international financial architecture, highlighting the need for a more equitable and inclusive global economic governance.

President Assoumani also called for the extension of the Compact with Africa initiative to all African countries, aiming to establish a strengthened and more inclusive partnership beneficial for the entire continent.

In his address, the AU President noted that while G20 investments in African member countries have surpassed pre-pandemic levels, they remain below the record set in 2017/2018.

Africa’s internal investment needs remain colossal despite these advancements.

The Compact with Africa initiative, led by Germany within the G20, aims to support the economic development of African countries.

Over twelve African countries are participating in this two-day conference, seeking ways to amplify investment flows and overcome persistent challenges.

Among the G20 Compact Member African countries are Morocco, Tunisia, Egypt, Senegal, Guinea, Ivory Coast, Ghana, Togo, Benin, Burkina Faso, Rwanda, the Democratic Republic of the Congo, and Ethiopia.

Africa is positioning itself for a fruitful dialogue with the G20, advocating for inclusive solutions to stimulate economic development and address the continent’s considerable investment needs.

Yann ETERNEL