- This year’s World Economic Forum (WEF) meeting’s session `Building Inclusive, Sustainable and Job-Creating Growth in Africa’” saw eminent African leaders ponder on the economic recovery plan of Africa, post –COVID 19.
- The President of Ghana stated that with the multilateral system under strain, Africa has to find its own resources to drive a sustainable post-Covid-19 recovery and reconstruction plan based on the African Continental Free Trade Area (AfCFTA).
This year’s World Economic Forum (WEF) meeting’s session `Building Inclusive, Sustainable and Job-Creating Growth in Africa’” saw eminent African leaders ponder on the economic recovery plan of Africa, post –COVID 19.
Addressing the session, the President of Ghana, Nana Addo Dankwa Akufo-Addo stated that with the multilateral system under strain, Africa has to find its own resources to drive a sustainable post-Covid-19 recovery and reconstruction plan based on the African Continental Free Trade Area (AfCFTA). This he said was crucial for the continent to return to macroeconomic stability and fiscal responsibility. The World Bank also has pointed out that AfCTA had the potential to lift more than 30 million people out of extreme poverty.
Joining the virtual WEF Davos Dialogues, President Cyril Ramaphosa, said that South Africa had mobilised around $51 billion (R774billion) in new investment commitments over the last three years. Around a fifth of the committed value, he added, had already been invested in construction and essential equipment for mining, manufacturing, telecoms and agriculture.
Naspers SA Chief Executive Phuthi Mahanyele-Dabengwa told the meeting that Africa’s digital transformation has the potential to leapfrog many cycles of development and had the ability to cut down some of the inequalities aggravated by the coronavirus. Speaking during the session, Absa Group Chief Executive Daniel Mminele underlined the need to leverage public funds and infrastructure investments better to uplift communities.
