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Azali Assoumani asked the AU’s G20 partners to support Africa’s call for reform of the international financial architecture, and more fair and inclusive global economic governance
Head of the African Union (AU) Azali Assoumani said that shortcomings in the global financial system hinder the mobilization of capital for African economies. He said this while addressing the delegates at a conference that brought together G20 and African nations.
Speaking in Berlin, Azali Assoumani asked the AU’s G20 partners to support Africa’s call for reform of the international financial architecture and more fair and more inclusive global economic governance. He also urged that 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 to integrate Africa with other regions.
The G20’s Compact with Africa initiative is being hosted by Germany to support African countries in their economic development. Leaders from more than a dozen African countries are taking part in the two-day conference that began in Germany.
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Referring to the need for a greater flow of investments into the African continent, the AU chief said that even if investment flows from G20 countries to African countries exceed pre-pandemic levels, as in 2019, they still fell far short of the record amount of almost US$53 billion reached in the fiscal year 2017-18, adding that regions’ internal investment needs far exceeded the current flows.
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.
