ACCRA, The G20-Africa Partnership Compact is an avenue for renewing co-operation and enhancing sustainable economic development in Africa, says Christoph Retzlaff, the German Ambassador to Ghana.
Launched under Germany’s presidency of the G20, the Partnership aims to support reliable financial frameworks in order to increase investment opportunities, push for a more sustainable infrastructure as well as create jobs and employment, he told a media conference here Thursday.
Retzlaff stated that it would contribute to the realisation of the African Union’s Agenda 2063, a 50-year strategic development framework launched in 2013 for Africa to build on past and existing continental initiatives for accelerated growth and sustainable development over the 50 years.
The German government aims to boost political and economic stability in Africa through the G20-Africa Partnership, he said. The German city of Hamburg will host next week the 2017 summit of the G20, a group of leading developed and emerging economies.
Ghana, Tunisia, CAte d’Ivoire, Senegal, Rwanda, Morocco and Ethiopia are partnering the Group of 20, an international forum for the governments of 20 major economies. The International Monetary Fund (IMF), the World Bank and the African Development Bank (AfDB) are the other partners of the G20-Africa Compact.
Africa is deemed as a key player in the 21st Century with its economic development and population growth having a huge global impact. This is why the German Government made Africa one of the priorities of its G20 Presidency Retzlaff said.
He explained that the partnership intended to support related political initiatives of the G20 and facilitate joint commitments in the form of investment compacts between Africa, G20 Partners and the International financial institutions.
Retzlaff said the compacts would be designed to be demand-driven and form the basis for long-term co-operation, with the aim of creating a sound investment climate in the relevant sectors of the selected African economies. Three out of the seven compact countries — Ghana, Cote d’Ivoire and Tunisia — would additionally enter into a reform partnership with Germany, which also promised additional support capital to them.
He said these countries were selected under the partnership as they stood out with regard to their reform-oriented policies that had a strong focus on transparent budgets, fighting corruption, promoting democracy and realising economic reforms.
He said in furtherance of that reform partnership, Ghana signed a declaration of intents with Germany on the sideline of the just-ended Berlin Conference which would attract an additional 100 million Euros each year, to be used mainly for projects in the renewable energy sector; vocational and technical training; as well as the financial sector, this year.
Source: NAM NEWS NETWORK