Presidents and heads of government of eleven African countries are to participate at the G-20 Compact with Africa (CwA) conference, hosted by German Chancellor Angela Merkel in Berlin.
The event, Investment Summit-German Business and the CwA Countries, taking place on 30-31 October brings together “reform-minded” African countries, international organizations and bilateral partners from the G20 to advertise investment opportunities in Africa to private investors.
The CwA is an initiative of the world’s most powerful economies to promote increased private sector investment in Africa. The CwA came into being during the German presidency of the G20 in 2017 and it is being coordinated by the German Ministry of Finance.
African leaders expected to attend the event are Presidents Paul Kagame of Rwanda, Cyril Ramaphosa of South Africa, Faure Gnassingbé of Togo, Alassane Ouattara of Côte d’Ivoire, Alpha Condé of Guinea and Macky Sall of Senegal. Others are Abdel Fattah el-Sisi of Egypt, Beji Caid Essebsi of Tunisia, Patrice Talon of Benin, Nana Akufo-Addo of Ghana and Prime Minister Abiy Ahmed Ali of Ethiopia.
The CwA is a partnership of the G20, World Bank Group, International Monetary Fund and African Development Bank to stimulate private investment in Africa. The basic premise of the Compact is that macroeconomic stability, an investor-friendly business environment, and effective financial sector intermediation are necessary conditions to spur private investment. G20 member countries commit to encourage their companies to invest in Compact countries.
Compact countries are Benin, Côte d’Ivoire, Egypt, Ethiopia, Ghana, Guinea, Morocco, Rwanda, Senegal, Togo and Tunisia.