Global leaders have called for increased collaboration between governments and the private sector as a requirement for the quick recovery of the economy of the African continent post Covid-19.
Their remarks came during the 2nd UBA Africa Day screened live across the continent with focus on Africa Beyond Covid-19 and a discussion on African economic development through its series of “Africa Conversations”.
Liberian President, George Weah, demonstrated how collaboration has assisted his country to stem the sufferings brought about by the corona virus pandemic.
“In Liberia we have taken measures to ease the financial burden on vulnerable business in the informal sector by providing small loan assistance to SMEs and traders. In addition, we are working with commercial banks to manage the repayment of loans as well as to create stimulus packages for citizens," President Weah said.
Group Chairman, UBA Plc, Tony O. Elumelu expressed the need to mobilise quickly and explained the necessity to identify a more fundamental solution to Africa’s challenges.
“This is the time for us to deal with the situation, this is not the time for finger pointing, but for collaborative efforts by governments and organisations, to fight the pandemic globally. There is need to flatten the curve, we need global co-operation to stem global depression
The President & Chairman of the Board of Directors of the African Export–Import Bank (AFREXIMBANK) Prof. Benedict Okey Oramah called for the swift implementation of the African Continental Free Trade Area (AfCFTA) agreement and disclosed that Afrexim has made available $200million to supply fertilizers and grains amongst across Africa to mitigate food insecurity.
Achim Steiner of the UNDP focused on digital connectivity as an enabler of development. “What we need to look at is to find a way for government as a regulator and also as an investor, to leverage private sector investment into these areas" Steiner said.
The Founder, Africa CEO Forum, Amir Ben Yahmed said the crisis is going to be a super accelerator of already existing trends.
"We have to get away from the commodity driven model which has failed in creating prosperity. “We need to use this crisis to take Africa to the next level. We also need to attain self-reliance. Self-reliance is an important goal," Yamed said.
Peter Maurer, President, ICRC, said there is the need to look at pandemics as part of a broader health system which needs stabilization. "We must do more than life-saving. This pandemic has illustrated the weakness of health, water, sanitation and social systems, and we have to heavily invest into the stabilization of these systems," he said.
US, Senator Chris Coons made valuable contributions to the discussions, saying "We must develop a vaccine that is free and affordable and freely distributed so that full economic activities can return. This is no time to be looking backwards. We recognize the power of collective collaboration on the continent.”
The Secretary-General of the African Caribbean and Pacific Group of States (ACP), H.E George Chikoti, said that the huge task of economic recovery on the continent, rests on both the government and the private sector.
“African governments need to accept the support of the Private Sector in alleviating the impact of the COVID-19 pandemic in Africa. We have so far been able to release $25m to all member states”, Chikoti added.
Among other concerns raised by participants were demands for a new deal in and for Africa, a speedy implementation of AFCFTA and Increased Investment in Digital Connectivity.