As protectionism rises and global trade dynamics shift, Africa CEO Forum director Adrien Fielding asserts that a “new deal” must be struck between the public and private sectors in Africa.
Speaking during a briefing ahead of the Africa CEO Forum Summit on May 12 and 13, he emphasised that increased collaboration between these two sectors should be anchored on improved governance and accountability, targeted public policies addressing Africa’s structural challenges and accelerated African Continental Free Trade Area (AfCFTA) Agreement implementation.
The Africa CEO Forum was established in 2012 and holds a summit every year in an African capital. The forum is generally attended by 75 countries and more than 1 200 companies, with thousands of African decision-makers as delegates including heads of State, Prime Ministers, CEOs, Ministers and investors.
It marks the largest gathering of African industry champions. This year it will be held in Abidjan, Côte d’Ivoire.
The event will include a special debate on the presidency of the African Development Bank ahead of the organisation’s presidential election, with panel members including Amadou Hott from Senegal, Sidi Ould Tah from Mauritania, Swazi Tshabalala from South Africa, Samuel Maimbo from Zambia and Mahamat Abbas Tolli from Chad.
Five heads of State, including the Presidents of Côte d’Ivoire, South Africa, Ghana, Senegal and Ethiopia, four Prime Ministers and various other government officials are expected to attend this year’s summit.
Fielding says African governments must ultimately foster a more business-minded approach to policy making and make bold decisions to enable smart industrial policies promoting value addition in strategic exports. He also deems it necessary that political obstacles to the AfCFTA be removed to create real economic corridors.
The forum will also cover topics such as AI, transmission problems, supply chain resilience, infrastructure for industrial revolution, local financing and the cost of capital crisis for the private sector.
International Finance Corporation (IFC) West Africa regional director Olivier Buyoya said the corporation has been ramping up activities in Africa over the last few years and many of its clients and partners are part of the Africa CEO Forum.
He considered the forum a platform to put forth the challenges and opportunities that are confronted by companies and organisations across the continent.
“The public sector sets the tone and directs the policies that define what will be the business environment. They remove barriers for investments and create conditions for private sector companies to thrive.
“The Africa CEO Forum is valuable in that it fosters networking between stakeholders that ultimately create business opportunities,” Buyoya added.
The IFC’s goals for Africa comprise inclusivity, including for women-owned businesses, creating jobs and economic growth, as well as more intra-regional investment between African countries.
Fielding said that, amid global trade wars, the best thing for Africa would be to grow from the inside and increase independence from what happens globally. Ultimately, African countries will respond to trade partners, including the US, on an individual basis, but a unified voice could have a much greater impact.
Buyoya deemed the biggest obstacle to more public-private partnerships as being a lack of trust – both to create trust and to sustain it. “Trust is the most valuable currency that will facilitate more collaboration and intra-regional trade,” he concluded. 