Germany Commits to Full Implementation of Compact With Africa, Review of Compact Fixed For November, 2018
The German Chancellor, Angela Merkel has stated that her
administration is fully committed to ensuring the full implementation of
the the Compact With Africa (CWA) initiated by the German presidency in
the Finance Track, endorsed by the G-20 Finance Ministers and Central
Bank Governors in Baden-Baden in March, 2017, to promote private
investment in Africa, including infrastructure.
Answering a question posed by Ghanaian journalist, Wilberforce Asare,
seeking to know if a review of the compact was in the offing, after
addressing a joint press conference with President Akufo Addo at the
seat of the German government, Chancellor Merkel said the success of the
compact is extremely important to her and her administration. To that
end, she indicated that constant consultations with the IMF and World
Bank as well as Finance Ministers of the beneficiary countries are
ongoing to ensure the success of the compact.
Importance of the Proposed Review Meeting
President Akufo Addo stressed on the importance of the whole compact and indicated that the autumn meeting as proposed by the Chancellor between the beneficiary states and Germany will certainly offer both sides a clear opportunity to take stock and to know to what extent it has been successful and the way forward.
About the Compact with Africa
Central to the CWA is the concept of mutual commitments to measures and instruments to improve the framework conditions for private investment, including in infrastructure. The aim is to develop comprehensive, coordinated, and country-specific investment compacts between individual African countries, international organizations (IOs), and other partners.
Investment Compacts will specify measures and instruments to improve the macro, business and financing frameworks. Possible measures and instruments for investment compacts are laid out in the CWA report jointly prepared by the African Development Bank, International Monetary Fund and World Bank Group. The first seven African countries to express interest in individual Investment Compacts are Côte d’Ivoire, Ethiopia, Ghana, Morocco, Rwanda, Senegal, and Tunisia. Authorities of these countries are working with the three IO's to iron out draft investment compacts. The initiative is demand-driven and open to all African countries.
Importance of the Proposed Review Meeting
President Akufo Addo stressed on the importance of the whole compact and indicated that the autumn meeting as proposed by the Chancellor between the beneficiary states and Germany will certainly offer both sides a clear opportunity to take stock and to know to what extent it has been successful and the way forward.
About the Compact with Africa
Central to the CWA is the concept of mutual commitments to measures and instruments to improve the framework conditions for private investment, including in infrastructure. The aim is to develop comprehensive, coordinated, and country-specific investment compacts between individual African countries, international organizations (IOs), and other partners.
Investment Compacts will specify measures and instruments to improve the macro, business and financing frameworks. Possible measures and instruments for investment compacts are laid out in the CWA report jointly prepared by the African Development Bank, International Monetary Fund and World Bank Group. The first seven African countries to express interest in individual Investment Compacts are Côte d’Ivoire, Ethiopia, Ghana, Morocco, Rwanda, Senegal, and Tunisia. Authorities of these countries are working with the three IO's to iron out draft investment compacts. The initiative is demand-driven and open to all African countries.
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