… as AUC, UN Global Compact formalises partnership to boost GABI
By Juliet ETEFE
Permanent Observer of the African Union to the United Nations, Ambassador Fatima Kyari Mohammed has emphasised the need for strategic and deliberate actions in leveraging the private sector’s potential to achieve Agenda 2063 and the Sustainable Development Goals (SDGs).
Speaking at the exchange of a Letter of Intent to formalise partnership between the African Union Commission (AUC) and the United Nations Global Compact on the Global Africa Business Initiative (GABI), she highlighted the importance of the African private sector in driving economic growth, job creation, and innovation.
“Today’s event aligns with the strategy of the UN Global Compact to strengthen engagement and participation on the African continent. We aim to leverage the opportunities of the African private sector to contribute to the delivery of the SDGs and Agenda 2063. This requires strategic and deliberate actions,” she stated.
She elaborated on the deliberate actions necessary to achieve these goals, emphasising inclusivity, investment, and human capital development through education, healthcare, and infrastructure.
She also highlighted the importance of strengthening institutions to create a conducive environment for businesses and promoting regional integration through initiatives like the African Continental Free Trade Area (AfCFTA).
Formalisation of Partnership
“The signing of the letter of intention today will solidify our strong working relationship with the United Nations and institutionalise the Global Africa Business Initiative (GABI) which aims to unlock the continent’s potential by promoting investment in trade and business opportunities, and bringing together business leaders, policymakers, investors, and other stakeholders to discuss opportunities and challenges in the African business landscape,” she noted.
The initiative which started three years ago, seeks to amplify sustainable business practices across Africa and to create a platform where African businesses can collectively harness opportunities to achieve Agenda 2063 and the SDGs.
The partnership was formalised through the exchange of a Letter of Intent between Ambassador Albert Muchanga, Commissioner for Economic Development, Tourism, Trade, Industry, Mining (ETTIM), African Union Commission and Assistant Secretary-General Sanda Ojiambo, CEO of the UN Global Compact in the presence of Permanent Observer of the African Union to the United Nations, Fatima Kyari Mohammed and Charles Abani, Resident Coordinator of the United Nations in Ghana.
The event was hosted by the Global Africa Business Initiative on the sidelines of the African Union’s Sixth Mid-Year Coordination Meeting (6th MYCM) in Accra on July 20, 2024.
Ambassador Muchanga is confident the collaboration will significantly aid efforts to realising the objectives outlined in the African Union Agenda 2063.
“Together, we aim to create a dynamic economic environment that supports inclusive progress and empowers African nations to achieve their full potential,” he added.
Ms. Sanda Ojiambo also noted that the exchange of letters presents an opportunity to strengthen long-standing ties as AUC and the UN Global Compact share a transformative vision for the continent, where a strong and inclusive African private sector helps de-risk economies, attracts investment, and creates jobs, building more prosperous and sustainable communities.
In an address, Dr. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, expressed optimism about the partnership.
“Any initiative that brings us together is a positive for the continent of Africa. We are happy that the African Union Commission has partnered with the Global Compact to institutionalise the initiative,” he stated.
Mr. Charles Abani also underscored the importance of collaboration, noting that the SDGs need governments to lead, and they need the private sector at the center of that effort.
“The private sector is critical, not just for financing but for the innovation needed to move forward,” he said.
