In the upcoming Hamburg Summit in July this year, Africa is eager to strengthen its ties with Germany for the sake of economic development. The Africa compact is eyeing to develop the entire continent’s economic growth and sustainability. Political instability is also a serious issue that the African people face today. The African compact is set to diminish political corruption for the entire plan of the G20 for Africa’s economic growth to be effective. Africa is also facing an employment crisis with most of their fresh graduates and professionals. Most individuals are looking for better job opportunities with higher salaries in European countries.
The G20 states that the counter-measures will focus on enhancing renewable energy, infrastructure, private investment, agriculture, industrial development and the decrease of illicit financial outflows. All of these components are to be tackled as the means of Africa’s economic recovery. Instead of country specific or bilateral, the Compact will take a multilateral approach. The threat of terrorism and heinous crimes requires the commitment of many leaders. Almost $50 billion is lost annually because of illicit financial outflows. All G20 members agreed to fortify and design stronger rules for tax disclosure requirements in Africa.
The food production in Africa is taking a beating because the sector is underfunded. The members of G20 are encouraged to support Africa’s agriculture, agribusiness, fisheries and generally, food production. Most Africans’ source of food comes from fishing and agriculture.
Africa is hoping for an energy financing gap of an estimated $55 billion yearly through 2030. Africa will rely on renewable energy and restrict carbon intensive growth. It is certain that the development of renewable energy will boost Africa’s economy, affecting the Africans and in the future, everyone in the world.
At this stage of the G20 proposal is being negotiated, first countries to enter the negotiations include Morocco, Senegal, Ivory Coast, Rwanda, and Tunisia. A particular goal is at hand - to forge the economy of rich and poor countries as one strong economy for the entire continent of Africa while reducing the wealth gap and inequality. Bridging the economy of each African country will cause a decline in the rapid population growth that has plagued the continent with diseases.
Africa on the Right Track
It was agreed upon that Africa has already established the best framework for economic growth. However, the process of implementation for each country isn’t efficient enough for broad development. Some countries are moving upwards while some are left behind.
The Compact with Africa is already in motion and the latest reports will be distributed in the Hamburg Summit this year. Every member is hoping for productive results, especially with renewable energy and the battle against money laundering.
A Stronger Africa
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