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Covid-19: Global leaders outline path for Africa economic recovery

SOME African leaders have emphasised the need for meaningful collaboration between governments and the private sector as a requirement for the quick recovery of the economy of the continent post Covid-19.

This was unveiled during the second United Bank for Africa (UBA) Day Conversations screened live across the continent focusing on the Sustainable Development Goals (SDGs) and the Covid-19 pandemic.

The UBA Group Chairman, Tony Elumelu who moderated the panel discussion said the bank set the debate around African economic development through its series of Africa conversations.

The other panelists were the President of Liberia, George Weah, United States Senator Chris Coons; the President and Chairman of the Board of Directors of the African Export–Import Bank (AFREXIMBANK), Professor Benedict Okey Oramah; President and International Committee of the Red Cross (ICRC), Peter Maure.

Elumelu spoke on 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. Africa requires a large stimulus package, and we need long-term solutions to prevent a cycle of debt.”

The Liberian President, George Weah, demonstrated how collaboration has assisted his country to stem the sufferings brought about by the coronavirus 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.

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 recognise the power of collective collaboration on the continent.”

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 fertilisers and grains amongst across Africa.

The Afrexim boss asserted “If Africa allows hunger takeover the people, it will see an increase in insecurity, which will take a long time to overcome.”

George Chikoti of ACP, 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.

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.

Peter Maurer, President, ICRC, said there is the need to look at pandemics as part of a broader health system which needs stabilisation.

“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 stabilisation of these systems,” he said.

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.

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