After two highly successful annual flagship events held during the United Nations General Assembly week, the Global Africa Business Initiative (GABI) has firmly established itself as an essential platform during the High-Level Week. Ensuring the continuity of these vital conversations and connections throughout the year is crucial for providing a high-level forum for in-depth dialogue aimed at amplifying and accelerating Africa's business, trade, and investment opportunities. Convened by the UN Global Compact on behalf of the UN system, GABI embodies the commitment to fostering sustainable development in Africa.

In alignment with this mission, a new partnership was announced between the African Union (AU) Commission and the UN Global Compact during the 6th African Union (AU) Mid-Year Coordination Meeting (MYCM) of the African Union, the Regional Economic Communities, the Regional Mechanisms, and the African Union Member States. This significant event took place on July 20, 2024, at the Kempinski Gold Coast in Accra, Ghana. The announcement marked a pivotal moment, with both organizations exchanging Letters of Intent (LoI) to publicly demonstrate their intention to deepen cooperation.

Signing Process of the Letter of Intent between the African Union Commission and the UN Global Compact

This new partnership was formalized through the exchange of a Letter of Intent between H.E. 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 H.E. Fatima Kyari Mohammed, Permanent Observer of the African Union to the United Nations; Mr. Charles Abani, Resident Coordinator of the United Nations in Ghana and Prof. Benedict Okey Oramah, the President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank) at an event hosted by the Global Africa Business Initiative on the sidelines of the African Union’s Sixth Mid-Year Coordination Meeting (6th MYCM) in Accra, Ghana on Saturday, 20 July 2024. 

Key Conversation Insights

• Partnership and Collaboration: Strengthening partnerships between the African Union (AU) and the United Nations (UN), particularly through the Global Africa Business Initiative (GABI), is essential for achieving common goals. The dignitaries emphasized the importance of collaborative efforts to drive sustainable development.
• Role of the Private Sector: The African private sector is pivotal in driving economic growth, creating jobs, fostering innovation, and contributing to the Sustainable Development Goals (SDGs) and Agenda 2063. The remarks highlighted the necessity for deliberate actions to support and empower this sector.
• Deliberate Actions for Inclusivity and Development: There is a call for intentional investment in human capital, education, healthcare, infrastructure, and institutional strengthening to ensure inclusive and sustainable growth. The need for inclusivity in all segments of society was underscored.
• Economic Integration and Regional Cooperation: The importance of regional integration, particularly through initiatives like the African Continental Free Trade Agreement (AfCFTA), was highlighted as a key factor in promoting economic development and reducing poverty.
• Global African Movement and Diaspora Engagement: Engaging the African diaspora and fostering a global African movement are seen as essential for maximizing business and investment opportunities and enhancing Africa's role in the global economy.
• Focus Areas for Development: Specific areas critical for development include food systems, energy access, digital transformation, social protection, education, and addressing the triple planetary crisis (climate change, biodiversity loss, and waste).
• Commitment to Implementation and Measurable Results: The importance of implementing agreements, such as the Letter of Intent (LoI), and achieving measurable results was stressed. This includes tracking investments, economic shifts, poverty reduction, and competitiveness in the new technological era.

His Excellency Albert Mudenda Muchanga and Ms. Tolulope Lewis- Tamoka displaying the signed copies of the Letters of Intent (LoI)

Key Recommendations

• Strengthen Partnerships:  Continue to build and enhance the collaboration between the AU and the UN, leveraging platforms like GABI to facilitate dialogue, investment, and action towards achieving the SDGs and Agenda 2063.
• Support the Private Sector: Implement strategic initiatives to bolster the African private sector, focusing on providing a conducive environment for businesses, fostering innovation, and facilitating access to finance and investment.
• Promote Inclusivity: Ensure that all segments of society benefit from economic growth by investing in education, healthcare, and critical infrastructure. Strengthen institutions to support inclusive development.
• Enhance Regional Integration:  Promote and support regional integration initiatives such as AfCFTA to boost intra-African trade, economic cooperation, and collective growth.
• Engage the Diaspora:  Actively involve the African diaspora in economic initiatives, recognizing their potential to contribute significantly to Africa's development through investment, business partnerships, and knowledge exchange.
• Focus on Key Development Areas: Prioritize areas critical for sustainable development, including
  robust food systems, energy access, digital transformation, social protection, and environmental sustainability.
• Ensure Implementation and Accountability: Commit to the effective implementation of agreements and track progress through measurable outcomes. This includes monitoring investments, economic diversification, poverty reduction, and advancements in technology and competitiveness.

Dignitaries at the Event

Conclusion

The partnership between the African Union (AU) Commission and the UN Global Compact represents a significant milestone in advancing sustainable development goals in Africa. Through the Global Africa Business Initiative (GABI), this collaboration is poised to drive economic growth, foster innovation, and promote inclusivity. The concerted efforts of all stakeholders, including the private sector and the diaspora, are crucial in achieving a prosperous and sustainable future for Africa and the world.

This partnership underscores the commitment to implementation and accountability, ensuring that the objectives set forth in the Letter of Intent translate into tangible, measurable outcomes.

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