The African Sovereign Wealth and Pension Fund Leaders Forum has today issued a Call to Action to build resilient African economies. Noting the potential for devastating economic impacts on the African continent by the novel coronavirus (COVID-19) pandemic
The Forum, comprised of leaders of Africa’s pre-eminent sovereign wealth and pension funds, are determined to form new and innovative multi-stakeholder partnerships to address the economic fallout of COVID-19, increase investment in African infrastructure, and realise the aspirations of the African Continental Free Trade Agreement (AfCFTA).
The Call to Action, supported by an array of organisations including the International Chamber of Commerce and the African Union’s Continental Business Network, recognises that efforts must be informed by two urgent and mutually reinforcing components:
*immediate priority responses to protect African capital markets, micro-, small- and medium-sized enterprises (MSMEs), regional supply chains and the AfCFTA from the economic fallout of COVID-19; and
*multi-stakeholder partnerships across government and industry to foster industry shifts and a regulatory requirement fit for African economies and industries to stabilise, grow and thrive.
Commenting on the Call to Action, Hubert Danso, the Chairman of the African Sovereign Wealth and Pension Fund Leaders Forum said:
“COVID-19 is both a health and an economic crisis. As custodians of the livelihoods of millions of Africans, we are acutely aware of the economic difficulties to come. That is why we’re issuing this call – to work with policymakers and development financial institutions to co-create the conditions necessary for post-pandemic economic recovery.”