The signing of letters of intent is to strengthen collaboration between the two parties
The African Union Commission (AUC) and the Global Africa Business Initiative (GABI), an initiative of the United Nations (UN) Global Compact, have renewed their commitment to advancing development across the African continent.
This follows the signing of letters of intent, marking a significant step towards strengthening the bond and realizing the mutual goals of the two institutions.
The institutions have, over the past two years, been working together, harnessing the continent’s potential by promoting investments in trade and business opportunities.
The signing of the letters of intent is to, therefore, strengthen collaboration between the two parties and advance mutual goals in the AU 2024 Agenda for education and GABI’s 2024 themes, as well as the broader and longer-term partnership towards the achievement of the AU Agenda 2063 and the Sustainable Development Goals (SDGs).
The signing of the letters of intent occurred on the sidelines of the AU Sixth Mid-Year Coordination Meeting in Accra over the weekend.
Madam Tolulope Lewis Tamoka, Chief of Intergovernmental Relations and Africa, UN Global Compact, signed on behalf of GABI, while Mr. Albert M. Muchanga, Commissioner for Trade and Industry of the AUC, signed on behalf of the Commission.
Present at the signing ceremony were Madam Fatima Kyari Mohammed, AU Permanent Observer Mission to the UN; Dr. Benedict Okeychukwu Oramah, President and Chairman of the Board of Directors, African Export–Import Bank (Afreximbank); and Mr. Charles Abani, UN Resident Coordinator to Ghana.
Speaking at the event, Madam Fatima Mohammed, AU Permanent Observer Mission to the UN, described the signing of the letters of intent as a significant milestone that would solidify Africa’s “strong working relations with the UN” and also institutionalize the GABI, which had become a huge platform for foreign engagement with the private sector.
She called for deliberate actions in all sectors of the African economy, particularly with the private sector, to ensure the achievement of set goals.
Madam Fatima noted that the private sector played a crucial role in driving economic growth, creating jobs, and fostering innovations across the continent.
Leveraging opportunities within the sector towards achieving Agenda 2063 and the SDGs, she said, therefore, required strategic and deliberate actions.
“We need to be deliberate in our actions to be inclusive to ensure all sectors of society benefit in order for growth to be sustainable. We need to be deliberate when it comes to investment and focused on ensuring human capital development for education, trading, as well as investment in healthcare and critical infrastructure.
“We need to be deliberate in strengthening our institutions to ensure a conducive environment for businesses to thrive, and we need to be deliberate in our efforts to achieve regional integration, facilitating trade and investment across African borders through initiatives such as the Africa Continental Free Trade Area (AfCFTA),” she stressed.
Mr. Muchanga, AUC Commissioner of Trade and Industry, expressed excitement about the signing of the letters of intent, saying it would consolidate engagement between the two parties and ensure prosperity for the continent.
He also reaffirmed the Commission’s commitment to collaborating with the UN towards achieving a common goal, adding that it was ready to ensure full implementation of the letters of intent.
“We are committed to implementing the letters of intent that we have signed.”
Dr. Oramah, President and Chairman of the Board of Directors, African Export–Import Bank (Afreximbank), said the Bank was “proud to be a firm supporter of the initiative.”
He said as a Bank, it believed in the African global movement, saying, “Any initiative that brings all of us together is a positive one for the continent of Africa.”
Mr. Charles Abani, UN Resident Coordinator to Ghana, also highlighted the importance of the private sector in achieving the AU 2063 agenda and the SDGs.
On the Agenda 2063 of the AU and the SDGs, he identified six areas as critical to achieving the targets.
These include working on food systems; improving accessibility, efficiency, and affordability of energy; digital transformation and the opportunities; leveraging the private sector for jobs, creativity, and strong social protection; education; and addressing climate change.
The Global Africa Business Initiative, also known as GABI, is the premier private-sector-led global platform that galvanizes African and global private and public sector leaders to amplify and accelerate Africa’s “unstoppable business, trade, and investment opportunities” for Africa and the world.
GABI’s goal is to position Africa as the world’s premier business, trade, and investment destination and reshape Africa’s global narrative.
