ADDIS ABABA, Dec. 6- Senior African officials have called for the Group of 20 (G20) to forge a transformative partnership with Africa to propel the continent’s economic growth, framing Africa’s burgeoning youth population as the next major engine of global growth. This came during a high-level webinar, organized by the African Union (AU) under the theme “Building a New Global Partnership for Africa’s Growth and Development” on Friday. The webinar focused on translating G20 policy recommendations into concrete action for the continent. Addressing the gathering, Patrick Ndzana Olomo, head of economic policy and sustainable development at the AU, said Africa’s demographic imperative, with a growing youth population, positioned the continent as “the next wave of global growth and development.” Highlighting that “outdated global systems” are stifling Africa’s growth potential, he called for a rules-based reform of Special Drawing Rights allocation and an independent overhaul of the international financial architecture in cooperation with the G20. “The G20 nations must act now, not with rhetoric, but with real commitments to investment, reform, and partnership. This is not a call for charity. It is a call for a new global compact that positions Africa as a pillar of a more balanced, prosperous, and resilient international order,” he said. Hanan Morsy, deputy executive secretary and chief economist at the United Nations Economic Commission for Africa, expressed concern over prevailing narratives regarding the cost of capital in Africa, noting that the perception of Africa as a high-risk region by investors is not consistent with the facts and data. She called for consistent data disclosure to correct this mismatch, which raises borrowing costs and discourages lending for critical infrastructure, urging African development finance institutions to “lead by example” in championing this transparency drive.
(Xinhua) –
