The Summit, which will bring together several African and European leaders, and heads of international financial institutions, will devise strategies that will boost strong, inclusive recovery in Africa, grounded in a dynamic private sector, help foster sustainable progress and prosperity, and accelerate the green and digital transition in line with the 2030 UN Sustainable Development Goals and the Paris Agreement on Climate Change.
French President Emmanuel Macron hosts his Ghanaian counterpart President Nana Addo Dankwa Akufo-Addo at the Elysee Palace, Paris ahead of the Summit on Financing African Economies.
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In the wake of the devastating effects COVID-19 has had on the economies of all countries in the world, Africa, in particular, has been the hardest hit – has been in a recession last year and its estimated economic recovery growth rate of 3.7% for 2021 well below the global economic recovery rate of 5.5%.
This, according to many economic and financial experts, could worsen even further the problems of poverty and inequality for many Africans, a situation which leaders on the continent are keen to avoid.
It is expected that a financial package will be devised to enable African countries to overcome the economic impact of the COVID crisis. Participants are expected to agree on critical pro-growth reforms that are needed to enhance the private sector in Africa, and tap its growth potential with the help of local and international financial support, including through risk-sharing instruments dedicated to African entrepreneurs and SMEs, as well as appropriate technical assistance. The Summit will, hopefully, further agree on key common rules and enforcement mechanisms that will contribute to securing strong, sustainable growth in Africa.
Whilst in Paris, the President is scheduled to have bilateral discussions with the President of the World Bank, and the Managing Director of the IMF, who will both be attending the Summit.