A new brand for a new Africa— Africa is a changing continent, declared Lazarus Zim, Chief Executive, Anglo American Corporation of South Africa and Co-Chair of the Africa Economic Summit. It needs to trumpet its successes and build a new brand based on the many good things now happening on the continent.
The value of friends in other countries as brand ambassadors for Africa was highlighted by Cyril Ramaphosa, Chairman of Shanduka Group, South Africa. "The greatest success can be found in getting those who support our cause to help us build [Africa's] brand and tell our story as it should be," he said.
Pat Davies, Chief Executive Designate of Sasol outlined the role the private sector can play. "Governments and local business must work together. The more we locals invest, the more we will encourage foreign investors and so build this brand," he told participants in the plenary session.
Session summary I Press release
Investing in better African business— Participants at a packed session devoted to the NEPAD Investment Climate Facility (ICF) largely agreed that facilitating investment will best be done by breaking down the barriers that hinder trade and free flows between African countries.
Demba Ba, Sector Manager, Private Sector Development, World Bank, said the IFC was a new instrument to address investment climate issues. He posed the question of whether the ICF should focus on improving the economic data on which countries base their economic programmes.
Sir Nicholas Stern, Director, Policy and Research, Commission for Africa and Second Permanent Secretary, HM Treasury, United Kingdom, said participation in the ICF should allow African countries to change the perspective of the G-8. Fresh perspectives are crucial to improving the investment climate of the continent.
Session summary
Aid to Africa: how to spend it— The Commission for Africa has recommended doubling or trebling aid flows to the continent. But do existing financial institutions and governments in Africa have the capacity to absorb aid? "Yes" was African leaders' answer.
President of Tanzania and a Commissioner of the Commission for Africa, Benjamin William Mkapa, said aid had noticeably helped his nation expand the education and health deployment systems and infrastructure development.
Trevor Manuel, Minister of Finance of South Africa and a Commissioner of the Commission for Africa, told hundreds of participants in the Summit that the Commission proposes to maximize the predictability and coordination between donors and recipients so that there is adequate accountability. He stipulated that aid must be untied.
On the issue of debt relief, Steve Booysen, Group Chief Executive, Absa Group, South Africa, said: "You are putting your ratings at risk if you accept debt relief". He made the point that a country's credit rating and consequently its future investment flows is tarnished by debt relief.
Press release I Session summary
June 1
Mbeki: time for Africa to seize the moment— South African President Thabo Mbeki has called on the developed world to deliver pledged resources to Africa as business leaders at the Africa Economic Summit formally pledged to invest in growth on the continent, a key tenet of the Commission for Africa Report.
Power to the people— "1.6 billion people in the world do not have access to energy and 30% of these people live in Sub-Saharan Africa," said Carlos Poñe, CEO and Head of Sub-Sahara Region, ABB Holdings at the Africa Economic Summit. He discussed cheap ways to connect people to power in off-grid communities, one of the goals of the Energy Poverty Action (EPA) task force of the World Economic Forum.
Creating win-win solutions in the African supply chain— It was a time of sharing and learning for participants at a session devoted to winning supply chain formulas in Africa. It is in businesses' interest to operate in a way that serves more than the bottom line and meets some of the basic needs of the local community, participants agreed.
Africa is open for business— Africa is on the move and open for business, declared corporate and political leaders on the opening day of the Africa Economic Summit in South Africa. There was acknowledgement of the Commission for Africa's call for the private sector to play a pivotal role as a driver of the continent's economic regeneration.
South African business praised for HIV response—
Water Business Alliances to develop Africa water projects—
"Let's give President Mbeki something to take to [the G-8 summit next month in] Gleneagles,"Lazarus Zim, Chief Executive, Anglo American Corporation of South Africa
"If there was any more of Africa we'd be investing in it."Graham Mackay, Chief Executive, SABMiller, UK
"I don't like how Africa is branded...The reality is that the landscape is changing immensely in terms of democratization and accepting the need for accountability, delivering growth and creating an investment climate in our countries."Benjamin Mkapa, President of Tanzania; Commissioner, Commission for Africa
"Women are the backbone of Africa and the Millennium Development Goals cannot be reached without addressing their problems and making them part of the solution."Hilde Johnson, Minister of International Development of Norway
"Business cannot be divorced from the community in which it operates."Gary Ralfe, Managing Director, De Beers Group of Companies, South Africa
