The 2024 Global Africa Business Initiative (GABI) event, held on the margins of the UN General Assembly in New York in September, will bring together top business leaders, presidents and investors to highlight trade and investment opportunities in Africa. Africa Renewal’s Zipporah Musau spoke to Ms. Sanda Ojiambo, Executive Director of UN Global Compact who are the organizers of the forum aimed at reshaping Africa’s narrative on the global stage, on what to expect from the discussions. Here are the excerpts:
Africa Renewal: Reflecting on previous Global Africa Business Initiative (GABI) events, what specific achievements and lessons have informed the planning and objectives for the 2024 edition?
Sanda Ojiambo: This is the third year of convening the Global Africa Business Initiative our flagship initiative on Africa – we call it ‘Unstoppable Africa.’ It is held annually here in New York on the sidelines of the United Nations General Assembly high-level week. It is a platform we convene on behalf of the entire UN system and the private sector to help reshape Africa’s narrative, as well as put a lens on the business, trade and investment opportunities on the continent.
Why convene in New York?
We convene here in September because that is where the world gathers. Heads of state and government of the 193 UN members states meet in New York for the General Assembly every year, creating a huge opportunity to reshape Africa’s narrative with leaders, private sector, investors and philanthropists present.
In year two of GABI, we began putting our anchors on the continent. Last year we signed a partnership with the African Union (AU) to help mobilize the private sector around Africa’s Agenda 2063.
We also held what we call ‘GABI Bridges’ in Kigali, on the sidelines of the Africa CEO Forum, where we discussed digital transformation and the opportunities for Africa.
This year, we aim to bring together 1,500 to 2,000 people to rally behind reshaping Africa’s narrative and highlight opportunities for the continent.
Last year, we had several significant announcements from Google and the African Development Bank (AfDB) on coding, the President of Ghana on energy and electrification, and the International Trade Center (ITC). UNDP also spoke about Timbuktu and we will return to update us on the progress on the hubs. We will take stock on those announcements and hear new announcement.
It is not simply about talking; we use this platform to galvanize commitments and back them with investments, and track progress.
Who are the key personalities and organisations expected this year?
We have some heads of state lined up, along with leaders from private sector. The managing director of the IFC, representatives from AfDB, and other key players in mobilizing financing for Africa will attend.
African business leaders from AFREXIM Bank, Bidvest Group, Citi, Africa 50, Africa Investment, and Africa Improved Foods, and others will be there, along with innovators such as the co-founder of Africa’s first EVs [Electrical Vehicles]. We also have CEOs of Safaricom, Power Africa, Axian Group, ServiceNow, and others.
We expect the heads of state of Kenya, Botswana, Madagascar, and others.
Given the diverse theme of energy access, inclusive growth, trade, digital transformation, and others, what new or expanded initiative can we expect at this year’s event that will address these critical areas for Africa’s development?
We are focusing on five thematic pillars: energy access and energy transitions, inclusive growth and trade; digital transformation; the creative industry, and sports. These are key investment opportunities, some more visible in macroeconomic statistics, like energy and trade.
For digital transformation, we Africans to be producers, not just consumers, of content. In the creative industry and sports, we see significant GDP opportunities that are currently under-utilized. We are calling on the private sector and heads of state to invest in these areas so that Africa does not lose out as the world moves forward.
What is new this time round in the way that we are running this flagship event is that we are not only holding plenary discussions on the main stage at Cipriani, but we will also have side sessions where we can dig deeper into what needs to be done for implementation and partnerships development.
Why is it necessary to focus on creative industry in Africa at this year’s GABI event?
Everywhere you go, the African creative industry is dominating globally in terms of arts, culture, fashion, and music. Let us take fashion, for example. During the New York Fashion Week and the London Fashion Week, African fabrics and prominently displayed on the runways. In Africa, we see the richness of fashion. Fashion is not only defining culture but also driving business, and there is a huge business opportunity there.
In music, genres like Afrobeat to Amapiano are taking over global charts, with concert halls worldwide filled with people singing in South African or West African languages. Despite this, Africa lacks adequate infrastructure to host such large-scale concerts on the continent. Why shouldn’t African artist fill stadiums in their own countries?
Additionally, we want to interrogate whether the revenue share from streaming services is equitable for African creators. Is it one that our young people can invest in? If you are a young and upcoming artist, do you have the right platforms to succeed?
We need to build these opportunities on the continent while ensuring that our artists get the best possible deals internationally.
How do you maintain the momentum beyond the New York event itself, particularly in aligning with the Africa’s Agenda 2063 and the SDGs?
It is essential to have that long-term view. We are working toward two key frameworks: Africa’s Agenda 2063 and the Sustainable Development Goals (SDGs), because is not simply about doing business, but making sure that business can contribute to the vision of the SDG.
For us, September is when discussions kick off, ambitions are set, partnerships are forged and pathways are identified.
Our partnership with the AU will help sustain momentum. We hope to engage during their mid-year and annual summits, what we call GABI Bridges. Collaborating with other platforms such as AfDB, AFREXIM, the Africa Investment Forum, and others, is key.
No, man is an island. No one can amplify Africa’s opportunities alone. Everywhere we go, eyes are on Africa — for its consumer market, labour market, resources, innovation and creativity.
There is huge opportunities to synergize across different sectors. The question is, do we ensure Africa takes its rightful place at the table?
What would success look like for this year’s event?
The most fundamental aspect is bringing people together for this important gathering and ensuring they are present, allowing us to continue amplifying the message about Africa’s opportunities.
Secondly, the outcomes of these discussions are crucial. What partnerships, announcements and commitments arise from them? It is essential to follow up throughout the year and be accountable for what achieved from the previous year, then feed that progress into future agendas.
So, success for us means a strong set of outcomes and robust engagements that we follow up on during the course of the year, continuing to shape Africa’s narrative.
Are there plans to expand this event to other regions and hold it more frequently?
Absolutely! We are working on those. We call them GABI bridges – expanding the event across the African continent to build a strong footprint. We had one in Kigali last year and were present in Accra. We are looking to solidify these efforts based on the topics emerging not only from the September event in New York but also those that are relevant and relevant to businesses and the AU agenda on the continent. There is a lot of regional work going on.
We also have the G20, the BRICS and other arrangements, and we will look for the right moments to ensure the GABI agenda — which is really about enhancing business, trade, and investment — is present. We will tap into all of these opportunities.
Additionally, we GABI ambassadors and members, who are esteemed and influential business leaders, using their platforms to spread to message. We will also leverage existing UN events and platforms to amplify GABI’s agenda.
How do you ensure that everyone is on board and no one is left behind?
Amplification is critical. First, we need to make sure Africans are aware of the huge opportunities available, from citizens to SMEs, big businesses to policymakers. Political leaders constantly emphasize that it is Africa’s time, but we need to spread the message far and wide.
It is particularly important to engage the younger generation, who have a clear vision of the Africa they want. Amplifying the message through platforms like GABI, social media, and other online channels is important.
Take the AfCFTA [African Continental Free Trade Area], for instance, and what it means for trade in Africa. They have launched their protocols on women, SMEs and young people. How do we ensure they are engaged? Any communication platform that helps amplify these opportunities is invaluable.
By bringing businesses together, or within countries or regional trading blocs, we can solidify the existing opportunities. Governments and policymakers need to create an enabling environment. That is why organisations like the AU, AfCFTA, and the regional blocs are so important in making sure that we can get it right from the ground up.
For national governments, the focus should be creating opportunities for business, trade and investment. As we build these foundations, then Africa can truly emerge as a solution for the world.
One of the big-ticket items in Africa right now is the AfCFTA. How are GABI events supporting free trade in Africa?
We are truly honoured to have AfCFTA Secretary-General Wamkele Mene at the GABI event and to collaborate with him throughout the year. We have also attended some of their events across the continent.
The AfCFTA is critical to the vision of an Africa that can first trade within itself. There is a lot involved with the protocols, but we can look at very practical aspects like regulatory coherence across the continent in terms of tariffs, barriers to movement, visa access for Africans conducting business, cost of travel, and the need for upgraded infrastructure.
Additionally, we need to focus on supporting SMEs that want to engage in trade. SMEs are the backbone of many economies, and the AfCFTA has opened up a window of opportunity for them. However, the challenges SMEs face — access to capital, technology, and markets – remain significant.
AfCFTA, along with national governments, needs to provide these opportunities, supported by a robust banking and financial system. These pathways can empower young people and women to engage in trade. UNDP Africa is also leading in initiatives that support AfCFTA implementation.
Therefore, we are proud to serve as a link through our platform, first to inform people about the trade opportunities and how we can strengthen and enhance intra-African trade, and secondly to demonstrate to the rest of the world the business, trade and investment potential that Africa offers.
What are some of the challenges you face in reshaping Africa’s narrative?
A key challenge is risk perception. Reshaping Africa’s narrative is crucial because it impacts how the continent is perceived, which directly affects access to capital. Africa needs to overcome this bias in order to access capital more freely.
Africa is home to 11 of the world’s 20 fastest growing economies. Africa is home to 11 of the world’s 20 fastest-growing economies. The top African countries expected to experience strong economic growth include Niger (11.2%), Senegal (8.2%), and Rwanda (7.2%).
We need to see this as an opportunity for growth and investment.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
What is the role of UN Global Compact in making ‘Africa Unstoppable’?
First, we are honoured to convene GABI on behalf of the UN system, alongside a list of partners
The UN Global Compact’s role is to mobilize the private sector in support of responsible and sustainable business, as well as the SDGs, where business is our core stakeholder. We are keen to advance this agenda.
We launched our Africa Strategy in 2020, which aims to create platforms for people to see the business, trade and investment opportunities in Africa. GABI serves as a great platform to amplify this.
Thirdly, we use this platform to engage with policymakers and governments. Governments need the private sector to drive the economy, while the private sector relies on governments to create enabling environments. We need both working together to deliver on Africa’s agenda 2063 and the SDGs.
For the UN Global Compact, it is about mobilizing businesses and highlighting the opportunities, while also being transparent about what needs improvement. The inefficiencies in infrastructure, challenges in accessing finance, and governance issues are not unique to Africa, but we must address them.
What is your message your final message for Africa?
Africa’s time is now. The world is looking at Africa for markets, growth, innovation, and investment. It is important for us to embrace the huge potential we have.
Let’s believe in Africa. Let’s invest in Africa. Let’s highlight all positive things happening in Africa — from our sports and culture to business opportunities in areas such as energy transition, agriculture, food systems, and more.
Let’s embrace Africa. Let’s invest in Africa. Let’s spend our time making sure that we can collectively lift what is a great continent and the one that we must believe in as our home continent.
For the young people, the world is fast changing. The youth are now digitally equipped and curious about the future and what that portends for African people. GABI is a platform where we invite young people to engage in shaping their future. SMEs, youth-led or otherwise, are driving our economies, and we want to hear their voices.
For decision-makers and policymakers, in line with some of the strong messages of the UN Secretary General, we need to focus on equity. Africa is where it is today due to effects of climate change, limited access to finance, and restrictive regulations on trade and movement of goods, people, and services. African leaders and business leaders are resolute in their calls for equitable access to finance, opportunities and markets.
We are seeing progress with Africa’s involvement now in the G-20, and lobbying efforts for the continent be represented at the UN Security Council as permanent member. Now, we need to collectively reposition, reshape and fix the challenges around accountability, governance, and regulatory coherence.
Africa is poised to be a solution for itself and the world.
