African Union Commission Chairperson Mahmoud Youssouf has called on G20 member states to back efforts to enhance intra-African trade and investment. Speaking at a key event on the sidelines of the G20 Summit in Johannesburg, he emphasized the role of developed nations in the success of the African Continental Free Trade Area. Germany announced significant financial support for related initiatives during the gathering.
The event, known as the G20 Compact with Africa, took place on the sidelines of the G20 Summit at Nasrec in Johannesburg. Hosted by South African Deputy President Paul Mashatile, German Chancellor Friedrich Merz, and African Union Chairperson João Lourenço, it focused on increasing investment across the continent.
Mahmoud Youssouf, the African Union Commission Chairperson, addressed the gathering and stressed the importance of G20 involvement. He stated that the success of the African Continental Free Trade Area (AfCFTA) relies heavily on support from developed nations to promote inclusive growth and sustainable development.
The Compact with Africa serves as a G20 initiative designed to connect African businesses with international investors, attract private capital, and generate employment opportunities. Chancellor Merz highlighted Germany's commitment, revealing a 3.2 billion euro contribution to the program. He further announced that Germany would take a shareholder position in the African Trade and Investment Development Insurance facility, underscoring Berlin's dedication to fostering greater investment in Africa.
This gathering underscores ongoing efforts to strengthen economic ties between Africa and global powers, with the AfCFTA positioned as a cornerstone for regional integration and prosperity.