Wednesday , October 5 2022

African governments need a business to mobilize large-scale investments – Ramaphosa


President Cyril Ramaphosa. FILE PHOTO: ANA

JOHANNESBURG – Africa needs to mobilize large-scale and long-term investments, especially infrastructure, to take advantage of future opportunities, but African governments can not do this without business, President Cyril Ramaphosa said on Thursday.

"The private sector and private markets are key actors in the African investment region, supported by financial institutions' lending opportunities both on the continent and beyond. If we open and support the flow of Africa's capital, we need to undertake the economic reforms needed to create a favorable business environment" , said Ramafosa.

To become globally competitive in order to become an investment destination, we need to solve problems that prevent investors from delaying. We need to deal with governance issues such as political uncertainty, mismanagement and corruption.

"As African leaders, we have to demonstrate a strong commitment to tackling corruption both in public institutions and in the private sector. We have to cumbersome bureaucracy, ensure policy and regulatory security, and strengthen our financial institutions."

At the three-day launch of the Johannesburg Investment Forum in Ramafos, the plenary session was the main website.

The forum is forcing itself into an investment market that will bring together project sponsors, pension funds, public investment funds, private investors, policy makers, private equity firms and government executives to raise capital to promote Africa's economic transformation program.

Ramaphosa said that the economic transformation of the continent depends on all our efforts to move industrial and infrastructure projects to the banking stages, to raise capital and to accelerate the closure of transactions.

"International partnerships, such as the G20's compact with Africa, can significantly contribute to this growth by offering significant opportunities for investors to do business across the continent," said Ramaphosa.

"The component is intended to strengthen macroeconomic, business and financing systems across the continent to encourage private investment by G20 companies."

Ramaphosa also said that intra-African trade through the Continental Free Trade Area would promote better policy coordination and trade liberalization and relaxation regimes.

– African News Agency (ANA)

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