AUC, GABI deepen partnership to boost African trade and investment

The African Union Commission (AUC) and the United Nations Global Compact’s solution-oriented platform, the Global Africa Business Initiative (GABI), have deepened their partnership to strengthen collaboration and advance mutual goals of boosting African trade and investment.

The cooperation was formalized through the exchange of Letters of Intent between H.E. Ambassador Albert Muchanga, Commissioner for Economic Development, Tourism, Trade, Industry, Mining (ETTIM), African Union Commission and Assistant Secretary-General Sanda Ojiambo, CEO of the UN Global Compact in the presence of H.E. Fatima Kyari Mohammed, Permanent Observer of the African Union to the United Nations and Charles Abani, Resident Coordinator at an event hosted by GABI in Accra, Ghana on Saturday, July 20.

The signing aims to "further deepen the level of cooperation" between the AUC and GABI in pursuing the objectives of the AU Agenda 2063 and the UN Sustainable Development Goals, according to the exchange.

In remarks, Ambassador Albert Muchanga emphasized that the collaboration "marks a significant advancement in our efforts to realize the objectives outlined in the African Union Agenda 2063."

He expressed the AUC's commitment to "driving sustainable business and promoting economic growth across Africa" through the partnership.

GABI CEO Sanda Ojiambo said the signing "presents an opportunity to strengthen the long-standing ties between the African Union Commission and the UN system."

She highlighted their shared vision of "a strong and inclusive African private sector" that can "de-risk economies, attract investment, and create jobs."

Speaking at the event, H.E. Fatima Kyari Mohammed, Permanent Observer of the African Union to the United Nations described it as a "significant milestone" that would institutionalize GABI as an important platform connecting leaders to drive Africa's economic growth.

She stressed the need for deliberate efforts across sectors to ensure inclusive progress towards set targets.

On his part, UN Resident Coordinator to Ghana Charles Abani highlighted the private sector's importance in achieving Agenda 2063 and the Sustainable Development Goals.

He identified areas like food systems, energy access, digital transformation, jobs and social protection, education and climate change as critical.

Benedict Okeychukwu Oramah, President of the African Export-Import Bank, said the Bank "proudly" supports GABI's initiative to bring African institutions and businesses together towards prosperity.

The partnership will support the African Union's Agenda 2063 Second Ten-Year Implementation Plan from 2023-2032.

It aims to engage businesses across the continent to achieve the AUC's goals through the UN Global Compact's Africa Strategy of building "ambitious and accountable" African companies.