The United Nations Global Compact unveiled the Global Africa Business Initiative (GABI) at the Africa Continental Free Trade Area (AfCFTA) Business Forum in Cape Town this week. Led by Wamkele Mene, Secretary-General of AfCFTA, and initiated by Deputy Secretary-General of the United Nations, Amina J. Mohammed, in collaboration with the African Union, UNDP Africa, the UN Economic Commission for Africa, UN Development Programme Africa Region, and the UN Office of the Special Adviser on Africa, GABI aims to promote sustainable investment and foster collaboration on initiatives to support the implementation of AfCFTA.
Speaking at the AfCFTA Business Forum, Sanda Ojiambo, CEO and Executive Director of the UN Global Compact, highlighted the significance of GABI for AfCFTA’s mission. She emphasized that GABI, through its extensive network of partners, including the African Union, will address unique challenges in Africa and catalyze long-term solutions. Aligned with the African Union’s priorities for 2023, GABI will foster collaboration on initiatives that support the implementation of AfCFTA, and the African business community must leverage this Agreement to drive socio-economic transformation.
AfCFTA is expected to play a pivotal role in boosting trade and investment opportunities within Africa and beyond, with initiatives such as facilitating cross-border trade, promoting renewable energy investment, and nurturing the growth of Africa’s creative and cultural industries. The World Bank estimates that AfCFTA could increase regional income by $450 billion, accelerate wage growth for women, and lift 30 million people out of extreme poverty by 2035.
The ASG; Executive Director & CEO of the @UN @globalcompact, @SandaOjiambo, expresses that UN Global Compact works alongside private sector leaders and a wide range of stakeholders to help build the world that we want.#AfCFTABF2023 #TujengeAfrikaPamoja#LetsBuildTogether pic.twitter.com/S9DhBBpCF5
— United Nations in South Africa (@UNinSouthAfrica) April 16, 2023GABI will complement AfCFTA’s goals of economic growth, regional integration, and sustainable development by bringing together African heads of state, UN leadership, philanthropists, CEOs, and key players from the private sector to showcase the business opportunities and sector development of AfCFTA to a global audience. The key themes for GABI in 2023 are energy access and transition, digital transformation, and inclusive growth and trade.
The UN Global Compact’s Africa Strategy supports the work of GABI, aiming to unify and amplify the voice of Africa’s private sector. The next gathering of GABI will be hosted by the UN Global Compact in New York on September 21st and 22nd, during the UN General Assembly.
During her visit to South Africa, Sanda Ojiambo also spoke at a dinner for leading CEOs, where she lauded the country’s growth and potential. She highlighted South Africa’s leadership in energy access and low carbon economy, accelerating its Just Energy Transition through public-private partnerships and private investment. She also noted the revolutionizing impact of digital transformation in South Africans’ lives, opening new markets for exports and services, deepening partnerships with governments, and increasing productivity, competitiveness, and service delivery.
At the dinner, Ojiambo emphasized the critical role of private sector efforts and public-private partnerships in driving the continent’s development agenda and urged those present to attend the 2023 SDG Summit in September.
 at the Africa Continental Free Trade Area (AfCFTA) Business Forum in Cape Town this week.){kind=link}