JOHANNESBURG – Africa must mobilize large and permanent investments, especially in infrastructure, if it wants to take advantage of future opportunities, but the African government can not do it without work, President Cyril Ramaphos said on Thursday.
"The private sector and private markets are key factors in the African investment environment, supported by the credit capacity of financial institutions both on and off the continent. If we want to unlock and maintain the flow of capital in Africa, we need to drive the economic reforms needed to create a stimulating business environment, is Ramaphosa.
"In order to be globally competitive, to become an investment destination of choice, we have to solve the problems that lead investors. We have to face management challenges such as uncertainty, financial mismanagement and corruption.
"As African leaders, we must show solid commitment to anti-corruption and within the public institutions and the private sector. We have to deal with a burdened bureaucracy, provide policy and regulatory security, and strengthen our financial institutions."
Ramaphosa held the main address at the opening of the plenary session of the three-day Africa Investment Forum in Johannesburg.
The forum is mentioned as an investment market that will bring together project sponsors, pension funds, sovereign wealth funds, private investors, policy makers, private companies, and government bosses to raise capital to boost the program of affirmative economic transformation.
Ramaphosa said the economic transformation of the continent is dependent on all of our efforts to move industrial and infrastructure projects to bankable phases, to raise capital and speed up financial closure.
"International partnerships such as the G20 Compact with Africa can make a significant contribution to this growth, and investors offer significant opportunities for business across the continent," Ramaphosa said.
"Compact is focused on strengthening macroeconomic, business and financial frameworks across the continent to promote private investment by companies from the G20 countries."
Ramaphosa also said that the expansion of intra-African trade through continental free trade would contribute to better policy alignment and trade liberalization and trade facilitation regime.
– African News Agency (ANA)