Exo-Kreischer: “Investments in the African continent are investments in our own future.”
Achonu: “Africa’s progress hinges on access to equitable and affordable investments.”
October 30, 2023: As German Chancellor Olaf Scholz’s embarks on a trip to Nigeria and Ghana, the development organization ONE is appealing for the interlocutors not only to meet verbally at eye level, but to make concrete offers. Scholz should work to create incentives for investment in Africa and fill the much-vaunted “partnership at eye level” with life.
Stephan Exo-Kreischer, Director of ONE Germany, says: “Words alone are not enough. Scholz rightly emphasizes that investments in Africa are synonymous with investments in our own future. However, the idea of ‘partnership at eye level’ must not be allowed to degenerate into a mere political phrase. For all too often, the major industrialized nations have let Africa down. No wonder many African countries are turning away from the West. It is time that partnership-based cooperation with African states was not just mentioned in Sunday speeches, but backed up with concrete action. This also includes the fact that Africa urgently needs increased and improved development financing. Africa definitely needs to be heard more than it has been so far. Investing in Africa is also investing in our own future.”
Stanley Achonu, Director of ONE Nigeria, therefore, calls on Chancellor Olaf Scholz to advocate for development financing and greater African representation. “Chancellor Scholz spoke out in favor of the AU’s inclusion in the G20, which has just happened. But that is not enough: Africa must also be represented in financial institutions. In essence, Africa’s progress hinges on access to equitable and affordable investments that foster the development of homegrown solutions to both local and global challenges. Moreover, African nations must be included in global decision-making bodies on issues that impact them, thereby granting them control over their own destinies. The chancellor should clearly show his leadership on these issues by actively listening to the concerns of the countries of the global South and promptly translating them into concrete actions,” said Achonu.
ONE urges Germany to fulfil its share of the $80 billion commitment announced by G7 Development Financial Institutions (DFIs) in 2021 to support economic growth in Africa, while also supporting the call for increased African representation in global decision-making bodies. Additionally, Germany should play a leading role in championing the reform of Multilateral Development Banks (MDBs), advocating for greater flexibility, resolving unfair debt systems, and facilitating more accessible finance, potentially yielding over $1 trillion in funding.