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The first meeting of finance ministers from seven African countries on the G-20 Compact With Africa (CWA) initiative ended on Wednesday, September 6 in Accra, with a strong pledge by ministers of member countries to strengthen fiscal management regimes in their respective jurisdictions.

The finance ministers from CWA countries namely Ghana, Cote d’Ivoire, Morocco, Rwanda and Senegal, also expressed their commitment to achieving the CWA objectives of increasing private investment, which they said was aligned with their own national development strategies and efforts.

Ghana’s Finance Minister, Ken Ofori-Atta, who read a four-page consensus statement at the end of the close-door meeting, pointed out that the ministers also expressed strong commitment to ensure rapid and robust implementation of policy commitments outlined in CWA documents from the countries.

“The ministers highlighted the historic nature of the G-20 Partnership with Africa and the Compact With Africa and emphasized the importance for continuity regarding commitment to the CWA as the G20 Presidency rotates from year to year,” he said.

According to him, during the discussion, the ministers stressed the need for the CWA to help support national economic transformation strategies- maintaining fiscal discipline and macroeconomic stability as a fundamental platform for development; diversifying African economies and make them more resilient, as well as taking into account the regional dimensions of attracting investment and also regional structural connectivity.”

“Towards this objective, within the context of the CWA, the ministers affirmed their resolve to deepen their efforts to increase domestic resource mobilization through the modernization of tax system and strengthening capacity for planning and managing public investment, including Public Private Partnerships (PPPs).

On the issue of business framework for achieving economic transformation across member countries, Mr. Ofori-Atta indicated that “ministers agreed on the need for a public administration that prioritizes responding to investors – both domestic and foreign – and dealing expeditiously with their concerns.”

In this regard, he said the ministers further reiterated their commitment to strengthening public-private dialogue; improved legal frameworks to give clarity and expeditious resolution of issues for investors as well push for reforms to attract Foreign Direct Investment to the African continent as a whole.

The meeting was also attended by officials of World Bank, African Development Bank, IMF, German Presidency, the Vice President of Ghana, Dr. Mahamudu Bawumia, Ghana’s Senior Minister, Yaw Osafo-Mafo, among others.

CWA was initiated by the German presidency and endorsed by the G-20 finance ministers and central bank governors in Baden-Baden in March 2017 to, among other things, promote private investment in Africa.

Central to the CWA is the concept of mutual commitments to measures and instruments to improve the framework conditions for private investment, including in infrastructure.

The aim of the Compact is to develop comprehensive, coordinated and country specific investment compacts between individual African countries, international organizations (IOs) and other partners.