Africa beyond Covid-19: Leaders call for government, private sector collaboration

Leaders have called for a closer collaboration between governments and the private sector to driver the African continent forward after the Coronavirus pandemic.

The call was made during this year’s United Bank for Africa (UBA) Africa Day Conversations that brought together global leaders with focus on the Sustainable Development Goals (SDGs) and the Covid-19 pandemic.

Through this virtual panel discussion, leaders emphasised the need for meaningful collaboration between governments and the private sector, as a requirement for the quick recovery of the economy of the African continent post Covid-19.

“This is the time for us to deal with the situation, this is not the time for finger pointing, but for collaborative efforts by governments and organisations, to fight the pandemic globally,” said UBA group chairman, Tony O. Elumelu.

“There is need to flatten the curve, we need global co-operation to stem global depression.  Africa requires a large stimulus package, and we need long-term solutions to prevent a cycle of debt.”

Liberian President, George Weah demonstrated how collaboration has assisted his country to stem the sufferings brought about by the coronavirus pandemic.

“In Liberia we have taken measures to ease the financial burden on vulnerable business in the informal sector by providing small loan assistance to SMEs and traders.  In addition, we are working with commercial banks to manage the repayment of loans as well as to create stimulus packages for citizens," Weah said.

US, Senator Chris Coons called for development of a cheap and affordable vaccine for Coronavirus that would bring a sigh of relief to the people all over the world.

"We must develop a vaccine that is free and affordable and freely distributed so that full economic activities can return.  This is no time to be looking backwards.  We recognise the power of collective collaboration on the continent.”

The president and Chairman of the Board of Directors for the African Export–Import Bank (AFREXIMBANK), Professor Benedict Okey Oramah however called for the swift implementation of the African Continental Freed Trade Area.

He also disclosed that Afrexim has made available $200million to supply fertilisers and grains amongst across Africa to help fight hunger on the continent.

“If Africa allows hunger takeover the people, it will see an increase in insecurity, which will take a long time to overcome,” he said.

The president of the International Committee of the Red Cross Peter Maurer, however noted that there need to look at pandemics as part of a broader health system which needs stabilisation.

"We must do more than life-saving.  This pandemic has illustrated the weakness of health, water, sanitation and social systems, and we have to heavily invest into the stabilisation of these systems," he said.

The 2020 UBA Africa Conversations concluded with the need to act quickly and effectively, highlighting that Africa has lessons to teach the world in containment, but was economically vulnerable.

UBA recently donated shs570 million to Uganda to help in the fight against Coronavirus but the bank also made similar donation to governments in 20 African countries where it has a presence.