Cabinet welcomes outcomes of G20 Compact with Africa meeting

Currently, 12 African countries have joined the Compact with Africa initiative as well as the Democratic Republic of Congo in its capacity as the chair of the African Union.


Devdiscourse News Desk | Pretoria | Updated: 02-09-2021 16:49 IST | Created: 02-09-2021 16:49 IST
Cabinet welcomes outcomes of G20 Compact with Africa meeting
The meeting was held to discuss Africa’s vaccine production and to find ways to improve the business environment and increase investment. Image Credit: Twitter(@AbiyAhmedAli)
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  • South Africa

South Africa's Cabinet has welcomed the outcomes of the G20 Compact with Africa meeting held in Berlin, Germany, last month.

Currently, 12 African countries have joined the Compact with Africa initiative as well as the Democratic Republic of Congo in its capacity as the chair of the African Union.

The meeting was held to discuss Africa's vaccine production and to find ways to improve the business environment and increase investment.

"South Africa is a member of the G20 and co-chairs the G20 Compact with Africa initiative alongside Germany. President Cyril Ramaphosa also met with Chancellor Angela Merkel to discuss bilateral and regional issues," a Cabinet statement on Thursday read.

During a press conference at the Compact with Africa initiative, President Cyril Ramaphosa highlighted that the country lobbied for vaccine equality and for the promotion of business on the continent.

"We expressed our disappointment and we expressed our unhappiness and said that it's not fair that Africa has only vaccinated 2% of the 1.3 billion people and yet the more developed countries in the North have vaccinated up to 60%. We expressed a lot of unhappiness with this inequality that currently exists.

"It is to this end that South Africa and India made a proposal to the World Trade Organisation that there should immediately be a temporary suspension of the intellectual property rights so that vaccine production should be spread to other countries as well," President Ramaphosa said.

President Ramaphosa added that financial help for the continent was also on the agenda.

"We discussed at great length, with the participation of the IMF and the world bank on how finances can be made available to boost the African economies that have been damaged by the pandemic. We focussed on the [Special Drawing Rights] and argued that the SDRs need to be increased.

"There are 650 billion dollars that are being made available and the more developed countries are going to take a large portion thereof and we've argued that rather than Africa only have 33 Billion dollars, we need to have up to 100 billion dollars," he said.

(With Inputs from South African Government Press Release)

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