Private Sector Key to Success of African Development Plan

27 June 2002 - Business leaders with interests in Africa have warned the Group of Eight summit that the New Partnership for Africa's Development (NEPAD), could not succeed without greater private sector involvement.

The NEPAD Business Group said in a letter to Canadian Prime Minister Jean Chrétien as summit host: "We count on you to ensure that specific mechanisms are included in the G8 Action Plan that will allow the private sector to play a constructive part in its implementation."

The letter, signed by Bamanga M. Turkur, Executive President of the African Business Roundtable, said there should be ample opportunity for private sector expertise to contribute to the Action Plan's ideas and vision, as well as detailed implementation.

In an analysis of Africa's needs submitted to the G8 leaders, the business group said the industrialised countries should take urgent steps to remove trade barriers and improve market access for Africa.

"Increased resource flows from the industrialised countries need to give priority to capacity building, particularly as regards human resource development, strengthening the integrity and efficiency of Africa's financial system, investment in physical infrastructure and institutional reform."

Group members are the International Chamber of Commerce; African Business Roundtable; Business Humanitarian Forum; Commonwealth Business Council; Business Council, Europe, Africa, Mediterranean; Corporate Council on Africa, Pan African Employers' Confederation; International Business Leaders Forum; Conseil Français des Investisseurs en Afrique; Forum Francophone des Affaires. The British African Business Association and the Canadian Council on Africa are supporting the group.