On July 17th, as the morning sun rose over Durban’s coastline, Ministers of Finance, central bank governors, and global development leaders gathered at the Zimbali Capital Resort for a critical conversation: how can the G20 unlock private investment to power sustainable growth across Africa?
Eight years after the launch of the Compact with Africa (CwA) under Germany’s G20 presidency, the initiative has matured into a meaningful platform for reform-minded African countries to engage global partners in a new kind of compact. One anchored in mutual accountability, tangible reform, and private-sector dynamism.
The July 17 side event, Mobilizing G20 Private Investment for Sustainable Growth in Africa, wasn’t just another diplomatic box-tick. It reflected a shift in tone and ambition. And it marked the start of “CwA 2.0” —a refreshed agenda to deepen technical assistance, crowd in catalytic capital, and achieve greater development impact.
A new playbook with real progress
Ajay Banga, President of the World Bank Group, captured the stakes succinctly: “Africa will help define this century. With the right investments—focused on opportunity, not need— we have a chance to unlock a tremendous engine of global growth.” He underscored that achieving Africa’s development goals will require creating “the conditions that allow all businesses to thrive…. — conditions that don’t arise by chance.” In summary, we need a new playbook that bridges the trust deficit between investors and African policymakers, one that transitions projects from PowerPoint to pipeline to pavement.
Progress is measurable. Since its inception, according to the International Finance Corporation (IFC), $132.3 million in financing has been facilitated through the IFC Support for G-20 Compact with Africa Initiative (ISCA) trust fund, supporting 15 projects. However, with shrinking aid budgets and tightening global capital flows, the road ahead demands more coherence, coordination, and capital.
Scaling-up impact, strengthening partnerships
That’s where ACET’s role has been instrumental. As a long-time CwA partner, we’ve facilitated country-to-country learning, brokered policy dialogues, and helped governments translate reform ambitions into bankable outcomes. The path from ambition to action is long, but we are doggedly closing the gap.
The South African G20 Presidency, Germany, the African Development Bank, and the International Monetary Fund (IMF) all reiterated their commitment to making the Compact more effective. Perhaps the most headline-worthy moment in Durban was Germany’s announcement of a €10 million investment to support CwA countries. For us, this is more than a symbolic gesture; it’s a signal that G20 nations are listening and that political support must be matched with financial commitment.
Time for the rubber to hit the road
Still, the work is far from being done. African governments don’t need more conferences; they need strategic capital that de-risks investment, technical support to bring projects to market, and global partners who understand that Africa’s growth is not charity, it’s a strategic investment.
As the event concluded, the message from African leaders was clear: we are not bystanders. We are making tougher, smarter choices. And we welcome partners who are ready to do the same.
CwA 2.0 is hopefully not just a reboot. It’s a reminder that sustainable growth requires shared responsibility, bold investment, and the courage to act faster than the challenges we face.
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