African Finance Forum: From Reforms to Investments

On September 20, 2017, CCA hosted the Africa Finance Forum on the sidelines of the 72nd session of the United Nations General Assembly, in New York. The Forum, which focused on ‘Reforming African Economies’ featured H.E. Okechukwu Enelamah, Nigerian Minister of Trade and Investment, Lida Fitts, Regional Director for Sub-Saharan Africa, U.S. Trade and Development Agency, Jerome Ringo, Founder and CEO, Zoetic Energy, Tamer Younes, Head of Government Relations and Communications, North Africa and Levant, Procter and Gamble and Jim Ovia, Chairman, Zenith Bank, and was moderated by Patrick Rice, Partner at Akin Gump. CCA President, Ms. Florie Liser, opened the forum by welcoming attendees and stressing the important role reforms play in creating a good business environment and increasing investments.Hon. Enelamah began his remarks by sharing that creating a good enabling environment is a long-term strategy that must include the private sector. He also stressed the need to share information within government agencies and with the private sector.Ms. Fitts highlighted USTDA’s work in grant funding at the project development phase. She shared an example of how reforms in the Nigerian power sector have translated into USTDA giving grants for the development of modulator refineries, a partnership between U.S. and Nigerian investors.Mr. Ovia shared the positive effect reforms in the Nigerian financial sector had in strengthening institutions and attracting more investments. He also called for increased reforms in the financial sector. He identified the ICT sector as an enabler with the ability to grow the economy exponentially and achieve financial inclusion. However, he lamented the lack of concerted efforts and reforms in the tourism sector which can generate more revenues for the government and create more jobs.Mr. Ringo called for increased partnership between African governments and the private sector. He stressed the role new technologies play by proving alternative sources of energy, which can generate cheaper power and stimulate job creation. He also emphasized the need for African governments to develop capacity, which is needed by the private sector.Mr. Younes called for more transparency from governments as well as consistency with currency and regulatory policies which will enable the private sector to better plan and be more competitive. He continued by addressing the need for greater partnership between the government and private sector to develop mutually beneficial policies.Following this panel and to spotlight Rwanda, a top economic reformer, Ms. Temitope Iluyemi, Associate Director, Global Government Relations and Public Policy (Sub-Sahara Africa), Procter and Gamble had a side-bar conversation with Hon. Claver Gatete, Minister of Finance, Rwanda. Hon. Gatete acknowledged that Rwanda’s performance is the result of learning best practices from other countries and adapting them. He also emphasized that political and macro-economic stability, which kept levels of debt and inflation low, helped create incentives to invest long-term. He credited the country’s performance to the reforms that created strong institutions which promote accountability, implementation and results. Hon. Gatete concluded by sharing how ICT helped grow Rwanda’s economy.The dialogue was generously sponsored by Akin Gump Strauss Hauer & Feld LLP, BP, Chevron Corporation, Dangote Group, ExxonMobil, Gilead Sciences, Inc., Lockheed Martin International, Sudatel Telecom Group and Zenith Bank.