ONE Campaign Seeks Urgent, Improved Dev’t Financing For Africa Representation

Anti-poverty organisation, ONE Campaign has urged Germany to fulfil its share of the $80billion commitment announced by G7 Development Financial Institutions (DFIs) in 2021 to support economic growth in Africa while supporting the call for increased African representation in global decision-making bodies.

This is even as the group stated that Germany should lead in championing the reform of Multilateral Development Banks (MDBs), by advocating greater flexibility, in resolving unfair debt systems, and facilitating more accessible finance, potentially yielding over $1 trillion in funding.

This call was made ahead of Germany’s Chancellor Olaf Scholz’s trip to Nigeria and Ghana starting from Sunday, October 29, 2023 as the development organization appealed for the interlocutors not only to meet verbally at eye level, but to make concrete offers.

ONE campaign said Scholz should work to create incentives for investment in Africa and fill the much-vaunted “partnership at eye level” with life.

Speaking on the development, Director of ONE Germany, Stephan Exo-Kreischer, said: “Words alone are not enough. Scholz rightly emphasises that investments in Africa are synonymous with investments in our own future.”

He, however, stated that the idea of ‘partnership at eye level’ must not be allowed to degenerate into a mere political phrase while stressing that major industrialised nations have let Africa down.

He said no wonder many African countries were turning away from the West. It is time that partnership-based cooperation with African states was not just mentioned in Sunday speeches but backed up with concrete action.

This also includes the fact that Africa urgently needs increased and improved development financing. Africa definitely needs to be heard more than it has been so far. Investing in Africa is also investing in our own future.”

The Director of ONE Nigeria, Stanley Achonu, also called on Chancellor Olaf Scholz to advocate development financing and greater African representation.

According to him, “Chancellor Scholz spoke out in favour of the African Union’s inclusion in the G20, which has just happened. But that is not enough: Africa must also be represented in financial institutions.”

Achonu stated that Africa’s progress hinges on access to equitable and affordable investments that foster the development of homegrown solutions to both local and global challenges.

He affirmed that African nations must be included in global decision-making bodies on issues that impact them, thereby granting them control over their own destinies.

“The Chancellor should clearly show his leadership on these issues by actively listening to the concerns of the countries of the global South and promptly translating them into concrete actions,” said Achonu.