The G20 »Compact with Africa« – Unsuitable for African Low-Income Countries

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Robert Kappel and Helmut Reisen

The G20 »Compact with Africa« – Unsuitable for African Low-Income Countries

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http://library.fes.de/pdf-files/iez/13441.pdf

DIGBIB-Permalink: http://www.fes.de/cgi-bin/gbv.cgi?id=13441&ty=pdf

  • The »Compact with Africa« (CWA)—an initiative within the G20’s finance track—is a key pillar of the G20 Africa Partnership. In its resolution—adopted by G20 finance ministers and central bank governors in Baden-Baden on March 17-18, 2017 —the G20 has acknowledged its special responsibility to join forces in tackling the challenges facing the world’s poorest countries, especially in Africa. Notwithstanding that declaration, the CWA gives little attention to the specificities of the many low-income countries on the African continent.
  • TheCWA’s macroeconomic framework has an orthodox agenda, with a set of well-known (neoliberal) recommendations: fiscal discipline, redirection of public expenditure, tax reform, financial liberalization, elimination of barriers to foreign direct investment, privatization of state-owned enterprises, deregulation of market entry and competition, and secure property rights. However, this agenda does…

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