B20's commitment to influencing policy for stronger collaborations

The B20, a vital part of the G20 initiative, is dedicated to promoting inclusive growth in Africa through stronger collaborations between the public and private sectors. In a recent interview with CNBC Africa's Fifi Peters, Stephen Seaka, Managing Executive at ABSA CIB, shed light on the impact of the recent aid freeze estimated at around $8 billion on the continent. Seaka emphasized the urgent need for policy influence and highlighted the essential role of public-private sector partnerships in driving sustainable development. The B20's focus on inclusive growth comes at a critical time when many African governments are grappling with high debt levels and a significant reduction in foreign aid. Seaka emphasized the importance of fostering collaboration between the public and private sectors to mitigate the shortfalls resulting from the withdrawal of aid. He stressed the necessity of prioritizing investments in labor-absorptive industries to promote shared prosperity and address the challenges faced by African nations. Seaka underscored the potential of the African youth and highlighted the need to bridge the digital divide and leverage the continent's vast agricultural resources for sustainable development. The discussion also delved into opportunities for partnership in infrastructure development, particularly in energy, water, and logistics sectors. Seaka pointed out the significant investment opportunities in South Africa's renewable energy sector and emphasized the need for private sector participation in addressing infrastructure deficits on the continent. The interview further addressed key policy recommendations to accelerate private sector involvement in infrastructure projects, emphasizing the need for regulatory reforms and streamlined processes to attract more investment. Seaka called for greater efficiency in public-private partnerships and urged policymakers to create a conducive environment for increased lending and investment in critical sectors such as energy and transportation. The B20's commitment to driving inclusive growth in Africa through strategic partnerships and policy influence remains steadfast amidst the evolving economic landscape.