Sanlam’s Paul Hanratty on supporting Africa’s economic development

The Finance Track Meetings of the G20 are currently taking place in Cape Town, with one of the central agendas being the support for Africa’s economic development. In a recent interview with CNBC Africa, Paul Hanratty, CEO of Sanlam, discussed the company's partnership with Allianz to sponsor initiatives at the B20 summit. Hanratty emphasized the importance of contributing to the creation of policies and long-term solutions that benefit not only Africa but the global business community as a whole. The collaboration between Sanlam and Allianz aims to bring a bias towards Africa in the global conversation, reflecting their positive outlook on investing in the continent's future. Hanratty expressed the significance of ensuring that the growth agenda set forth supports the African narrative while addressing key issues and challenges facing the region. Hanratty highlighted the rapid economic growth across the African continent, with South Africa, although growing at a slower pace compared to its neighbors, still being one of the fastest-growing regions globally. He stressed the importance of leveraging the demographic advantage of a young workforce while simultaneously addressing the perceived risks associated with investing in Africa. To attract more capital and reduce risk perceptions, Hanratty called for governments to implement business-friendly policies, maintain consistency in policy execution, and uphold sound fiscal and monetary practices to support sustained growth. When discussing the risks that businesses should prepare for in the upcoming years, Hanratty pointed out climate and energy risks as significant challenges for African economies. With the continent already facing energy shortages, he emphasized the need for innovative solutions to secure a stable energy supply to facilitate growth. Additionally, geopolitical risks were underscored as crucial factors that could impact businesses and economies on the continent, requiring strategic management and resilience to navigate. The conversation shifted to the value of public-private partnerships in driving sustainable growth, with Hanratty emphasizing the critical role of businesses in supporting government efforts to stimulate economic progress. As governments worldwide struggle with high debt levels, Hanratty highlighted the financial strength of the private sector and its potential to reignite global economic growth. He emphasized the importance of collaboration between businesses and governments to foster prosperity and drive sustainable development in countries across the world. In preparation for the main G20 summit in November, Hanratty shared Sanlam's priorities, advocating for the elevation of key African issues on the global stage. Issues such as gender equality, early childhood development, the role of the informal sector, and youth empowerment are crucial for driving inclusive growth in Africa and beyond. Hanratty stressed the importance of addressing these unique challenges to ensure that Africa is not left behind, as its progress presents opportunities for global advancement. As the G20 discussions continue to unfold, the partnership between Sanlam and Allianz exemplifies a commitment to supporting Africa's economic development and fostering collaboration between the public and private sectors. By advocating for inclusive growth and addressing key challenges, these initiatives aim to shape a more prosperous future for both Africa and the global community.