B20 leaders call for closing the infrastructure gap for sustainable growth in Africa

THE Business 20 (B20) Task Force leaders are calling for the continent to address the pressing need for improved infrastructure across Africa as well as sustainable economic growth.

- SIPHELELE DLUDLA

Sim Tshabalala, chair of the Finance and Infrastructure Taskforce, said Africa holds significant reserves of critical minerals essential for the global energy transition yet currently collects only 40% of the revenue possible from these resources.

"However, Africa collects only about 40% of the revenue that could be generated by these resources. Now, I ask you, how about if we got 60%? We need the right business environment, the appropriate social and environmental regulation, and the necessary infrastructure," Tshabalala said.

"In other words, our capacity to drive the world's growth depends to a large extent on our ability to maintain and expand our infrastructure.

To use a South African example well known to everybody, we need to improve our rail and port infrastructure.

"According to data by the African Development Bank, Africa needs to spend about $170 billion a year to meet our infrastructure needs."

Tshabalala was speaking during the roundtable of the B20 Task Force Leaders. The B20 serves as the official G20 dialogue forum with the global business community.

Each year, the B20 provides a platform for companies and business organisations to articulate their perspectives on pressing global economic and trade issues, ensuring that the voice of the business community is heard at the highest levels of international economic governance.