Industry leaders publish ‘Doing Good Business in Africa: How business can support development’

London – A Business Advisory Group of fourteen leading African and international executives, chaired by Richard Harvey, the former CEO of Aviva, and brought together by the Africa Progress Panel and Concern Universal, will today release a new report on how the private sector can leverage the vast economic opportunities in Africa, while contributing to the achievement of the UN Millennium Development Goals.

The report which was prompted by the global economic crisis, and comes just months before the High-Level Meeting on the MDGs at the United Nations in September, sets out specific recommendations on how to prioritize commercial opportunities that can add social value or the practical steps needed to maximize its generation.

It argues that: “by seizing opportunities, business can not only reap substantial short-term profits and contribute directly and indirectly to the achievement of the MDGs, but thereby can also help lay the foundation for long-term sustainable market expansion and growth”.

The report argues that given the current challenges in the financial sector and food markets, business can make the biggest difference in Africa, and tap into some of the continent’s most profitable opportunities through six specific actions:

• Strengthening agricultural value chains: Through getting more land into sustainable production by improving inputs such as fertilizers and extending practices such as the use of mobile and web based information portals for farmers; limiting post-harvest losses, and enabling greater African participation across the agricultural value chain.

• Mobilizing private sector investment in regional infrastructure: The report recommends that business should consider and initiate public-private partnerships, and governmental financial bodies need to play a more active role in brokering such partnerships to help build the continent’s infrastructure stock. • Help to create a better business environment: By building on existing initiatives aimed at promoting legal, regulatory and administrative reforms, and advocating for greater transparency by building up successful approaches such as Business Action against Corruption.

• Ensuring a wider availability of capital: This can be achieved by generating more affordable credit to productive enterprises, particularly SMES, and extending basic financial services to more people, through for example, the provision of micro-finance and associated services.

• Promoting social and inclusive business opportunities: By developing innovative products and services to meet the needs of the poor and providing or contributing to services that meet the health needs and family obligations of workers.

• Pushing for the rationalization of pro-Africa Business Associations: With over one hundred Africa-focused business networks or initiatives in existence, the report argues that a rationalization or harmonisation of these will help to mobilize the benefits, by avoiding duplication and strengthening common efforts.

Speaking at the launch of the report at the Commonwealth Business Council’s African Business Forum in London, Richard Harvey, Chair of the APP/CU Business Advisory Group will say: “This policy brief has emerged from a series of consultations with a unique combination of people: distinguished business leaders, policy experts, development advocates and, perhaps most importantly, African entrepreneurs. By identifying priorities and sharing examples of what is already being done, it is my hope that this research will inspire action by business leaders already engaged, or planning to invest, in Africa.”