African businesses are primed to play a pivotal role in corporate sustainability movement: PGA

African businesses are primed to play a pivotal role in the corporate sustainability movement, says Abdulla Shahid, President of the 76th session of the United Nations General Assembly (UNGA).

The PGA made this statement in his remarks at the inauguration of the African Business Leaders Coalition, on Tuesday.

In his statement, the UNGA President highlighted that the launching of the Africa Business Leaders Coalition is a “watershed” moment in recognizing one of the world’s most “dynamic” regions.

Noting that visionary CEOs from leading African companies were present to highlight the “importance of driving impact through action and example”, the PGA highlighted that the core message of the significant event was “clear” and “ambiguous”: Africa is on the move.

Describing Africa to be a resource-rich, young, geographically vast and diverse continent with increasing economies, robust private sectors and markets, growing wealth and capital as well as improving governance institutions, the PGA said that Africa is the world’s biggest growth market with 1.3 billion people and a combined GDP of USD 3.5 trillion dollars.

Noting that Africa’s average annual GDP growth has consistently outpaced the global average, PGA Shahid remarked that more than 400 African companies now boast annual revenues of USD one billion or more.

Highlighting that the private sector is a significant partner in fast-tracking sustainable recovery and growth in Africa, the PGA stressed that adopting “sustainable” and “responsible” business models in line with the ‘Ten Principles’ of the United Nations Global Compact, is key.

He said that these principles not only drive competitive advantage, but also contribute to the creation of equitable societies, inclusive public goods and climate resilient infrastructures, adding that the UN Global Compact is “uniquely” positioned to support companies on their journey to a sustainable future, post pandemic.

He went on to note that leading corporations and micro, small and medium-sized companies are more likely to enhance internal innovation, “de-risk” their investments, gain a positive impact on performance and become market and investor ready by participating in the UN Global Compact.

PGA Shahid highlighted the partnership with the UN Global Compact, specifically in supporting the “Africa Strategy”, has a clear value proposition in terms of a company’s triple bottom line approach which is financial viability, social responsibility and environmental stewardship.

The PGA ended his remarks by urging the world to let the new coalition be a signal of “greater” things to be paved for African businesses and the African continent, driven by the powerful mantra “doing well while doing good. “