Africa’s Development Requires Foreign Direct Investment, Says SSABIS’ Halliday-Rogers

Following the success of the previous edition of the United States Africa Summit, the next edition of the annual Sub-Sahara Africa Business and Investment Summit (SSABIS), a signature side event of the United Nations General Assembly, has been formally confirmed to be held at the historic 583 Park Avenue, East Side.

The September 25, 2024 Summit, with the theme “Building a Sustainable Future,” seeks to ensure long-term U.S. and African public/private sector trade and investment projects during this time of unprecedented global challenges and profound change. It will build on recent years’ momentum by focusing on investment opportunities in Sub-Saharan Africa.

In a virtual interview with ROLAND OGBONNAYA, Executive Director Joyce Halliday-Rogers explains how exciting it is that SSABIS is once again unleashing the power of Africa’s private sector while also forging strategic interests between Africa and the United States to encourage broader and deeper business connections.

How did you come up with the idea for the Sub-Saharan African Business Investment Summit (SSABIS), and when was the inaugural edition held?

We started organising meetings in 2013 when we launched the “Good Governance and Social Accountability Summit” through our NGO, The International Association of Africa Non-Governmental Organisations (IAAN), during President Barack Obama’s African Leadership Summit. The event brought together African leaders to discuss good governance. Chief Executive Officers (CEOs) met to discuss social accountability in the communities where they do business, while civil society representatives discussed citizen engagement. The event was so successful that our organisation was mentioned in the report presented to President Barack Obama. We collaborated with the World Bank’s Global Partnership for Social Accountability.

We realised that Africa’s development requires foreign direct investment (FDI). So we began organising trade and investment promotion events, which is how SSABIS came about. And it has been a huge success throughout. However, we are not done. We want more for Africa, and there is a need for more businesses from all sectors to get involved.

How did you come up with the idea of bringing together Sub-Saharan African businessmen and their counterparts from the United States?

SSABIS officially began in 2013. However, we have organised several trade and investment events. Promotional events with other stakeholders. Our events include the US–Nigeria Investment Summit in 2018 and 2021, the Good Governance and Social Accountability Summit, the Governor’s Forum, the First Ladies Forum, and the NGO Empowerment Summit. As a result, SSABIS serves as a unifying force, a change agent, and a significant player. The network of African businesses and their matching with American companies. Several African and American companies have confirmed their participation in this year’s event, which will take place as a side event to the United Nations General Assembly (UNGA) in September.

What have been the challenges in putting together the New York program?

Like any other city, planning a major event like SSABIS 2024 presents several challenges. I have listed a few. Budget is one of the most difficult challenges that event managers face when planning an event. Allocating resources effectively and managing last-minute changes can be challenging. Attendee Engagement: In addition to providing fun activities for attendees, we must ensure that they have meaningful interactions and receive value for their participation.

Travel Challenge: Ensuring that everything runs smoothly for everyone requires careful planning and coordination. It is difficult to recruit participants and, in some cases, arrange flights and accommodations. We discovered that the main issue in Africa is confirming dates and booking flights on time. Furthermore, travel documents and approvals are cumbersome. We would like to discuss these issues and plan ahead of time to avoid last-minute cancellations and delays, which have a significant impact on programs. Flexibility: Ensuring that people arrive and leave on time, as well as having backup plans in case of travel delays or cancellations, is a major challenge.

Safety Concerns: As an event manager, you must ensure the safety of both staff and attendees by implementing effective safety measures. Other challenges include, but are not limited to: unexpected emergencies, engaging speakers and entertainment, visibility, and so on.

Do you think the United States AGOA to assist African countries has paid off since it was implemented?

AGOA has helped to boost economic growth, promote economic and political reform, and improve US-regional economic relations by opening up new markets. However, on the African side, AGOA’s strict eligibility requirements and out-of-cycle review mechanism, as well as its unilateral nature, deny it the necessary stability, certainty, and predictability. Most significantly, the out-of-cycle review mechanism has a chilling effect on trade policies in eligible Sub-Saharan African countries.

What are some of the programmes up for discussion this year?

We have a tight schedule, but we have confirmed eight speakers from various walks of life. We have planned programs for SMEs, oil and gas, financing projects, investing in women and girls, global health opportunities, agriculture, and other areas. It is going to be exciting. One important point to note is that we have limited space, but the United Nations General Assembly has confirmed and listed the programme as a side event in their guide for 2024.

Interestingly, both the US Trade and Development Agency (USTDA) and Power Africa have confirmed their participation. We have been finalising arrangements, as have several other agencies and industries. Some agencies in Ghana and other sub-Saharan African countries have also confirmed their participation. Outside of Sub-Saharan Africa, other countries are attempting to get us involved or expand the meeting. We are not in a hurry, however.

*Saturday Independent