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Published on Jul 7, 2017
What are the G20 plans for Africa and who will profit from it? Interview with Mani Tanoh of the International Socialist Organization in Ghana
In the run-up to the G20 in Hamburg (July 2017) Germany initiated the 'Compact with Africa', an initiative that claims will boost private investment, economic growth and infrastructure projects in Africa. SocialistTV spoke to Mani Tanoh, a longstanding revolutionary socialist in Ghana, about the details of the plan.
Tanoh explains the way the compact been negotiated, the macro-economic framework, the expected effects on the redistribution of wealth, the restructuring of debt, the regulatory effects and the geopolitical angle of how this European driven plan is part of the scramble of Africa.
'This goes much further than TTIP or CETA. Compact countries are obliged to pro-actively seek out potential complaints for investors and correct them. Companies' risks will be minimzed, as will their taxation, and governments will guarantee them a rate of return. The expected effect is that the working people will pay the price for this, amongst others by the privatization of pensions, and multinationals will walk away with a bonanza of profits.'