STUDY ECONOMY AND FINANCE G20 COMPACT WITH AFRICA The Audacity of Hope Robert Kappel and Helmut Reisen October 2019 The verdict on the Compact with Africa(CwA) in its third year is that private cross-border equity flows have not material­ised and neither have domestic resources been mobilised. The African countries are not to blame, as their governance scores have improved. Currently, it seems that the CwA is primarily owned by civil servants from the World Bank and the International Monetary Fund. Moreover, neither the private corporate sector nor institutional inves­tors seem to have fully bought into the CwA. The CwA fails to stimulate ­inclusive growth. The weak­nesses of the CwA approach illustrate the need for a new agenda for development ­cooperation.