Tackle Africa Debt Crisis – Finance Minister Charges AfDB

Finance Minister, Ken Ofori-Atta has tasked the African Development Bank (AfDB) to show leadership in addressing key risks being faced on the continent.

Speaking at the Annual General Meeting of the African Development Bank Group (AfDB), Mr. Ofori-Atta said it will ensure a successful socio-economic recovery from the COVID-19 pandemic.

According to him, failure to address risks such as reduced capital inflows into Africa and lasting economic damage from the COVID-19 pandemic will slow down the continent’s full and timely recovery.

“As we advance, building back, greener and better, we would require the AfDB to show leadership to address 3 critical categories of risks, namely the risk of greater pandemic resurgence which will affect African countries disproportionately, the risk of reduced capital inflows because of the perceived economic effects of the pandemic’s resurgence, the risk of lasting economic damage from the pandemic exacerbating poverty and inequality within African countries.”

Meanwhile, the African Development Bank Group Secretary General Prof. Vincent O. Nmehielle, also highlighted the effects the COVID-19 pandemic has on the economy.

He pointed out the unprecedented fiscal and social disruption arising from the Covid-19 pandemic.

“I am delighted that we can convene and assure Governors of the Bank Group’s continued commitment to Africa’s sustainable economic development and social progress.”

This is the 56th Annual Meeting of the Board of Governors of the African Development Bank and the 47th Annual Meeting of the African Development Fund, the concessional arm of the Bank Group.

This year’s gathering comprised statutory meetings of the Bank Group’s Boards of Governors, a high-level dialogue, and knowledge events.

The theme for this year’s Annual Meetings of the African Development Bank Group was, “Building Resilient Economies in Post Covid-19 Africa”.

It is aimed at providing a platform for the Bank’s governors to share their experience in addressing the pandemic and the policy measures they are employing to rebuild economies and livelihoods.

The governors of the African Development Bank are from the institution’s 54 African regional and 27 non-regional member countries.

Moreover, about 3,000 participants attended the meetings which was held virtually. This includes finance ministers, central bank governors, policy makers, representatives of civil society groups, heads of international organizations, business leaders from the Bank Group’s member states.

The President of AfDB, Dr. Akinwumi Adesina on his part said the bank will support the African Continental Free Trade Area (AfCFTA) with $208 billion, as part of its contribution towards stimulating investment in Africa.

“We remain highly committed to the success of the AfCFTA. As we look to the African Investment Forum 2021, the AfDB and its partners have prepared a pipeline of 230 projects valued at $208 billion to boost opportunities for the AfCFTA. I am very optimistic about Africa. Africa will recover; Africa will build back better.”