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Africa must explore how to complete its transformation journey - AfDB
Prof Vincent Nmehielle
What you need to know:
- AfDB says that despite sustained economic growth over the past two decades, Africa’s economic transformation remains incomplete
The African Development Bank (AfDB) Group has said it will focus its discussion on mitigating the transformation of Africa, which, despite recording impressive economic growth remains untransformed.
Speaking ahead of the 2024 Annual Meetings expected to run between May 27 and 31, Prof Vincent Nmehielle, the AfDB Group secretary general, said the meetings will offer solutions in which multilateral development banks can respond better and faster to scale up resources for the sustainable development of the continent.
“Despite sustained economic growth over the past two decades, Africa’s economic transformation remains incomplete … the [meetings] will, therefore, explore how best to fast-track structural transformation across the continent,” he said, noting that the events will also address the importance of a reconfigured global financial architecture as an engine for structural transformation.
About 3,000 delegates, including a delegation from Uganda, are expected to form a diverse representation of participants from within and beyond Africa at the Kenyatta International Conference Center in Nairobi, Kenya.
AfDB remains a key financial provider to African governments and private companies investing in the continent’s member countries. It turns 60 this year.
The meetings will mainly focus on transformation and reforming the global financial architecture to support Africa’s economic trajectory.
Africa remains largely needy in terms of long-term financing to transform key sectors of different economies to drive desired and inclusive growth.
Therefore, AfDB said the discussions will largely focus on advocating for reforms that address the unique needs and challenges faced by African economies and mobilizing resources and investment to propel the continent’s structural transformation, leveraging natural capital, and promoting sustainable development initiatives.
