AfDB Governors approve a 10-year strategy plan to help Africa’s economy recover

The African Development Bank’s (AfDB) Board of Governors has approved a 10-year strategy plan to assist African economies to recover from the COVID-19 epidemic and the Russian-Ukraine conflict.

The strategy plan, which was approved at the recently concluded 57th Annual Meetings in Accra, intends to increase investment in crucial sectors of the African economy and make the continent affluent.

From 2022 to 2032, it will be executed with an emphasis on agricultural mechanization, value addition, and exports, as well as a fair and realistic energy transition and private sector investment.

Security, debt management, financial stability procedures, and leveraging the African Development Fund’s (ADF) $25 billion equity on international capital markets are among the plan’s other elements.

The plan is projected to create “a prosperous Africa, based on inclusive growth and sustainable development,” with a focus on economic growth and recovery, climate change, and energy, as well as a fair energy transition.

Dr. Akinwumi Adesina, President of the AfDB Group, remarked, “This adoption got extremely strong support from the Bank’s Board of Directors, making it a vital document for our progress.”

“We will boost growth and bring many Africans out of poverty, as well as build a strong financial institution to assist the continent’s private sector development,” he continued.

Dr. Adesina urged delegates to help improve Africa and convey the continent’s tale of hope, saying that they were all “partners in hope who shared a love for the continent and who should celebrate Africa’s triumphs.”

Dr Mahamudu Bawumia, Ghana’s Vice President, who attended the annual meetings’ closing ceremony, asked the Bank to adopt the 10-year plan as a vehicle to lift Africa out of poverty.

In his remarks, Finance Minister Ken Ofori-Atta urged increased assistance to help the Bank become a powerful pillar of prosperity for African nations.

The sessions were held in Ghana to commemorate the 50th anniversary of the African Development Fund, a crucial financial arm of the Bank, which included President Akufo-Addo singing the Accra Declaration.

During the five-day annual meetings, Egypt was elected as the next chairman of the Bank’s Board of Governors, as well as the host country for the annual meetings in 2023.

Mr. Tarek Amer, the Governor of Egypt’s Central Bank, has been named the Bank Group’s new Chairman, succeeding Mr. Ofori-Atta.

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