Ken Ofori-Atta, the Minister for Finance has said the growth prospects of the African continent is not bleak.
Africa’s economic growth contracted by 3.2% in 2020 and debt-to-GDP ratios edged up from 60% to 71.1%, Ofori-Atta noted.
He said, however, that it was not all bad news.
Speaking at the African Development Bank (AfDB) 2022 Annual Meetings in Accra on Tuesday, he said, “In truth, growth prospects on the continent are not bleak, especially once Africa is provided with the requisite capital to succeed.”
Calling the AfDB a “reliable partner,” Ofori-Atta said it was necessary to support the Bank in raising competitive financing for its members to tackle the continent’s greatest threats: rising food and fertilizer prices, rising fuel prices, tightening financial conditions and climate change.
“We must build from our unique resilience and strengthen partnerships,” the minister said.
Deputy chairperson of the African Union Commission Monique Nsanzabaganwa saluted the African Development Bank Group for its commitment to the African Union’s Agenda 2063.
She said the continent’s access to development building blocks, like better water, sanitation and infrastructure, was vital for its transformation.
Nsanzabaganwa added that transformation could only be achieved with an elevated role for the African Development Bank in mobilising the needed resources.
The theme for the African Development Bank Group’s 2022 Annual Meetings is “Achieving Climate Resilience and a Just Energy Transition for Africa.”
President of the AfDB, Akinwumi Adesina said Africa suffers disproportionately from the negative impacts of climate change, including increased frequency and intensity of droughts, cyclones, floods, compounded by desertification.
He said this is despite the fact that Africa contributes the least to global warming, accounting for only 4% of all carbon emissions.
Adesina said: “Climate change is shortchanging African economies. Africa suffers US$7-US15 billion per year in losses to climate change. These losses are projected to rise to US$40 billion per year by 2030. Africa has no choice but to adapt to climate change.
“To support the continent in doing so, the African Development Bank has doubled its financing for climate to US$25 billion by 2025. Without any doubt, the African Development Bank is the leader on climate adaptation in Africa, and globally. The share of our climate finance dedicated to adaptation is 67%, the highest among all multilateral development banks.”
In his welcoming remarks, the AfDB Group secretary general Vincent Nmehielle said the meetings were intended to promote Africa’s resilience to climate challenges.
Mozambique President Filipe Jacinto Nyusi, currently on a state visit to Ghana, and President Samia Suluhu Hassan of Tanzania also attended the opening ceremony.
The African Development Bank Group’s meetings run from the 23rd to 27th May.
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