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Adesina: AfDB will target global markets to leverage resources for Africa

The African Development Fund (ADF) has so far provided about USD$45 million to support developmental projects in low-income countries

Dr Akinwumi Adesina, president of the African Development Bank Group (AfDB), said the AfDB plans to make a strong case to be allowed to use the equity of the African Development Fund (ADF) to go to the market to raise resources to support Africa’s developmental agenda.

Adesina is in Ghana for a one-day working visit ahead of the AfDB’s annual general meetings which is scheduled to take place in Accra from 23 to 27 May 2022.

He said the ADF has so far provided about USD$45 million to support developmental projects in low-income countries and going forward, the bank will seek to shore up its support for Africa.

As part of his visit, he paid a courtesy call on President Akufo-Addo at the Jubilee House Wednesday (11 May 2022), to brief him on the agenda of the forthcoming annual meetings and to discuss all the preparatory work underway for the meetings.

Leverage more resources

In his brief remarks, Dr Adesina told President Akufo-Addo that “the annual meetings of this year (2022), are special, indeed, very special, as they also mark the 50 anniversary of the African Development Fund,” which the bank refers to as ADF.

“Since its establishment, the African Development Fund has provided financing of USD$45 billion to low-income countries and as you know, Ghana is an ADF beneficiary.”

“At this year’s annual meetings, the bank will be making a very strong case for the African Development Fund’s 16th replenishment and the African Development Fund to be allowed to use its equity to go to the market to leverage more resources for African countries,” Dr Adesina said.

High-level participation

The AfDB boss in his address noted that, apart from President Akufo-Addo, who is the host head of state, some 10 other presidents have confirmed their participation in the annual meetings in Accra.

Among them are the President of Senegal and Chairman of the African Union, Macky Sall, President of Nigeria, Muhammadu Buhari, President of Côte d’Ivoire, Alassane Dramane Ouattara and President of Rwanda, Paul Kagame.

The rest are President of Kenya, Uhuru Muigai Kenyatta, President of Mozambique, Filipe Jacinto Nyusi, President of Central African Republic, Faustin-Archange Touadéra, Prime Minister of Ethiopia, Abiy Ahmed Ali, President of Niger, Mohamed Bazoum and President of Comoros, Azali Assoumani.

The AfDB boss stated in his remarks that for its agenda of using its equity to leverage resources to be successful, the “personal advocacy” of President Akufo-Addo, “along with the other heads of state and governments will be absolutely critical”.

Conference preparation

At the upcoming conference, Dr Akinwumi Adesina indicated that he and his delegation are “delighted that the arrangements for the annual meetings are going on very well”.

“We are deeply appreciative of the high degree of cooperation of the host country Ghana under the leadership of the governor of the Bank of Ghana, the Honourable Minister of Finance, Ken Ofori-Atta, as well as the Ministry of Foreign Affairs, the Ministry of Health and the Ministry of Communications,” Dr Adesina said.

Noteworthy annual meetings

President Akufo-Addo, in his response to Dr Akinwumi Adesina, and his delegation, observed that all efforts aimed at expanding the capital base of the African Development Bank must be supported by all African states.

The president noted that the decision of the AfDB to use its annual meetings in Ghana later in the month of May, to initiate the process aimed at raising resources for the bank, is a master stroke which he will support as well as urge his colleague African heads of state to do same.

“I am hoping that the forthcoming conference is going to be noteworthy and provide us another renewal of the bank and its activities” President Akufo-Addo said.

AfDB 2022 meetings

This year’s meetings, which will be in a hybrid format, will take place from 23 to 27 May at the Accra International Conference Center.

The upcoming meetings mark a return to in-person meetings following virtual gatherings over the last two years.

The theme of the African Development Bank Group’s 2022 Annual Meetings is “Achieving Climate Resilience and a Just Energy Transition for Africa.”

The meetings are the Bank Group’s most important event of the year. They attract some 3,000 delegates.

They bring together the Bank’s leadership and shareholders to take stock of the institution’s progress. They also provide a unique forum for representatives of governments, businesses, civil society, think tanks, academia, and the media, to discuss critical issues concerning Africa’s development.

African leaders will discuss the nature of the support they need from global development partners, as well as the estimated cost of building resilience and a just energy transition for their economies.

The delegation

Adesina was accompanied by the Bank’s Acting Chief Economist and Vice President for Economic Governance and Knowledge Management, Kevin Urama, and secretary general Vincent Nmehielle.

The rest are the director general in the Office of the President Alex Mubiru, an executive director representing The Gambia, Ghana, Liberia, Sierra Leone and Sudan, Kenyeh Barlay and Ghana country manager Eyerusalem Fasika.

As part of his visit, the AfDB Group chief will visit the new Pokuase four-tier road interchange financed by the African Development Bank as part of the multicomponent Accra Urban Transport Project.

Completed in 2021, the Pokuase interchange is the first of its kind in West Africa.

Wilberforce Asare

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