AfDB Governors adopt 10-year strategic plan to revive Africa

The Board of Governors of the African Development Bank (AfDB) has adopted a 10-year strategic plan to help revive African economies from the adverse impact of the COVID-19 pandemic and the Russian-Ukraine war.

The strategic plan, which was adopted at the just ended the 57th Annual Meetings in Accra, aims to drive investment into critical areas of the African economy and make the continent prosperous.

It will be implemented from 2022 to 2032 with focus on agriculture mechanisation, value addition and exportation, just and realistic energy transition and private sector investment.

Other pillars of the plan include security, debt management, financial stability mechanism, and leveraging the $25 billion equity of the African Development Fund (ADF) on international capital markets.

It is expected that the plan will build “a prosperous Africa, based on inclusive growth and sustainable development,” with special attention to economic growth and recovery, climate change, and energy and a just energy transition.

Other priority areas of the plan include selectivity, fragility and insecurity, Gender, women and youth, economic governance, and long-term financial sustainability of the Bank.

“This adoption received a very strong support from the Board and Directors of the Bank, making it a pivotal document for our growth,” Dr Akinwumi Adesina, President of the AfDB Group, said.

“We will expand growth and lift many Africans out of poverty as well as develop a strong financial institution that will support private sector growth on the continent,” he added.

Dr Adesina encouraged delegates to contribute to transforming Africa and tell its story of hope, noting that they were all “partners in hope who shared a passion for the continent and who should celebrate Africa’s successes.”

The Vice President of Ghana, Dr Mahamud Bawumia, who graced the closing ceremony of the annual meetings, urged the Bank to use the 10-year strategy as a tool to get Africa out of poverty.

Finance Minister, Ken Ofori-Atta, in his speech, called for more support to make the Bank a strong pillar of growth for African economies.

The meetings hosted by Ghana also coincided with the 50 years anniversary of the African Development Fund, a critical funding arm of the Bank, which also saw the singing of Accra declaration by President Akufo-Addo.

The five days annual meetings saw the election of Egypt as the new chairman for the Board of Governors of the Bank, and the 2023 host of the annual meetings.

Mr Tarek Amer, Governor of the Central Bank of Egypt, was announced as the incoming Chairman of the Bank Group to succeed Mr Ofori-Atta.