Browsing: Akinwumi Adesina

Africa's external debt/China's debt to Africa

The tightening of monetary policies in the US and Europe has had spillover effects on African markets. The challenging economic landscape has impacted interest rates and led to rising costs of debt servicing. As such, the African development bank has warned that Africa’s external debt could rise to $1.13 trillion this year from $1.1 trillion in 2022.…

Site machine operator. Releaf making African farmers and food factories more efficient and profitable.

The vulnerabilities these young people face remain largely unaddressed, limiting their potential and ability to positively and gainfully contribute to the development of their economies. 

With the promotion of science, technology, research, innovation, and building on knowledge and human resources for growth and sustainable development, it is possible to mitigate the looming unemployment crisis. 

Innovation, especially in agriculture is one way to bridge the unemployment gap. By adopting technology, the continent is able to leverage the young to increase productivity in the agricultural sector. To address the challenges in the sector, companies are coming up with novel ways of ensuring that the needs of the estimated 1.3 billion people will be met by 2030. …

“Nobody eats GDP” says African Development Bank President

Africa’s economies are growing strongly, but growth alone cannot meet the needs of the continent’s poorest citizens, because “nobody eats GDP,” said Akinwumi Adesina, the President of the African Development Bank during the 2020 African Economic Outlook.

According to the 2020 African Economic Outlook, Africa’s economies are growing well, higher than the global average. The report anticipated a steady rise in growth in Africa from 3.4% in 2019 to 3.9% in 2020 and 4.1% in 2021.

According to the report, these figures do not give all the details. Because across the continent, the poor are not seeing the benefits of strong growth. Comparatively, few African countries posted substantial declines in extreme poverty and inequality, which remain higher compared to other regions in the world.

The report also revealed only 18 of 48 African countries with data, had inclusive growth.

Also Read: African Development Bank approves $22m to Egypt

“Growth must …

UK-Africa Investment Summit 2020

The UK-Africa Investment Summit held on Monday saw attendance from dignitaries and delegates from 16 African countries, including President El Sisi of Egypt and Boris Johnson British Prime Minister.

During his opening speech, Prime Minister Johnson said “Look around the world today and you will swiftly see that the UK is not only the obvious partner of choice, we’re also very much the partner of today, of tomorrow and decades to come,”

He referred to Africa as a booming continent with “staggering levels of growth”

Also Read: Seven African climate-resilient projects get ACCF funding

This was the first UK-Africa Investment Summit hosted by the UK Government. It was attended by the foreign secretary, Dominic Raab, the international development secretary, Alok Sharma and Prince Harry.

A plenary panel discussion on ‘Sustainable Finance and Infrastructure – Unlocking the City of London and UK financial services for growth in Africa’ was discussed by …