Browsing: Dr Akinwumi Adesina

• African Economic Outlook 2024 calls for an overhaul of the global financial architecture to transform African economies.
• Seventeen African economies are projected to grow by more than 5 per cent in 2024, potentially increasing to 24 by 2025.
• Growth in Southern Africa is projected to pick up slightly from an estimated 1.6 per cent in 2023 to 2.2 per cent in 2024

East Africa is projected to lead GDP growth on the continent, amidst global challenges, according to the African Development Bank Group’s African Economic Outlook 2024 report. This region is expected to see the fastest growth, with real GDP growth rising from an estimated 1.5 per cent in 2023 to 4.9 per cent in 2024 and 5.7 per cent in 2025.

However, the economic uncertainties in South Sudan and Sudan due to conflict have led to a downward revision of 0.2 percentage points for 2024 due to larger-than-expected …

• Africa is loosing out on bad minerals for loan deals, AfDB warns.
• AfDB is developing initiatives to  help countries’ address the bad loans.
• China alleged to be the leader in bad minerals for loan deals with Africa.

Africa’s natural resources are being traded for loans from international lenders and that is why the continent is underdeveloped, the Head of the African Development Bank, Dr Akinwumi Adesina, has decried.

In an interview with The Associated Press in Lagos, Nigeria, Dr Adesina called for an end to “loans given in exchange for the continent’s rich supplies of oil or critical minerals used in smartphones and electric car batteries.”

The Head of Africa’s biggest lending bank, AfDB, said some countries have gained control over mineral mining in places such as Congo and have left some African countries in financial crisis owing to such ‘mineral for loans deals.’

“They are just bad, first …