In an exclusive interview with The Guardian, Akinwumi Adesina, President of the African Development Bank (AfDB), shares his optimism about Africa's prospects and the need to dispel misconceptions. This insightful discussion took place ahead of the World Bank meetings in Morocco, where Adesina highlighted key factors shaping Africa's path forward.
Adesina emphasized Africa's demographic advantage, pointing to its youthful population as a valuable global workforce. He stressed the importance of moving away from raw material exports and focusing on adding value through participation in global value chains, a shift that promises economic growth and prosperity.
The AfDB, founded in 1964 and Africa's sole AAA-rated financial institution, aligns its goals with Adesina's "high fives." These priorities encompass universal electricity access, improving quality of life, fostering industrialization, achieving food self-sufficiency, and integrating Africa's 54 countries to create more robust markets.
Adesina also discussed the bank's recent achievements, including a significant increase in capital from its shareholders, enabling it to swiftly respond to crises like the COVID-19 pandemic and food shortages resulting from geopolitical events.
At the heart of Adesina's message is a call for fairer international financial systems, ensuring African nations receive equitable access to reserves and liquidity. He will advocate for this at the World Bank summit.
Adesina challenged the perception of corruption in Africa, highlighting the importance of transparency, accountability, and responsible resource management. He cited examples of countries like Eritrea, where corruption is minimal, and emphasized the AfDB's commitment to good governance.
Lastly, Adesina addressed the urgent climate crisis, urging increased climate finance for Africa, which experiences substantial annual losses due to climate change impacts. He also advocated for reevaluating Africa's wealth based on its natural capital, emphasizing the continent's role in providing global environmental benefits.
In closing, Adesina's optimism is grounded in data, as reflected in Africa's low default rates on infrastructure investments, setting the stage for global investments to land successfully on the continent.
