<\/p>\n
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.<\/p>\n
The strategic plan, which was adopted at the just-ended 57th Annual Meetings in Accra, aims to drive investment into critical areas of the African economy and make the continent prosperous.<\/p>\n
It will be implemented from 2022 to 2032 with a focus on agriculture mechanisation, value addition and exportation; just and realistic energy transition and private sector investment.<\/p>\n
Other pillars of the plan include security, debt management, financial stability mechanisms, and leveraging the $25 billion equity of the African Development Fund (ADF) on international capital markets.<\/p>\n
It is expected that the plan will build \u201ca prosperous Africa, based on inclusive growth and sustainable development,\u201d with special attention to economic growth and recovery, climate change, and energy, and a just energy transition.<\/p>\n
\u201cThis adoption received a very strong support from the Board and Directors of the Bank, making it a pivotal document for our growth,\u201d Dr Akinwumi Adesina, President of the AfDB Group, said.<\/p>\n
\u201cWe 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,\u201d he added.<\/p>\n
Dr Adesina encouraged delegates to contribute to transforming Africa and tell its story of hope, noting that they were all \u201cpartners in hope who shared a passion for the continent and who should celebrate Africa\u2019s successes.\u201d<\/p>\n
The Vice President of Ghana, Dr Mahamudu 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.<\/p>\n
Finance Minister, Ken Ofori-Atta, in his speech, called for more support to make the Bank a strong pillar of growth for African economies.<\/p>\n
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 the Accra declaration by President Akufo-Addo.<\/p>\n
The five-day 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.<\/p>\n
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.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
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 57th Annual Meetings in Accra, aims to drive investment into critical areas of […]<\/p>\n","protected":false},"author":1,"featured_media":1103744,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[15447,2168,3739,671,4847,15372,2330,6611,4683],"class_list":["post-1103742","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-10yr","tag-adopt","tag-afdb","tag-africa","tag-economies","tag-governors","tag-plan","tag-revive","tag-strategic"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1103742","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1103742"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1103742\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1103742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1103742"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1103742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}