With the global financial picture dimming as a result of the ongoing conflict in Ukraine, several African countries are gearing themselves to weather the storm.
The African Development Bank’s annual gathering in Ghana’s capital, Accra, provided an opportunity for officials to debate the impact of income losses caused by the pandemic on infrastructure. Increasing climate finance was another hot topic. The focus of this year’s theme is on achieving climate resilience and a fair Energy Transition for Africa.
Ibrahim Bory Camara, a Guinean delegate, couldn’t agree more on the need of addressing the climate crisis: “Climate change, and how Africa must adjust to all that is happening, is, in my opinion, Africa’s greatest problem. but also how to facilitate Africa’s access to financial instruments in order to speed the continent’s growth.”
Senegalese delegate Sigh Diagne emphasized the issues facing the infrastructure sector, agriculture, and young unemployment development: “Today, the infrastructural deficit has an impact on gdp and growth; we have challenges in terms of youth unemployment; we have challenges in having over 50% of the population, women, who are unemployed; and they are disproportionately impacted by climate change because many of them are subsistence farmers.”
While Grace Mason, the South African ambassador to Ghana, acknowledged the negative impact that disruptions in global supply chains have had on many Africans, she also stated that multilateral institutions such as the African Development Bank can play an important role in the continent’s economic recovery. “It’s important to look at opportunities rather than difficulties when it comes to development, she says. That is why we are here: to take use of the opportunities, particularly those provided by international institutions like as the African Growth Bank, in terms of charting the continent’s development trajectory.”
On Monday, the African Development Bank authorized a $1.5 billion emergency initiative to combat the continent’s rising food insecurity.
According to Patrick Ndzana Olomo, a senior economist of the African Union in charge of productive transformation, increasing domestic production is one of the most important methods for economies to protect their inhabitants against disruptions in global supply chains. ‘”African countries must produce the goods they consume; this is especially important in the context of the AFCFTA, which provides a continental market of nearly 1.3 billion people with a combined GDP of 3 trillion dollars, providing an opportunity to accelerate structural transformation and industrialization.”
Several central bank governors, ministers, and delegates attended the week-long Annual Meetings to explore the impact of climate change on Africa and how countries might develop resilience and accomplish efficient energy transitions.
