The African Development Bank, AfDB,has emphasized the crucial role of efficient and effective governance in facilitating Africa’s transformation.
Prof. Vincent Nmehielle, the Secretary-General of AfDB, highlighted this during a pre-media virtual briefing ahead of the 2024 AfDB Annual Meeting. The meetings are set to take place in Nairobi, Kenya, from May 27 to May 31.
“Africa has to get its governance right. We have to manage our resources well. We have to engage to minimise waste of resources. Africa must come to the point where it sees governance as an important instrument of economic development.
“We all have to put our hands on deck, the government, the private sector, commercial entities and all citizens. We need to get certain things right to ensure Africa’s transformation,” he said.
Nmehielle emphasized the importance of Africa’s access and involvement in the global financial system. He stressed that it’s vital for African nations to increase their participation and readiness to leverage the available financial opportunities.
Additionally, Prof. Kevin Urama, the Chief Economist and Vice President for Economic Governance and Knowledge Management at the AfDB, echoed the significance of economic transformation in Africa.
Urama said :“ Debt, management, improving risk ratings of countries and related topics will be on the table at the Annual Meetings as part of global architectural reform discussion.
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“Already, the government of Zimbabwe is doing a lot to address debt arrears clearance.
“The bank is working with its minister of finance to ensure debt reduction models to enable the country maximise its huge economic advantages.
“I commend Mthuli Ncube, the nation’s finance minister as well as the country’s central bank governor for putting Zimbabwe on track.
“If you look at their Gross Domestic Product, GDP, growth, it is really on a very positive trajectory.”
The vice-president highlighted Africa’s active participation in the global discussions on architectural reforms. He mentioned that the AfDB, led by President Dr. Akinwumi Adesina, is leading this dialogue by introducing innovative initiatives like hybrid bonds.
Furthermore, he noted the AfDB’s efforts to ensure that International Monetary Fund, IMF, Special Drawing Rights, SDRs, are directed to Multilateral Development Banks, MDBs, which can then use them to offer additional financing for development projects.
Urama emphasized that Africa is playing a significant role in driving these discussions, and African countries should be well-prepared to access these funds.
According to Urama, the statutory annual meetings are AfDB’s group most important event of the calendar year.
He said the meetings would take place at the Kenyatta International Convention Centre, KICC, in Nairobi, Kenya.
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