The Vice President, Dr Mahamudu Bawumia, has urged the governors of the African Development Bank (AfDB) to review the regulations of the African Development Fund (ADF) to enable it to enter the capital market to raise funds to support member countries.
According to him, increase funding to members countries of ADF would help improve build back the various African economies from the damaging effects of the COVID-19 pandemic and improve infrastructure and health facilities.
Speaking at the closing ceremony of the AfDB 2022 Annual General Meeting which just ended in Accra, DrBawumia said the AfDB should fast track the reforms to enable the ADF raise more funds as part of the 16th replenishment window of the AfDB.
“The African Development Fund must prioritise the issuance of bonds to raise capital to accelerate the continent’s development,” he said.
The 2022 AGM held in Accra from 23rd to 27th was on the theme “Achieving climate resilience and a just energy transition for Africa.”
The five-day programme, among others, discussed the need to increase funding for climate change, promote agriculture, infrastructure development, enhancing development and security, and promoting gender equity.
DrBawumia who delivered the closing keynote address charged the African Development Bank (AfDB) to lead the efforts to build back the African economy from the damaging effects of the COVID-19 pandemic.
“I hope the Bank will rise to the occasion to help Africa rise over the challenges facing the continent,” he said at the closing ceremony of the 57th Annual General Meeting (AGM) of the AfDB.
The Vice President said, he was hopeful the AfDB had the right leadership skills set to help the industrialisation agenda of Africa and integrate Africa to the world economy.
DrBawumiasaid Africa’s growth was projected to dwindle to 4.1 per cent from 6.1 per cent in 2021.
He said the COVID-19 pandemic had impacted negatively on the global economy increased Africa’s debt levels due to huge investments made by the various African countries to contain the disease, thus endangering macroeconomic stability of the continent.
DrBawumia intimated that the Russian-Ukraine war had pushed global food and energy prices to the roof, threatening global food and energy security.
Touching on the climate change, lauded the AfDB for its leadership on climate change adaptation finance.
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Climate change, he said adverse impact on the continent development process.
The President of AfDB, DrAkinwumiAdesina, said his outfit would leverage its resources to raise about $33 billion to support member countries to promote the development of the continent and reduce poverty.
He expressed gratitude to the Government of Ghana for hosting the 57th AGM of the AfDB.
The Minister of Finance, Ken Ofori-Atta, in his remarks said the meeting had come at a time when Africa was going through difficult challenges due to COVID-19 pandemic and inequalities in the global financial system.
He said Africa had seen elevated debt levels, which called for fiscal measures to address.
MrOfori-Atta said the meeting discussed a lot of issues to build inclusive growth in line with the strategic agenda of the bank.
“We had a successful constructive week. I was overwhelmed by our collective resolve to advance the cause of our continent and collective love to proffer solutions to our problems,”he said.
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