AfDB to leverage yearly meetings to deliberate on African solutions

Ghana’s Finance Minister, Ken Ofori-Atta, said the 57th Annual General Meeting (AGM) of the African Development Bank (AfDB) offers leaders of the continent a rare opportunity to deliberate, create and review homegrown solutions to economic development.

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The meeting, which focuses on ‘Achieving Climate Resilience and a Just Energy Transition for Africa, will be hosted by Ghana, in Accra from May 23 to 27.

Speaking at a press conference on the preparation last week, Ofori-Atta said the event would provide Africa with an opportunity to advance “African solutions to African problems” and fast track the recovery process.

Many African countries are currently battling mounting debts, skyrocketing inflation, rising fiscal deficits and currency depreciation crisis with the International Monetary Fund (IMF) and the World Bank calling for urgent reforms while offering specific guidelines.

But the Ghanaian Finance Minister, like others, have suggested, said African leaders must discipline themselves in creating and implementing solutions that meet the peculiarities of Africa.

“This is the first time Ghana will be hosting this event in person in our history after we signed on as a founding member state on 14th August 1963, in Khartoum, Sudan and attended the Bank’s inaugural board meeting in November 1964 in Lagos, Nigeria.

“These facts, together with our championing role in setting up what has become Africa’s premier Bank, suggest that hosting this event now seems long overdue. As is often said, however, it is better late than never, especially now that the continent is charting a new path towards building its economy,” he said.

The meeting will feature closed and knowledge events where challenges threatening the regional economy, with a focus on climate change adaptation and energy transition, would be deliberated.

It will be attended by ministers of finance, governors of central banks, representatives of finance and development organisations and other stakeholders in and outside Africa.

President Nana Akufo-Addo will deliver the keynote and closing ceremonies at the hybrid event. There will be a presidential dialogue on development challenges and opportunities.

The bank’s executives, at a previous briefing, said Africa’s climate report would also be unveiled during the meeting, which coincides with the institution’s 50th anniversary. It would provide an opportunity for the board to receive last year’s reports, review them and adopt resolutions while brainstorming on short- to medium-term plans.