African Development Bank Group Governors endorse the bank’s vision for the next 10 years

AFRICA – The African Development Bank Group has concluded five days of annual meetings in Accra with a rallying cry from its President Dr. Akinwumi Adesina, to be proud of Africa’s progress.    

This year’s annual meeting was held in Ghana which saw the new executive bureau of the Board of Governors being unveiled.

It is led by the Governor from Egypt Tarek Amer who is also the country’s governor of the Central Bank and the new chairman of the Bank Group’s Board of Governors. Brazil assumes the position of 1st Vice President and Uganda as 2nd Vice President.

The meetings also bore the special stamp of a continent recovering from the socio-economic consequences of the Covid-19 pandemic.

It marks the first annual meeting held in person in the last few years after the African Development Bank took strong precautionary measures to contain the disastrous effects of the pandemic.

During that period the Bank Group established its Covid-19 Response Fund to help the continent fight the pandemic and embark on economic recovery.

Board members each received an award in recognition of their commitment and for making critical decisions at a critical time for the continent including approving the Covid19 response strategy.

The Governors asserted the continued relevance of the High 5 Priorities—Light up and power Africa, Feed Africa, Integrate Africa, Industrialize Africa and improve the quality of life of the people in Africa.

The High 5 priorities are the key pillars of the Bank Group’s strategic outlook for the next 10 years (2023 – 2032) to build “a prosperous Africa, based on inclusive growth and sustainable development”.

Delegates reaffirmed their commitment to strengthen the Bank’s financial power and resources to enable a scale-up that will multiply and raise the level of achievements.

Adesina cited Ghanaian President Nana Akufo-Addo, saying: “We must accelerate the process of moving from a billion to a trillion, and the Bank must become the dominant financial institution in Africa to accelerate development.”

The Bank’s president told delegates at the closing ceremony that discussions will continue for leveraging the equity of the African Development Fund on international capital markets, thus allowing for much larger fundraising.

The Bank Group chief reiterated his plea for the African Development Bank to be the vehicle for the continent’s IMF Special Drawing Rights (SDRs).

He said the institution’s track record should also be a strong argument in its favor as it is “the only Triple-A African institution and ranked the fourth most transparent and best multilateral financial institution in the world.

Adesina said all 81 member countries were “dedicated and loyal shareholders” who had come to express their confidence in the work of the Bank through their presence.

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