Wednesday May 29, 2024
Nairobi (HOL) — Somali President Hassan Sheikh Mohamud arrived in Nairobi on Tuesday for the African Development Bank's (AfDB) 2024 Annual Meetings, focusing on restructuring Africa's financial systems. The main agenda is socio-economic transformation, aimed at accelerating inclusive and sustainable development across the continent.
The meetings, running from May 27-31, include the 59th Annual Assembly of the African Development Bank and the 50th meeting of the African Development Fund. The theme, "Africa’s Transformation, African Development Bank Group, and Reform of the Global Financial Architecture," highlights the urgency of these objectives.
The African Development Bank Group is Africa's premier financial institution, dedicated to reducing poverty, improving living conditions, and mobilizing resources for the continent’s economic and social development. The AfDB's 2024 Annual Meetings will convene global thought leaders to discuss solutions for closing the development financing gap and accelerating structural transformation in Africa.
Key events at the meetings include a Presidential Dialogue on the main theme, the launch of the African Economic Outlook 2024, and thematic knowledge events addressing critical issues such as financing Africa’s transformation and measuring the continent’s natural capital.
Despite achieving an annual GDP growth rate of 4.3% from 2000 to 2022, Africa's economic structure has remained largely unchanged. Agriculture, industry, and services sectors still hold similar GDP proportions to those in the 1990s, with manufacturing contributing less than 10% of total employment.
Africa continues to face significant challenges, including high levels of extreme poverty, inequality, and inadequate infrastructure. Achieving the Sustainable Development Goals (SDGs) by 2030 requires an estimated $1.3 trillion annually, with a substantial financing gap exacerbated by global economic disruptions.
The current global financial systems are inadequate for Africa's development needs, emphasizing the necessity for reform.