AfDB tasked to solve problems hindering Africa’s post-Covid recovery

The African Development Bank (AfDB) has been charged by the Minister for Finance, Ken Ofori-Atta, to tackle risks brought about by the pandemic and currently facing the continent to facilitate the continent’s successful recovery from the pandemic.

Making the assertion at the virtual 2021 Annual Meeting of the African Development Bank, Mr Ofori-Atta opined that failure on the part of the multilateral institution to address the identified risks being reduced capital flows into Africa and lasting economic damage from the pandemic will slow the continent’s full and timely recovery.

“As we advance, building back, greener and better, we would require the AfDB to show leadership to address 3 critical categories of risks, namely the risk of greater pandemic resurgence which will affect African countries disproportionately. The risk of reduced capital inflows because of the perceived economic effects of the pandemic’s resurgence. The risk of lasting economic damage from the pandemic exacerbating poverty and inequality within African countries,” averred the Minister.

The theme for this year’s Annual Meetings of the African Development Bank Group held from June 23, 2021 to June 25, 2021 is, “Building Resilient Economies in Post Covid-19 Africa.”

It is aimed at providing a platform for the Bank’s governors to share their experience in addressing the pandemic and the policy measures they are employing to rebuild economies and livelihoods.

This is the 56th Annual Meeting of the Board of Governors of the African Development Bank and the 47th Annual Meeting of the African Development Fund, the concessional arm of the Bank Group.

The governors of the African Development Bank are from the institution’s 54 African regional and 27 non-regional member countries.

“In a year of unprecedented fiscal and social disruption arising from the Covid-19 pandemic, I am delighted that we can convene and assure Governors of the Bank Group’s continued commitment to Africa’s sustainable economic development and social progress,” said Prof. Vincent O. Nmehielle, African Development Bank Group Secretary General.

This year’s gathering will comprise statutory meetings of the Bank Group’s Boards of Governors, a high-level dialogue, and knowledge events.