Driving inclusive growth and sustainable development in Africa | African Development Bank

What: High-level event on key actions to drive inclusive growth and sustainable development in Africa

When: February 17, 2023 | 10:30 AM DINING.

Where: African Union Commission, Medium Conference Hall and online

WHO: African leaders including:

• HE Hakainde Hichilema, President of the Republic of Zambia
• HE Moussa Faki Mahamat, Chairman, African Union Commission
• HE Amb. Albert Muchanga, African Union Commissioner, Economic Development, Trade, Tourism, Industry and Minerals
• Dr. Akinwumi Adesina, Chairman of the African Development Bank Group
• Mrs. Nardos Bekele-Thomas, Chief Executive Office, African Union Development Agency (AUDA-NEPAD)

In the margins of the African Union Summit, the African Union Commission and the African Development Bank will hold a major workshop on promoting inclusive growth and sustainable development in Africa, as part of a study being jointly prepared by the Bank, the African Union Commission and the African Union Development Agency (AUDA-NEPAD).

The study will examine the development history of Africa – and that of other regions – and identify key actions to put African countries on a path of sustained average GDP growth rates of 7 – 10% over the period 2023 – 2063.

Background information:

Africa has the resources (natural, human and social) to meet its sustainable annual GDP growth targets of more than 7% for the period 2023-2063. The continent also has the natural capital needed to boost productivity and meet GDP growth targets in key sectors, and several policy tools and strategies are already in place. Africa’s growth experience in the past decade before Covid-19 and the expected post-pandemic recovery fueled this optimism. African economies have been resilient. Despite the considerable volatility of annual GDP growth rates at the continental level, several countries continue to demonstrate that it is possible to achieve sustained high GDP growth rates. Some of the fastest growing economies in the world today are in Africa.

The study recognizes and builds on the visions, aspirations, strategies and policies already taken by the African Union, the African Development Bank Group and African countries in the regions to achieve this goal. These include the African Continental Free Trade Agreement, the new Partnership for African Development (NEPAD) and the African Development Bank’s High-5 strategic priorities. In particular, the study will explore how African countries can domesticate the AfCFTA and the African Development Bank’s High-5 strategic priorities, which are designed to accelerate structural transformation in key sectors to drive inclusive and sustainable development into their national development plans, and how to leverage resources for their accelerated execution.

With the growth of green economy transitions, demand for African development minerals is expected to continue. The resumption of economic activity as covid-19 restrictions are eased is driving up commodity prices. By leveraging existing policies, strategic frameworks such as the High 5s and intercontinental agreements including the AfCFTA, Africa can enhance its competitive advantages in global value chains, boost domestic revenue mobilization, strengthen governance reforms and leverage development finance at scale to drive sustainable development. GDP growth target.

Click here to pre-register to participate.