What: High-Level Event on Key Actions to Drive Inclusive Growth and Sustainable Development in Africa
When: 17 February 2023 | 10.30 AM EAT.
Where: African Union Commission, Medium Conference Hall, and online
Who: African leaders, including:
H.E. Hakainde Hichilema, President of the Republic of Zambia
H.E. Moussa Faki Mahamat, Chairperson, African Union Commission
H.E. Amb. Albert Muchanga, African Union Commissioner, Economic Development, Trade, Tourism, Industry and Minerals
Dr. Akinwumi Adesina, President, African Development Bank Group
Ms. Nardos Bekele-Thomas, Chief Executive Office, African Union Development Agency (AUDA-NEPAD)
On the sidelines of the African Union Summit, the African Union Commission and the African Development Bank will hold an important workshop on driving inclusive growth and sustainable development in Africa, as part of a study being jointly prepared by the Bank, African Union Commission, and the African Union Development Agency (AUDA-NEPAD).
The study will examine Africa's development history - and that of other regions - and identify key actions to place 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 achieve the sustained annual GDP growth targets of above 7% for the 2023-2063 period. The continent also has the natural capital needed to drive increased productivity to achieve the GDP growth targets in key sectors, and several policy tools and strategies already exist. Africa's growth experience in the past decade before Covid-19 and the projected recovery after the pandemic feed this optimism. African economies have been resilient. Despite the significant volatility in annual GDP growth rates at the continental level, several countries continue to demonstrate that achieving sustained high GDP growth rates is possible. Some of the fastest-growing economies in the world today are in Africa.
The study recognizes and builds on the visions, aspirations, strategies, and policy actions already taken by the African Union, the African Development Bank Group and African countries across 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. Specifically, the study will examine 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 in their national development plans, and leverage resources for their accelerated implementation.
With the growth in green economy transitions, demand for Africa's development minerals is expected to continue. The resumption of economic activities as covid-19 restrictions are eased is driving an upsurge in commodity prices. By leveraging the existing policies, strategic frameworks such as the High 5s and inter-continental agreements, including the AfCFTA, Africa can improve its competitive advantages in global value chains, boost domestic revenue mobilization, strengthen governance reforms, and attract development financing at scale to drive the sustained GDP growth target.
Click here to register in advance to attend.
LIVE
8:00 am to 10:00 am EAT
10:30 am to 1:00 pm EAT
2:00 pm to 3:00 pm EAT
For further information, please contact:
Doreen Apollos | Information and Communication Directorate | African Union Commission | Tel: +251 115 517 700 | E-mail: ApollosD@africa-union.org
Emeka Anuforo | Communication and External Relations | African Development Bank Group | email: e.anuforo@afdb.org
