African Ministers and Global Experts to Explore Strategies to Revalue and Unlock Africa's Rich Natural Capital At African Development Bank's Annual Meetings

25 May 2024
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African Development Bank (Abidjan)
announcement

What: Thematic Knowledge Event 2: "Measuring the Green Wealth of Nations: Natural Capital and Economic Productivity in Africa"

Who: African Ministers of Finance, Executive Director of International Energy Agency Dr Fatih Birol, African Development Bank Group President Akinwumi Adesina, and global experts

When: Friday, 31 May 2024; 9:00-10:30 Eastern African Time (GMT +3)

Where: Tsavo Hall, Kenyatta International Convention Centre, Nairobi

African ministers and global experts will converge in Nairobi for a special session during the African Development Bank Group's Annual Meetings to discuss strategies for unlocking Africa's natural capital and boost economic productivity.

The thematic knowledge event, to be held on Friday 31 May, is titled: "Measuring the Green Wealth of Nations: Natural Capital and Economic Productivity in Africa".

While Africa is endowed with significant natural capital - arable land, forests, renewable energy potential, and mineral deposits valued at about $6.2 trillion in 2018 - these resources remain largely inefficiently exploited, as countries focus more on the unrestricted extraction of low-value-added commodities for export markets, leading to cash-poor outcomes.

Also, current practices of measuring countries' Gross Domestic Product (GDP) only account for produced capital and services traded in markets, not services offered by unproduced natural capital.

This knowledge event will serve as a platform for government officials and global experts to collaboratively devise frameworks for assessing the value of unproduced natural capital. The aim is to seamlessly integrate these assessments into countries' Social Accounting Matrix and Gross Domestic Product.

The panel will begin with opening remarks from the president of the African Development Bank, Dr Akinwumi Adesina, followed by a keynote address from the Executive Director of the France-based International Energy Agency, Dr Fatih Birol.

Confirmed Panelists:

  • Hon. Boima S. Kamara, Minister of Finance and Development Planning and Governor for Liberia.
  • Hon. Mr. Seedy K.M Keita, Minister of Finance and Economic Affairs and Governor for Gambia.
  • Hon. Dr. Gibril Ibrahim Mohamed, Minister of Finance and Economic Planning and Governor for Sudan.
  • Mrs. Shanti Bobin, Deputy Director for European Affairs - French Treasury and Temporary Governor for France.
  • Mr. Fahad Hamad Al Sulaiti, Chief Executive Officer, Education Above All Foundation.
  • Prof. Lemma W. Senbet, William E. Mayer Chair Professor of Finance and Founding Director, Center for Financial Policy, University of Maryland, USA.
  • Prof. Patrick Verkooijen, CEO, Global Center on Adaptation
  • Dr. Mateus Magala, Minister for Transport and Communication, Mozambique

The session will be moderated by African Development Bank's Chief Economist / Vice President, Prof. Kevin Chika Urama.

Join the conversation at #AfDBAM2024

Read the original article on African Development Bank (AfDB).

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