African Development Bank president Akinwumi Adesina is optimistic about Africa’s future as the institution closed its 55th Annual meetings
The Bank’s board of governors has unanimously voted for a second five-year term for Adesina, giving him a mandate to renew a focus on the institution’s priorities, including closer continental integration, boosting renewable energy sources and developing infrastructure.
The election of the president was the centerpiece of the two-day meetings, held virtually for the first time in the Bank’s history amid the ongoing COVID-19 pandemic.
The pandemic formed a backdrop that underscored the Bank’s critical leadership role in assisting African countries to marshal responses to its health and economic impacts. A wider commitment to grow Africa’s resilience by building back its economies post-pandemic with an eye to mitigating climate change and assuring more equitable growth, is also an important agenda for the Bank.
In a 16-point communique, governors lauded the Bank’s swift response to the pandemic, endorsed its strategic priorities, and urged greater emphasis on building out primary healthcare infrastructure and supporting member countries meet their Paris Agreement commitments.
“We urge the Bank Group to deepen its collaboration with the African Union and the Regional Economic Communities (RECs) to fast-track Africa’s integration and economic and social transformation particularly in view of the implementation of the African Continental Free Trade Area, which has the potential to increase growth, enhance competitiveness, improve the business climate, as well as ensure greater investment and development of regional and continental global value chains,” the communique stated.
In closing remarks, chairperson of the board of governors, Niale Kaba, the Ivorian Minister of National Planning, noted the Governors achieved consensus.
Ghana’s foreign minister Kenneth Ofori-Atta assumed the chairmanship of the Board of Governors from Niale. “It is with great honor and humility that I accept on behalf of the Republic of Ghana to chair the board of governors and host the Annual Meetings for 2021,” Ofori-Atta said.
The 2021 annual meetings will be held in May 2021 in Accra, Ghana.
