President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has called for a restructuring of global financial systems to improve support for Africa’s development.
At the AfDB annual meetings in Nairobi, Adesina highlighted that the current systems lead to higher interest rates on loans due to poor sovereign credit ratings.
He emphasized the need for fairer risk assessments to reduce Africa’s debt servicing costs, which are projected to reach $74 billion in 2024.
The meeting, themed “Africa’s Transformation: African Development Bank Group and Reform of the Global Financial Architecture” has brought together more than 3000 delegates including African Heads of State, ministers, central bank governors, non-governmental organisations, and the private sector to address key economic and developmental issues.
The meetings coincide with the African Development Bank’s 60th anniversary and aim to propose concrete steps to mobilize resources for Africa’s structural transformation and to debate the reform of the international financial system.
High-level discussions will include reforming global financial architecture, the Bank’s vision at 60, and strategies for financing Africa’s transformation amidst global financial changes, with a focus on leveraging natural capital for economic productivity.
The African Development Bank Group will also unveil its African Economic Outlook, a flagship annual report that provides policy-makers with comprehensive analysis and forecasts of the economic performance of African countries.
By Mirriam Kaliza
