The President of the African Development Bank (AfDB), Dr. Akinwumi A. Adesina has disclosed that for Africa to experience sustained economic growth and effective national transformation, Africa must continue to strengthen its democratic institutions.

Dr. Adesina speaking at virtual public lecture disclosed that African leaders must continue to strengthen its democratic institutions in order to address the various economic challenges hampering the continent’s economic progress.

“To experience sustained economic growth and effective national transformation in today’s highly complex society, Africa must strengthen its democratic institutions.
“Leaders must demonstrate integrity and fairness to all sector of society to prevent conflicts and threats to national stability and cohesion which in turn adversely affect economic growth.”
Dr. Akinwumi A. Adesina

The virtual meeting on the theme: “Integrity, Leadership and Stewardship for National Transformation in Africa” was organized by the Network of Intercessors for Africa and the SALT Institute.

Furthermore, the public lecture was purposed to solicit various economic ideas for the transformation of the African continent.

Also, AfDB’s President, revealed that governance and institutional deficiencies have of old thwarted the ability of African countries to build the desired calibre of productivity activity required for economic transformation.

He further stated that “in some African countries, political power rested on proceeds from state capture, rent and corruption that had for decades, defied solutions and continued to generate persistent inequities”.

“Poor governance and corruption erode state capacities. It makes it impossible to provide the adequate public services and it creates a sense of exclusion among the diverse people represented in many countries on the continent.”
Dr. Akinwumi A. Adesina

Dr. Adesina further disclosed that Africans must hold their leaders accountable. He also hinted African leaders must deem it necessary to account on their expenditures and associated revenues to its citizens.

“Those in leadership positions must be accountable by declaring their performance achievements annually and transparently accounting for their expenditure.
“Furthermore, supreme audit institutions and auditors with integrity should verify such claims to ascertain their veracity.”
Dr. Akinwumi A. Adesina

Meanwhile, AfDB’s President highlighted the huge unemployment challenge faced by the continent. He further disclosed that the huge unemployment can have a dire repercussion on the African continent if immediate actions are not taken to rectify it.

Furthermore, Dr. Adesina disclosed that out of about thirty (30) million African youth who enter the labour market every year, only an estimate of about three (3) million are absorbed into the continent’s work force, leaving the continent with a huge unemployment deficit.

“Today, over 30 million young Africans enter labour market every year, but currently there are only enough jobs to absorb a mere three million, which means that annually Africa has a deficit of 10 million jobs.
“If not addressed seriously and strategically the social implication down the road can only be best imagined.”
Dr. Akinwumi A. Adesina

Dr. Adesina used the opportunity to call on stakeholders to channel their resources to provide tailor made solutions in the forms of investing more resources into Africa’s educational sector.

“Therefore, we must put our money where our mouth is and invest in our most precious asset, that is, our young children and our vibrant youth.
“To do that, we must strategically build a new leadership partner that places the younger generation at the centre of our policy formulation and development agendas.”
Dr. Akinwumi A. Adesina

This initiative, he disclosed, will go a long way to boost economic growth by providing quality education, and various capacity building opportunities that will prepare the youth for the “jobs of the future” andnot “jobs of the past”.