The African Development Bank (AfDB), together with the African Union Commission, will today, Friday, February 17th, 2023, host a joint event to present the introductory Africa’s Macroeconomic Performance and Outlook Report.
Today’s event, which promises to commence at 8:00AM EAT – 5:00PM GMT, will be held at the 36th African Union Summit in Addis Ababa, Ethiopa and will feature remarks from African leaders and development experts.
Notable among them are: Hakainde Hichilema, President of the Republic of Zambia; Julius Maada Wonie Bio, President of the Republic of Sierra Leone; Moussa Faki Mahamat, Chairperson of AUC; Amb. Albert Muchanga, AU Commisioner of Economic Development, Trade, Tourism, Industry and Minerals; Dr. Akinwumi Adesina, President of the AfDB Group; Prof. Jeffery Sachs of Columbia University in the U.S as well as Prof. Kevin Chika Urama, Acting Chief Economist and Vice President of AfDB Group.
Also present at the AU Summit will be central bank governors, Ministers of Finance and National Planning, and other global policymakers.
Subsequently, a press conference will be held at 2:00PM EAT – 11:00PM GMT, following the presentation of the Macroeconomic Performance and Outlook Report of Africa.
The report, published by the African Development Bank Group, offers policymakers, global investors, researchers, and other development partners, up-to-date, evidence-based assessments of the continent’s recent macroeconomic performance.
It was first launched on January 19, 2023 at the African Development Bank Group Headquarters in Abidjan and provides a short-to-medium-term outlook for the continent.
Despite the challenging global situation now, the report expresses optimism for 2023 and 2024. There at the Summit, the AfDB Group intends to share findings from their study and analysis with several global and African stakeholders to direct and drive policy decisions.
Recalling the event that led to the induction of Africa’s Macroeconomic Performance and Outlook Report, President of the AfDB Group, Dr. Akinwumi Adesina mentioned that the release of the new report is coming at a time when African economies, faced with significant headwinds, were proving their resilience.
“With 54 countries at different stages of growth, different economic structures, and diverse resource endowments, the pass-through effects of global shocks always differ by region and by country. Slowing global demand, tighter financial conditions, and disrupted supply chains therefore had differentiated impacts on African economies.
“Despite the confluence of multiple shocks, growth across all five African regions was positive in 2022—and the outlook for 2023–24 is projected to be stable.”Adesina
Africa’s Macroeconomic Performance and Outlook Report, an excellent initiative.
Niale Kaba, Minister of Planning and Development of Côte d’Ivoire, commended the release of the report by AfDB Group, indicating that it was an excellent opportunity for Africa and its global partners, adding that it comes at a good time.
“We need these regular updates to assess our countries’ macroeconomic performance and prospects. This reliable information will help decision-making and risk management for potential investors in Africa.”Kaba
Likewise, Economist Jeffery Sachs, Director of the Center for Sustainable Development at Columbia University, who also doubles as United Nations Secretary-General Antonio Guterres’ Advocate for Sustainable Goals commended the report by saying it is a clear indicator that African economies are growing. Not just growing, but growing consistently.
“Africa can and will rise to growth of 7 percent or more per year consistently in the coming decades. What we’ll see, building on the resiliency we see in this report, is a real acceleration of Africa’s sustainable development so that Africa will be the fast-growing part of the world economy. Africa is the place to invest.”Sachs