The African Development Bank Group Annual Meetings, held from 27 to 31 May 2024, centered on the theme “Africa’s Transformation: The African Development Bank Group and the Reform of the Global Financial Architecture.” The event was a critical platform for addressing Africa’s economic challenges and exploring strategic solutions. H.E. Ms Nardos Bekele-Thomas, CEO of AUDA-NEPAD, actively participated, providing key insights and engaging in bilateral meetings to foster trade and development across the continent.

This year’s report outlined crucial strategies to tackle the continent’s economic issues, such as slowed GDP growth and rising debt levels. Key recommendations included:

• Utilising the AfCFTA: Enhancing intra-African trade and economic connectivity through the African Continental Free Trade Area (AfCFTA) is vital for economic growth.
• Sustainable Practices and Technological Innovation: Promoting sustainability and innovation in agriculture and mining sectors to diversify economies.
• Infrastructure Investments: Significant increases in infrastructure investments are essential to achieve the goals of Agenda 2063.

H.E. Ms  Bekele-Thomas emphasised that transforming Africa into a global economic powerhouse requires a collaborative, whole-of-society approach. She highlighted the need for a unified and inclusive development strategy to position Africa as a global economic leader. “Let’s work together to make Africa a resilient and thriving economic frontier,” she urged.

As AUDA-NEPAD progresses into the second decade of Agenda 2063, leveraging past initiatives and expediting the implementation of critical programs are crucial for enhancing socio-economic conditions in Kenya and across the continent.

On the sidelines of the annual meetings, Ms Bekele-Thomas engaged in several bilateral discussions to strengthen trade and development initiatives:

• Meeting with Trade and Development Bank (TDB) Officials: Key outcomes included designating focal persons from TDB to be part of AUDA-NEPAD’s Technical Steering Committee and facilitating ongoing communication for the implementation of PIDA-PAP II.
• Meeting with the CEO of the Development Bank of Southern Africa (DBSA), Ms. Boitumelo Mosako: Both parties agreed to reinstate dedicated institutional focal points for technical partnership dimensions and to convene another meeting to enhance cooperative initiatives, focusing on early project preparation in Southern Africa.
• Meeting with Honourable Musalia Mudavadi, Prime Cabinet Secretary and Cabinet Secretary of Foreign Affairs of Kenya.
• Meeting with AIF Special Envoy Yacine Fal: AUDA-NEPAD committed to participating as a strategic partner in the Africa Investment Forum (AIF) event in December 2024 in Rabat.

On the margins of the AfDB Annual Meeting with representatives of African Development Finance Institutions H.E Ms Nardos Thomas Bekele, AUDA-NEPAD CEO, joined conversation and reflection on “Debt accumulation and the future of development finance in Africa” Indeed Africa’s loans in default reached the highest record in three decades. In 2022, the amount of impaired loans increased to US$ 149.4 billion from US$ 112.2 billion in 2021 and US$ 100.2 billion in The event provided an opportunity for participating Heads of African Development Finance Institutions to reflect on the implications of debt accumulation and the future of development finance in Africa.

In addition, the CEO was part of a panel discussion on Using Strategic Foresight to Rethink GDP For an Inclusive and Equitable Global Financial Architecture . on 30 May .

“We must continue to leverage strategic foresight to integrate African perspectives into the global economic narrative. By doing so, we ensure that Africa’s voice is not just heard but heeded in crafting a globally inclusive and equitable financial system. This approach is not merely aspirational; it is essential, with reports indicating that with appropriate policy interventions, Africa could achieve an additional $1.2 trillion in GDP growth by 2030”, said Ms Nardos Bekele-Thomas.

Conclusion

The African Development Bank Group Annual Meetings showcased the importance of strategic insights and collaborative efforts in addressing Africa’s economic challenges. With a focus on sustainable practices, technological innovation, and infrastructure investments, and through strengthened partnerships, Africa is poised to transform into a resilient and thriving economic frontier.

The commitment to a unified approach and the active engagement of key stakeholders underscore the continent’s potential to become a global economic powerhouse.