Adetoyese Adedokun
13 Oct 2023
Advancing Beyond Stereotypes: Africa's Economic Resurgence and the Call for Equitable Global Financial Systems
In a recent exclusive interview preceding the World Bank meetings in Morocco, Dr Akinwumi Adesina, the president of the African Development Bank (AfDB), conveyed a strong optimism towards Africa’s economic prospects and fervently refuted negative stereotyping around corruption and risk in the continent. Dr. Adesina highlighted the demographic advantage, an expanding middle class, and vast investment opportunities as elements underpinning a significant shift in Africa’s economic landscape. He emphasized the imperative for Africa to ascend from being at the bottom of the value chain by embracing global value chains through value addition to its vast natural resources. This discourse sheds light on the necessity for improved governance, correct investment channels, and the establishment of conducive incentives to ensure that Africa positions itself at the pinnacle of global economic value chains.
Dr Adesina also touched on the unfair structure of the international financial systems which currently does not favor African nations in terms of access to reserves and liquidity. He is set to advocate for more equitable special drawing rights for Africa at the upcoming World Bank summit, emphasizing the critical need for more resources to finance climate change initiatives amongst other developmental projects. Moreover, he pointed out that contrary to widespread narratives, corruption levels in Africa are lower compared to other regions, with the 2008 global financial crisis cited as an instance of financial malfeasance originating outside Africa. This narrative underscores the pressing need for enhanced transparency, accountability, and prudent utilization of public resources to combat financial crime and illicit capital flows, which according to him, are primarily perpetrated by multinational companies operating within the continent.