The Annual Meetings of the African Development Bank Group (AfDB) closed on Friday in Arusha, Tanzania, on an optimistic note that Africa will be a winner in the uncertain emerging landscape — if the continent continues to implement reforms and maintain fiscal prudence that have seen countries in the region posting impressive growth in spite of the global financial crisis.
“A new era is opening up to Africa, on the condition that we can make the right decisions,” said the president of the African Development Bank (AfDB), Donald Kaberuka, at the official opening of the event attended by more than 2,000 participants.
Mr. Kaberuka reviewed events since the 2011 Annual Meeting in Lisbon, Portugal, against the backdrop of the world situation. Most African economies had an average growth of 5.9 percent in 2011.
Host President Jakaya Kikwete was equally optimistic regarding Africa’s future, saying that Africa is poised to become the world’s new economic power-house for the 21st century, provided it continues to embrace the sound economic policies that engendered prevailing progress.
However, they advised caution and to guard against internal and external social, economic and political phenomena that could undermine development efforts — citing the current situation in Mali, the persistent instability in Guinea Bissau and the long-drawn mayhem in Somalia as cases in point.
African nations can only sustain the new dynamics by rebuilding capacity to absorb external shocks; by focusing on employment creation; and through careful management of their natural resources. The continent must also invest in skills development, building infrastructure — especially in energy, transportation, and ICT — and ensuring food security through growth, trade and investment.
Held on the theme ‘Africa and emerging global landscape: Challenges and Opportunities’, the event witnessed adoption of major decisions and initiatives aimed at strengthening the Bank’s future operations.
The governors approved the Bank Group’s Annual Report and audited financial statements for the financial year ended 31st December 2011. The session also appointed the institution’s external auditors for 2012-2016; and formally adopted South Sudan’s application to join the Bank Group.
These were preceded by a series of high-level seminars on governance; enhancing private sector operations; regional integration; Africa transforming Africa; aid for trade; and reforms as well as a number of initiatives.
On the Bank’s return to its statutory headquarters in Cote d’Ivoire, the governors adopted recommendations of the Governors Consultative Committee (GCC) mandating the President to prepare a detailed roadmap working with the board of directors and in consultation with the Ivorian authorities.
“The roadmap should provide for an orderly and phased return, taking into consideration the stability of the institution and the well-being of staff members, the financial implications of the return as well as the risks and the measures to mitigate such risks,” the governors said. The GCC is expected to consider the roadmap at its next meeting in Tokyo in October 2012.
Meanwhile, shareholders and governors ended their deliberating by commending the Bank for its efforts in meeting the diverse needs of its regional member-countries.
Even so, Vice president Secretary-general Ms Cecilia Akintomide told a closing news conference that a lot of work still has to be done in the days ahead, though the Bank’s priorities remain the same.
“We are going to see more innovative ways in making sure that resources are available for our programmes, and especially to the agriculture sector. Helping farmers with processing their products will continue to be essential as the Bank embarks on its Long Term Strategy next year,” Ms. Akintomide said.
