By Lucy Ogalue
Africa needs to close a financing gap of about 402.2 billion dollars annually by 2030 to fast-track its structural transformation.
Dr Akinwumi Adesina, President, African Development Bank (AfDB), said this during the presentation of the African Economic Outlook (AEO) 2024 at the ongoing AfDB Annual Meetings in Nairobi.
“The report highlights the glaring inadequacies of the current global financial system in closing Africa’s financing gap for structural transformation, estimated at 402.2 billion dollars annually between now and 2030.
“To rectify these disparities, the report proposes a bold agenda for reforming the global financial architecture, including in the five following key areas,” Adesina said.
According to him, the AEO 2024 calls for overhauling the global financial architecture to transform African economies.
He said this included giving Africa a greater voice in Multilateral Development Banks (MDBs) and International Financial Institutions…
Source: News Agency of Nigeria
