Akinwumi Adesina, President of the African Development Bank, talks about his optimistic outlook for Africa's future, the importance of renewable energy and green minerals, the need for a more inclusive global financial system and compensation for Africa's climate change impacts.
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Quick takeaways
Dr. Akinwumi Adesina emphasizes the importance of agriculture, renewable energy, and utilizing natural resources to drive economic growth in Africa.
He calls for a change in the global financial architecture to be more inclusive and equitable, advocating for increased resources for development banks and fair distribution of special drawing rights to African countries.
Deep dives
Akhumi Adetianus: President of the African Development Bank
The podcast features Dr. Akhumi Adetianus, the President of the African Development Bank, who is known for his optimistic view of Africa's future. He discusses the bank's focus on development and four key areas: providing universal electricity, ensuring food security, promoting continental integration, and industrializing Africa. Adetianus highlights the importance of agriculture, renewable energy, and leveraging Africa's natural resources to drive economic growth. He also calls for reform of the global financial architecture, including increasing resources for development banks and ensuring equity in the distribution of special drawing rights.
The Outlook for Africa's Economy
Despite the temporary impact of COVID-19 and geopolitical crises, African economies are stabilizing and showing strong growth. The continent's young population and consumer market present opportunities for economic expansion. Dr. Akhumi Adetianus emphasizes the potential of agriculture, renewable energy, and leveraging natural resources like platinum, copper, and manganese. He highlights the African Development Bank's investments in solar energy projects to provide electricity for millions of people. Adetianus believes that Africa's wealth will come from the agriculture sector and calls for effective management of resources and fair deals with multinational companies.
Reforming the Global Financial Architecture
Dr. Akhumi Adetianus emphasizes the need for a change in the global financial architecture to be more inclusive and equitable. He suggests increasing the capital of multilateral development banks and leveraging private sector assets. Adetianus also advocates for a fair distribution of special drawing rights, criticizing the disproportionate allocation to Africa compared to countries in Europe. He calls for greater transparency, inclusivity, and risk-taking in the financial system, and proposes reforms to ensure African countries receive the resources they need for sustainable development.
In 2015, Akinwumi Adesina was elected President of the African Development Bank (AfDB), and since then he's become a symbol of optimism across the continent. How did he become known as Africa's "optimist-in-chief"?
In this edition of Business Daily, Dr Adesina tells Peter MacJob what has shaped him as an economist, his outlook for the continent and how Africa could determine the future of renewable energy and green minerals.
He says the international financial architecture should be more inclusive and favourable towards African economies, and the global north should compensate the continent for the adverse impacts of climate change on Africa.
(Picture: Dr Akinwunmi Adesina. Credit: Getty Images)
Presented and produced by Peter MacJob
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