Issue 12: Redefining Africa's Economic Value, Forging the Path to End Hunger, Advancing Mobility, Feeding Hope and the Global North's Climate Debt.
In this edition, we showcase great outcomes from our participation at various key global events including COP29, the 2024 World Food Prize Borlaug Dialogue, and the G20 Rio Summit. We highlight the impact of strategic collaboration with African Heads-of-States and share insights from key report releases that advance our vision of a more integrated continent.
Read on.
Africa's Hidden Wealth: Redefining Economic Value Through Natural Capital
At the recent #COP29 in Azerbaijan, African leaders made a bold call to transform how we calculate a nation's wealth.
In a high-level meeting titled: Measuring the Green Wealth of Africa, President of the Republic of Congo Denis Sassou Nguesso said the African continent must make the best of its natural capital, that is neglected or ignored in national accounts. This, he said, should be integrated as part of a country’s wealth: “We are doing useful work for Africa and the rest of the world, in contributing to the acceleration of the recognition of the environmental dividend.”
President Sassou Nguesso co-convened the session with his Kenyan counterpart President Dr William Ruto, and the President of the African Development Bank Group Dr Akinwumi Adesina.
President Paul Kagame of Rwanda, Zimbabwe’s President Emmerson Mnangagwa, and President Faure Essozimna Gnassingbé of the Republic of Togo were also in attendance.
The continent’s natural capital is estimated to be worth $6.2 trillion, which is 2.5 times higher than the continent's Gross Domestic Product (GDP). Including nations’ #GreenWealth in GDP calculations could increase Africa's nominal GDP by $66.1 billion — essentially giving economic recognition to the continent’s environmental contributions.
“It’s time for Africa to be green rich and cash rich, unlocking sustainable wealth for generations to come,” said Dr Adesina in his address. “The continent's forests, which absorb carbon, control pollution, retain water, and maintain soil fertility, are global public goods that deserve proper valuation.”
The African Development Bank has produced a report titled “Measuring the Green Wealth of Nations: Natural Capital and Economic Productivity in Africa.”
WATCH the below for an overview, then explore the report here.
Global Leaders Forge Path to End Hunger in Africa
At the World Food Prize Foundation 2024 Norman E. Borlaug International Dialogue, African Development Bank President and World Food Prize laureate Dr Akinwumi Adesina and World Bank President Ajay Banga unveiled a powerful strategy to combat global hunger, placing Africa's youth and innovative financing at the centre of their approach.
The leaders emphasized transforming challenges into opportunities by leveraging multilateral development banks' resources, potentially multiplying financial capabilities up to eight times. Their vision focuses on engaging young Africans in agriculture, creating comprehensive support networks for farmers, and addressing critical gaps in climate financing.
Key initiatives include the "Enable Youth" program and "Mission 300"—an ambitious project to connect 300 million Africans to electricity by 2030. By prioritizing youth empowerment and strategic partnerships, these global development leaders are planting seeds of hope for a hunger-free future.
To learn more about the Borlaug Dialogue, click here.
Visit this link for more details on the African Development Bank’s participation.
Advancing Mobility: Unveiling the 2024 Africa Visa Openness Index Report at #2024AEC
The latest edition of the African Development Bank’s 2024 Africa Visa Openness Index (AVOI) Report is out.
Launched during the recent African Economic Conference in Gaborone, #Botswana, the report highlights progress in easing travel restrictions across Africa.
Visa-free travel within the continent has risen to 28%, up from 20% in 2016, with an additional 25% of travel now allowing visas on arrival. However, 47% of travel still require pre-departure visas, signalling the need for continued efforts.
The report underscores the importance of removing barriers to human mobility, a critical enabler for trade, tourism, and economic growth under the African Continental Free Trade Agreement and Agenda 2063. By championing free movement, Africa moves closer to its vision of integration and prosperity.
Explore the AVOI Report today.
Feeding Hope at the G20 Rio Summit
African Development Bank President Akinwumi Adesina joined world leaders in Rio de Janeiro for the #G20 Summit, focusing on a critical mission: ending global hunger and addressing systemic inequalities.
The summit's theme, "Building a just world and a sustainable planet," centred on the Global Alliance against Hunger and Poverty—an ambitious initiative targeting the world's most pressing humanitarian challenge. Africa remains at the heart of this effort, with over 280 million people facing hunger, representing 38% of the global hungry population.
"Hunger is the worst form of deprivation. The mind, the body, and the soul are shriveled by hunger. Hunger strips away human dignity." – Dr. Akinwumi Adesina, President and Chairman, Board of Directors, African Development Bank
With Brazil handing over the G20 presidency to South Africa, this summit represented a critical moment of collaborative action to transform global food security.
More details and photos from the summit.
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Global North's Climate Debt: A Stark Call for Justice
At the 2024 Kofi Annan Eminent Speakers Lecture, Irish President Michael D. Higgins delivered a powerful address on global inequities, revealing the profound challenges facing Africa through a lens of climate change, debt, and food insecurity.
Highlighting the stark global imbalance, Higgins noted that while the Global North is responsible for 92% of emissions damage, renewable energy in the Global South receives just 1/40th of the public finance of the fossil fuel sector. With Africa facing $163 billion in debt service and over 1 billion people unable to afford a healthy diet, Higgins called for urgent global reform.
Dr. Akinwumi Adesina offered a glimmer of hope, highlighting the transformative potential of supporting African farmers.
The message was clear: systemic change is not just necessary—it's critical.
More insights from President Michael D. Higgins’ lecture at #EminentSpeakers.
News
#AfDBat60
Celebrations of the African Development Bank’s 60th anniversary are underway in our regional offices! This month, Morocco, South Africa, Rwanda and Comores have marked six decades of partnership and unveiled plans for future collaboration with the Bank.
Upcoming: Africa Investment Forum Market Days
The #AfricaInvestmentForum is transforming investment in Africa. Come 4 December, global investors, heads of development finance institutions, as well as business and government leaders will gather in Rabat, #Morocco for the 2024 Market Days.
WATCH the video below to see what’s in store at #AIF2024 and click here for the latest updates on the forum.
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--Feed the children
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CEO-Developing Africa 🌍a Priority. Just made DOJ, FBI, CHASE & SBA dismiss with prejudice, 4 years BOGUS, LIES & MALICIOUS criminal case against me: DISCRIMINATION. Commercial RE-Entrepreneur-Private Equity-UNSTOPPABLE.
3w😂😂😂 The United States 🇺🇸 is the BIGGEST bonds PURCHASER, bonds issued by the African Development Bank (AfDB). CHRONICALLY, year after year, the United States has purchased approximately $2 billion in bonds. 😂 There is a reason Biden is holding the the bow tie of the CEO of AfDB). According to recent information, the United States has purchased approximately $2 billion in bonds issued by the African Development Bank (AfDB), marking a significant investment by the U.S. government in the AfDB through bond purchases; this recent issuance was a 3-year social global benchmark bond with a fixed coupon rate of 3.500%. Key points about the U.S. investment in AfDB bonds: Amount: The latest reported purchase is a $2 billion bond issuance. Type of bond: This recent bond is classified as a "social global benchmark" indicating a focus on socially impactful projects. Function of the purchase: By buying AfDB bonds, the U.S. government essentially acts as an investor, providing financial support to the bank for development projects in Africa.
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Founder: Startup Business Foundation
3wThe problem of Africa is not short of leadership. We have all we need to develop and occupy our rightful place in the world scheme of affairs. Until we begin to address and hold our leadership accountable, we will continue to hallow in lack in the midst of abundance.