BY DAYO ADESULU
The President, African Development Bank (AfDB), Dr Akinwumi Adesina has decried the loss occasioned by the emergence of COVID-19 pandemic that hit the soil of Africa in 2020. According to him, the devastating effects of the pandemic on the Africa continent has eroded its ten years of economic growth.
Dr Adesina who delivered the opening address via virtual on Wednesday at the two days Africa Business Media Innovators (ABMI) 2020, said: ”The worst pandemic in living memory has cost the continent a decade of what had been impressive economic growth.”
While pointed out that Africa was among the six of the ten fastest-growing economies in the world, he lamented that the pandemic has gotten dire consequences of rising poverty and joblessness in the continent.
In the quest to redeem the devastating effects of the COVID-19 on African economy, Adesina said: ”The AfDB has launched a $10 billion Crisis Response facility to provide countries with critically needed liquidity as well as the largest ever denominated social bond on the global capital market: a $3 billion COVID-19 social impact bond to allow countries to upgrade health facilities.”
He added that the fund would also allow countries to purchase essential medicines and personal protective equipment, pay for rising costs for healthcare workers, and provide social protection for the most vulnerable.
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He said: ”To counter the pandemic, Africa needs further international debt relief, better management of its own natural resources and greater utilization of the more than $1-trillion dollars in pension, sovereign wealth and insurance funds.
”These measures would help close the annual infrastructure financing gap, which the AfDB estimates to be anything between $64 billion to $108 billion annually.”
‘Although African economies and health systems have been impacted by the pandemic, Dr.
Adesina highlighted how Africa will overcome COVID-19 and shared the opportunities for Africa to build back, faster, by harnessing and better managing natural resources and promoting more transparent governance as a key component of financing growth.
He, however said that a strong and independent media remains an integral part of Africa’s development efforts.
