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Opening Keynote Speech by Dr. Akinwumi A. Adesina President, African Development Bank Group KOAFEC Ministerial Conference Republic of Korea, 13 September 2023

· Akinwumi Adesina, President of the African Development Bank Group (International)

Summary written by Dark Majestic in its own words · topics: monetary policy and interest rates, financial stability, public finances and debt, development and emerging economies

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· Akinwumi Adesina Wiki · African Development Bank Group WikiOpening Keynote Speech by Dr. Akinwumi A. Adesina President, African Development Bank Group KOAFEC Ministerial Conference Republic of Korea, 13 September 2023

ContextOpening keynote at the KOAFEC Korea-Africa economic cooperation ministerial conference in Korea; the African Development Bank finances Africa's development and works with Asian partners.

Why it mattersAdesina warns that rate rises in rich countries are pushing up African debt costs.

Problems raised
  1. Monetary tightening in rich countries raises rates.
  2. Capital flows out of emerging markets.
  3. African debt service costs rise.
Solutions proposed
  1. Deepen Korea-Africa economic cooperation.
  2. Mobilise financing for African development.
  3. Address debt distress risks.
Read full speech on afdb.org ↗

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