Speech Delivered by Dr. Akinwumi A. Adesina President, African Development Bank Group - President’s Diplomatic Luncheon for Ambassadors - 29 February 2024
ContextSpeech at the president's diplomatic luncheon for ambassadors in Abidjan; the African Development Bank finances Africa's development and relies on support from member countries.
Why it mattersAdesina describes how high global rates and weak currencies strain African budgets.
Problems raised
African countries are hit by external economic and climate shocks.
Higher global interest rates raise debt service costs.
Currency depreciation is driving up inflation.
Solutions proposed
Help countries build resilience to shocks.
Work closely with member countries' diplomatic representatives.
