The Haitian Tribune Staff
Photo Credit: African Union
Combat Africa's Poverty
Nairobi, May 30, 2024—The African Development Bank (AfDB) has underscored the urgent need for double-digit economic growth across Africa to combat poverty effectively. This call was made during the AfDB’s annual meetings in Nairobi, where the bank’s president, Akinwumi Adesina, emphasized that the forecasted growth rate of 4.3 percent for next year falls short of what is necessary to bring about significant economic transformation.
Resilience Amidst Global Challenges
Despite global challenges such as high inflation, the ongoing war in Ukraine, and difficulties accessing global financial markets, African economies have shown remarkable resilience. However, Adesina pointed out that resilience alone is not enough. “Africa needs sustained double-digit growth for at least a decade to achieve the level of transformation needed to lift millions out of poverty,” he stated.
Insufficient Growth Levels
The AfDB’s report highlights that 10 of the 20 fastest-growing economies in the world are located in Africa. However, this growth needs to translate into sufficient poverty alleviation. As of 2023, more than 460 million people in sub-Saharan Africa lived in extreme poverty. The continent also faces a severe job market challenge, with 10 to 20 million young Africans entering the labor force yearly, while only three million new jobs are created annually.
Adesina stressed the dire nature of this situation, noting that current growth levels are inadequate to meet the needs of the rapidly growing population. “Economic growth must translate into quality jobs, particularly for the youth and women. GDP growth alone is insufficient for meaningful development,” he said.
A Call for Quality Jobs
Adesina’s remarks highlight the importance of ensuring economic growth leads to job creation and improved living standards. The focus on quality jobs is particularly pertinent given the demographic trends in Africa, where a significant portion of the population is young and needs employment opportunities.
The Path Forward
To achieve the double-digit growth necessary for substantial economic transformation, the AfDB will likely advocate for policies that foster inclusive growth, encourage investment in critical sectors, and enhance the overall business environment. This approach aims to create a more sustainable and equitable economic landscape across the continent.
As Africa continues to navigate the complexities of the global economy, the AfDB’s call for double-digit growth is a critical reminder of the urgent need for transformative economic policies. The path to reducing poverty and achieving sustainable development in Africa hinges on the continent’s ability to grow economically, inclusively, and equitably.
