High Level Event on Key Actions to Drive Inclusive Growth, Sustainable Development in Africa kicks off

Addis Ababa February 17, 2023 (FBC) – On the margin of the 36th ordinary session of the African Union Summit the African Union, the African Development Bank Group and the New Partnership for African Development (NEPAD) organized a high level event on key actions to drive inclusive growth and sustainable development in Africa at the African Union Commission, Medium Conference Hall.

The opening session of the High Level event that looks into a study on key actions to drive inclusive growth and sustainable development in Africa.

The study will critically examine Africa’s development history – and that of other regions – and identify key actions to place African countries on a path of sustained GDP growth rates of 7 – 10% on average over the period 2022 – 2052, according to AU.

The Opening Session will be addressed by, among others, President of the Republic of Zambia, Chairperson, African Union Commission, African Union Commissioner, Economic Development, Trade, Tourism, Industry and Minerals and President, African Development Bank Group Bekele-Thomas, Chief Executive Office, African Union Development Agency (AUDA-NEPAD), the AU added.

Africa has the resources (natural, human, and social) that it will take to achieve the sustained annual GDP growth targets above 7% for the period 2022 to 2052, according to African development Bank.

The continent also has the wealth in natural capital needed to drive the increased productivity to achieve the GDP growth targets in key sectors, and several policy tools and strategies already exist.

Africa’s growth experience in the past decade prior to COVID-19 and the projected recovery path post-COVID-19 feeds this optimism. African economies have been resilient.

Despite the significant volatility in annual GDP growth rates at the continental level, several African countries have demonstrated that achieving sustained high levels of GDP growth rates is possible in Africa. Some of the fastest growing economies in the world today are in Africa.

By: Yonathan Yoseph