The President of Rwanda said this Wednesday in Nairobi that “it is in the interest of the world that has marginalized Africa” to contribute to its development, because in a few decades it will be the “only” continent with a “growing” continent. middle class.
“But Africa cannot wait for someone else to give us this opportunity, so we must be at the forefront, fighting for this right, for ourselves, but also for what contributes to the well-being of the rest of the world,” he said. This was stated by Paul Kagame at a high-level presidential dialogue event in the capital of Kenya, on the sidelines of the annual meeting of the African Development Bank.
“In a few decades, the only place in this world that will have a growing middle class will be Africa. Because Africa’s growth, based on this middle class, fuels the growth of the rest of the world,” he explained, speaking at a session attended by a dozen African heads of state and government.
He added that “vast resources exist around the world” but are “unequally distributed,” arguing that the “current financial architecture” needs to change to ensure it “includes the interests” of Africa in a significant and visible way.
The African Development Bank Group is Africa’s premier development finance institution and will meet in Nairobi until Friday to discuss the theme “Transforming Africa, the African Development Bank Group and the reform of the global financial architecture”, in the presence of 3,000 participants, including policymakers, government officials, economists and experts in various fields from all over the world.
These meetings include the 59th Annual Meeting of the Board of Governors of the African Development Bank and the 50th Meeting of the Board of Governors of the African Development Fund, both held at the Kenyatta International Conference Center in Nairobi.
According to the ADB, despite “robust economic growth over the past two decades, Africa’s economic transformation remains incomplete.” The continent’s real gross domestic product (GDP) grew at 4.3% per year between 2000 and 2022, “compared to the global average of 2.9%, and many of the world’s ten fastest-growing economies were in Africa.”
“Despite these strong economic growth rates, the structure of African economies has not changed significantly over the past two decades: agriculture, industry and services account for an average of 16, 33 and 51% respectively of Africa’s total economy. global GDP from 2000 to 2022. These levels are similar to those recorded in the 1990s,” the institute recalls.
Manufacturing employment “is also declining due to premature deindustrialization” as “despite an increase in the number of jobs” from 20.2 million in 2000 to 33.3 million in 2021, “the sector accounts for less than 10% of total employment . “.
The ADB group has 81 member countries, including 53 African countries and 28 countries outside the continent, including Portugal and Brazil.
Author: Lusa
Source: CM Jornal
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