Ghana and the African Development Bank (AfDB) have signed an agreement to host the Bank’s Annual General Meetings in Accra next year.
The 57th Annual Meetings of the African Development Bank and the 48th Annual Meeting of the African Development Fund will take place from 23 to 27 May 2022.
Because of Covid-19 considerations, plans are underway to hold the meetings in a hybrid format, with the physical presence of Governors, Executive Directors and Bank senior management and officials at the Accra International Conference Centre, and others participating virtually.
Mr Ken Ofori-Atta, Minister for Finance, signed for Ghana indicating the country’s preparedness to host the AGMs, while Secretary-General Prof Vincent Nmehielle signed on behalf of the African Development Bank Group.
Mr Ofori-Atta highlighted the vital role of the AfDB in restructuring Africa’s economy, especially in the wake of the Covid-19 pandemic.
He lauded AfDB for giving African countries over 100 billion loan facilities of its new $650 billion in special drawing rights (SDRs) to address their development needs.
Mr Ofori-Atta said over 103 million people lost their jobs as a result of COVID-19 in Africa. That means averagely, the continent lost 10.7% income as a result of the disease.
Similarly, he said, climate change threatens to cost the continent $7 to $15 billion annually, although the continent accounts for less than 4% of global greenhouse gas emissions and receives just 5% of total climate finance outside the OECD (UNECA).
“These are not normal times, and we must do whatever it takes to make the African Development Bank that institution that fundamentally our constituents need and, through its activities, respond to the massive challenges confronting our continent,” he said.
The Secretary-General of AfDB, Prof. Vincent Nmehielle, said the agreement would officially allow the two parties to prepare for the 2022 Annual Meetings.
Adwoa Ocran, ISD