AFRICANGLOBE – The African continent recorded an impressive growth of $2.2 trillion from $600 million in 2000, President of the Africa Development Bank, Donald Kaberuka said at the weekend.
Mr. Kaberuka spoke at the opening of the 50th anniversary of the Africa Union in Addis Ababa, Ethiopia, last Saturday in a statement issued by the bank that leaders from across the continent marked the progress made over the past five decades.
He added that the first 50 years achieved political freedom and laid a basis for socio-economic development. “Now the agenda must be economic transformation,” Kaberuka said.
He said, “Africa’s GDP has increased from $600bn to $2.2 trillion since the year 2000 and the continent “now offers the highest risk adjusted return on investment… our economic managers are doing a reasonably good job navigating the difficult global economic slowdown.”
Mr Kaberuka noted however that despite strong economic growth, economic transformation remains a challenge for the continent. He advanced further that a “quality growth” of 7% is what Africa needs for the decade to come.
He emphasized the importance of quality growth as one “which is not only strong, but sustainable, fair, addresses inequalities, and leaves no one behind.”
“This historic day marks not only a great leap forward in the Pan-Africanist quest for freedom, independence and unity but also the beginning of our collective endeavour for the realization of Africa’s socio-economic emancipation,” said Ethiopian Prime Minister Hailemariam Desalegn.
By: Yunus Abdulhamid