Africa’s private sector will continue to lead the continent towards economic transformation, African Development Bank President Akinwumi Adesina said at the launch of the fourth Africa CEO Forum in Abidjan.
Addressing 500 CEOs from 43 African countries and 20 more worldwide, he said, “The ‘Africa rising’ story remains strong.
Yes, African economies face economic headwinds from the significant decline in the price of commodities … but African economies remain resilient. While the global economy is projected … to grow at 3% this year, Africa is projected to grow at 4.4% in 2016, and to accelerate … to 5% in 2017.”
Adesina described Heads of Government as “the CEOs of their national corporations.” He set out a clear vision of the work that governments must do to allow the private sector to reach its maximum potential.
He described efforts to deepen financial integration and increase liquidity, citing an AfDB project to link four African stock exchanges, and a joint venture with Bloomberg to facilitate the issuance of sovereign and corporate bonds on African markets.
“The formula for the wealth of nations is clear,” he said. “Rich nations add value by transforming raw materials into finished goods, while poor nations merely export their raw natural commodities. Africa only accounts for 1.9% of global added value in manufacturing.”
Africa’s private sector will continue to lead the continent towards economic transformation, African Development Bank President Akinwumi Adesina said Monday at the launch of the fourth Africa CEO Forum in Abidjan. Addressing some 500 CEOs from 43 African countries and 20 more worldwide, he said, “The ‘Africa rising’ story remains strong.
He called on the private sector to lead in doubling efforts to transform African commodities locally, and in diversifying African economies, particularly into areas like services and tourism.
The private sector accounts for 80% of total production, 90% of employment, and two-thirds of total investments. “Now is the time, the time for Africa to move up the value chain,” he said.
Adesina concluded by setting out the vision of the African Development Bank going forward, enshrined in its ‘High 5’ priorities which focus and refresh its current 2013-2022 Ten Year Strategy. “We will only succeed in realising the objectives of the High 5s if we work in public-private partnership. Let us think big, act big and deliver big for Africa.”
Alassane Ouattara, President of the Republic of Côte d’Ivoire, stressed that “It is you – it is the private sector – which will do the most to create jobs for the young people of this continent,” he said, pointing to a ‘win/win partnership’ if the public and private sectors work together.
