Experts reviewing an ongoing study on the key factors underlying development in Africa on Friday stressed the need for the continent to maintain annual growth rates of at least 7-10 percent over the next 40 years if the Agenda 2063 must be achieved, reports afdb.org.
The session, organized by the African Union Commission and the African Development Bank, was held on the sidelines of the 36th African Union Summit in Addis Ababa. The study on key actions to boost inclusive growth and sustainable development in Africa was commissioned by the Chairperson of the African Union Commission, Moussa Faki Mahamat and the President of the African Development Bank, Dr. Akinwumi Adesina .
The study will undertake an in-depth analysis of Africa’s growth trajectory and identify key actions for Africa to double its growth rates from the current level over the next 40 years. Agenda 2063, established by the African Union, is Africa’s roadmap and blueprint for transforming the continent into the global power of the future.
The Acting Chief Economist and Vice President of the African Development Bank, Professor Kevin Urama, explained the rationale behind the study: Development Bank High 5 Priorities.
Albert Muchanga, AU Commissioner for Economic Development, Trade, Tourism, Industry and Minerals at the African Union, moderated the session which lasted approximately 90 minutes.
In a message read on his behalf, President Hakainde Hichilema of Zambia said he had no doubt that Africa would overcome poverty and expected nothing less than recommendations fit for purpose. “What we can do collectively to grow Africa’s economy can no longer be considered a pipe dream.”
Each speaker affirmed his conviction that sustainable development is within reach. They cited China as an example of a development strategy incorporating inclusive growth, which has propelled the country from a developing nation to a superpower in 40 years.
The study will examine in detail the checkered growth trajectory of African economies and find the reasons for the stagnation.
Other speakers enumerated the additional hurdles facing the continent, chief among them being the cost of capital to make the infrastructure spending needed for growth, the youth bulge and the need for accelerate technological innovation and skills.
After further consultations with stakeholders, the study will inform recommendations for a development plan to help transform African economies and eradicate poverty. It should be finalized in December 2023.
AGENDA 2063 is Africa’s blueprint and blueprint for transforming Africa into a global power of the future . It is the continent’s strategic framework to achieve its goal of inclusive and sustainable development. Agenda 2063 flagship projects refer to key programs and initiatives that have been identified as critical to accelerating Africa’s economic growth and development, as well as promoting our common identity by celebrating our vibrant history and culture. .