The African Development Bank (AfDB) will inaugurate the 2024 edition of its flagship African Economic Outlook (AEO) to accelerate Africa’s transformation.

In a statement on Thursday, the AfDB president, Akinwumi Adesina, said he would inaugurate the report with African finance ministers, central bank governors, and international development partners.

During the bank’s annual meetings, the report will be inaugurated on May 30 at the Kenyatta International Convention Centre in Nairobi.

“The AEO 2024 report will take stock of Africa’s progress in transforming its economy and sustaining development over the past decades. This assessment will examine the key drivers, constraints, gaps, and policy options,” it said.

Mr Adesina said the AEO 2024 report would assess Africa’s progress in transforming its economy and sustaining development over the past decades.

“This assessment will examine the key drivers, constraints, gaps, and policy options. Every year, the AEO report provides vital, timely evidence and analysis crucial for African policy-makers, empowering them to make informed decisions.

“The theme of the 2024 report, ‘Driving Africa’s Transformation: The Reform of the Global Financial Architecture,’ aligns with the Bank’s Annual Meetings theme,” he said.

According to the AfDB boss, accelerating Africa’s transformation is crucial for the continent to catch up with other regions globally.

Mr Adesina said it would enable the continent to get back on track towards achieving the UN Sustainable Development Goals (SDGs), the African Union’s Agenda 2063, and the AfDB’s High 5s development priorities.

“This transformation is vital for the continent to effectively engage and thrive within global value chains. The recurring and overlapping global shocks, alongside the rapidly widening financing gaps, highlight the pressing need for African countries to refocus their attention on structural transformation to build more resilient economies.

“This imperative arises amid a global financial system characterised by declining concessional resources for development and increasing non-concessional resources due to rising interest rates,” he said.

Mr Adesina said the Regional Economic Outlooks and Country Focus Reports were slated for publication later this year.

He said it will provide additional in-depth analysis to inform regional and country-level policy-making. 

(NAN)