The African Development Bank (AfDB) has reiterated the need for efficient and effective governance to enable Africa to achieve transformation.

The AfDB secretary-general, Vincent Nmehielle, said this at a pre-media virtual briefing to herald the 2024 AfDB annual meeting.

The meetings will be held in Nairobi, Kenya, from May 27 to May 31.

“Africa has to get its governance right. We have to manage our resources well. We have to engage to minimise waste of resources. Africa must come to the point where it sees governance as an important instrument of economic development.

“We all have to put our hands on deck: the government, the private sector, commercial entities and all citizens. We need to get certain things right to ensure Africa’s transformation,” he said.

According to Mr Nmehielle, Africa’s access and participation in the global financial system is key.

He said it was crucial for African countries to participate more and prepare themselves to take better advantage of available access to finance.

Meanwhile, Kevin Urama, AfDB’s chief economist and vice-president for Economic Governance and Knowledge Management, reiterated the importance of economic transformation on the continent.

According to the vice-president, Africa is a key participant in the ongoing dialogue around global architectural reforms.

He said the bank, under the leadership of its president, Akinwumi Adesina, was leading and shaping the conversation through innovation and pioneering initiatives such as hybrid bonds.

He said AfDB was also working to see International Monetary Fund (IMF) Special Drawing Rights (SDRs) channelled to Multilateral Development Banks (MDBs) that could leverage them to provide extra financing for development.

According to Urama, the statutory annual meetings are AfDB’s most important calendar year event.

He said the meetings would take place at the Kenyatta International Convention Centre (KICC) in Nairobi, Kenya.

(NAN)