Global Perspectives Initiative’s Post

African Leaders Rally for Record World Bank Funding to Tackle Climate Crisis African leaders urge wealthy nations to pledge unprecedented contributions to the International Development Association (IDA), a vital facility of The World Bank . President William Ruto of Kenya led the appeal, stressing the urgent need for enhanced funding to address the dual challenges of development and climate change gripping the continent. The proposed target of $120 billion, to be pledged at a conference in Japan later this year, signifies a critical response to Africa's escalating economic instability and climate emergencies. Ruto highlighted the devastating impact of extreme weather events, including floods and droughts, highlighting the pressing need for collective action. If realized, this funding boost would mark a historic milestone, surpassing the previous fundraising record of $93 billion in 2021. The IDA's role in providing low-interest loans to 75 developing nations, over half of which are in Africa, underscores its significance in driving essential investments in energy, healthcare, agriculture, and infrastructure. With a commitment to streamline lending processes, the World Bank aims to enhance efficiency and expedite the delivery of funds to beneficiary nations, ensuring a more impactful response to pressing global challenges. #WorldBank #ClimateCrisis #AfricanDevelopment #IDA21 #AfricaHeadsOfStateSummit 𝑃ℎ𝑜𝑡𝑜 | 𝐻.𝐸 𝑊𝑖𝑙𝑙𝑖𝑎𝑚 𝑆𝑎𝑚𝑜𝑒𝑖 𝑅𝑢𝑡𝑜 𝑜𝑛 𝑋, 𝐴𝑡 𝑡ℎ𝑒 𝐼𝐷𝐴 𝐴𝑓𝑟𝑖𝑐𝑎 𝐻𝑒𝑎𝑑𝑠 𝑂𝑓 𝑆𝑢𝑚𝑚𝑖𝑡

Global Financial Resources is probably one of the most exciting courses I am taking for my MSc in #Com4Dev at the Fobang Institutes for Innovations in Science and Technology. Such resources as we are taught in school embody a vast array of financial assets, capital & funds that are exchanged, managed, and invested across international borders. Watching this video interview of Dr Akinwumi Adesina, President of the #AfDB on BBC's #HardTalk has given me more insights and changed my perception about investing in Africa. The continent presents a lot of investment opportunities with its rich natural resources, growing youthful population and vast arable land. In fact, Africa enjoys an enviable position to attract investors across the globe and boost intra African-trade #BIAT through the implementation of the #AfCFTA, albeit the political and socio-economic risks involved. There are always risks in every investment and Africa is no exception! Considering global financial resources as the lifeblood for economic growth and development, there is a dire need for African Member States to step up their efforts in this regard. Wilfred Mbacham Acha Leke Akere Muna Abel Akara Ticha David Akana Ruth Besong (She/Her) Santher Mbacham Gilbert Ewehmeh Mbah Njong Ano-Ebie, MSc. Founder/CEO (NETAfriqueltd) Tabifor King Lawrence Neba Israel Léonard NNA BANGA Leila Kigha Leocadia Bongben African Development Bank Group United Nations Economic Commission for Africa African Union

I agree, if anyone would ask me, I would honestly say the level of risk with regards to investment, that the USA and some European countries are higher than Africa. Fraud and corruption is everywhere (globally). If managed correctly Africa can be one of the wealthiest continents when taken in consideration that there is tremendous value in the agricultural and mineral landscape of this continent. Investment in education would be a key role as you need to educate the generations to come before you can expect them to manage it. As the economies in the region recover at a faster pace in the years to come, policy should be geared toward sharing the growth benefits more equally across the population by investing in human capital, fostering economic diversification, and fostering jobs-friendly economic growth.

Time has come to re-assess many of the things we have been hearing from the Western media. For instance, contrary to popular belief, Africa is actually grossly under- populated as we have the same population as China alone or India alone (1.4B people), on land that is 10 times bigger than India's 3.3 million square km of land, and about 4 times bigger China's 9.6 million square km of land. Africa has 1.4B people on exactly 30.4 million square km of land. This reveals a number of truths: 1. Africa is not over populated, indeed we are sparsely populated with some countries like Namibia, having total population of only 3 million people and a population density of almost 3 people per square km. 2. If a large population size was bad for the economy, China and India would not be thriving economies, yet they are. 3. It therefore makes no sense to concentrate Africa's development strategy on population control. Rather, we should be focusing on aspects that make our youth bulge a real asset, such as access to good education within the continent, food security without GMO, better healthcare facilities that recognise and incorporate the use of herbal remedies, infrastructure development and reduced foreign interference in governance. The Hard talk host in the video below, is clearly not neutral and appears quite prejudiced against Africa. While we respect his right to his opinions, Africans should avoid taking the perspective he shares as our reality. For instance, the US debt is much, much higher than Africa's debt, yet their economy remains relatively strong, so why focus on Africa's debt, especially when the same people are exploiting Africa's natural resources. While acknowledging the need for improved quality of leadership in African countries, we must continue to value who we are and what we have, as we work towards our desired status of a united and more economically stable and buoyant economy that ensures the well-being of every citizen.

So, Africa has only One way to go: Up. Think-tanks and Groups need to support Entrepreneurs and galvanized State players to build and create fast. First for productivity (more of local consumption) and then for strategic collaboration (we are slightly late to the 4th Industrial/Economic Revolution, but we can take charge and jumpstart the 5th). Great engaging feedback from Mr. Adeshina.

Africa is ripe for investing and development and can become the Dubai of the world

Sub-Saharan #Africa (SSA) economic growth is highly impacted by increased fragility and conflict, the effects of which are further exacerbated by #climatechange, and high debt distress. Despite these challenges, the continent can harness its natural resources to improve fiscal and debt sustainability with strategic management, in accordance with #SDG 8.1: Sustain per capita economic growth in accordance with national circumstances […]. The World Bank Group is helping countries achieve climate and development breakthroughs, forging a new development path and unlocking SSA’s economic potential. Scan the QR code below to learn more about the various work and financial contributions of the World Bank in countries like, Angola, Togo, DRC, Liberia, Somalia and many others. Also don’t forget to visit our resource library at ACESWorld.org to find more engaging articles on the various Sustainable Development Goals (SDGs)

Reflecting on an inspiring experience I had at the 2024 Afreximbank Annual Meetings and AfriCaribbean Trade and Investment Forum in #Nassau, the #Bahamas. The theme, "Owning Our Destiny: Economic Prosperity on the Platform of Global Africa," brought together visionaries and stakeholders from #Africa and the #Caribbean, marking a pivotal moment as we united under the banner of Global Africa. From thought-provoking panels to dynamic networking sessions, I witnessed a shared dedication to fostering economic growth and collaboration across these vibrant regions. Discussions spanned from sustainable development goals to innovative financing solutions, highlighting the pivotal role of collaboration in driving mutual prosperity. A particular highlight was the enthusiastic response to our discussions on the African Union Peace Fund initiatives. We emphasized the importance of investing in peace and taking ownership of our collective destiny to ensure a stable and prosperous Africa for future generations. I am confident that together, we can harness the Peace Fund's potential as an engine for #peace and #stability across our continent. Several other initiatives discussed at the forum hold promise to revolutionize industries and create enduring impacts. These efforts not only strengthen economic ties but also pave the way for inclusive growth and cross-border development. Heartfelt thanks to African Export-Import Bank (Afreximbank) and all participants for their contributions in making this event a resounding success. I look forward to continuing these critical conversations and translating ideas into actionable outcomes that benefit our continent and its people. Let's build on this momentum and work collaboratively towards a brighter future for Africa! #GlobalAfrica #Afreximbank #AAM2024 #ACTIF2024 #TheAfricaWeWant #GlobalAfricaProsperity #PeaceforAfrica #PeaceBuilding #Agenda2063 #AfricanUnion #TradeDevelopment #EconomicGrowth #SustainableDevelopment #PartnershipBuilding #PeaceAndStability ➡️ https://lnkd.in/dyGTezSg

Speaking to more than 150 journalists covering the African Development Bank's Annual Meetings in Nairobi, Bank President Dr Akinwumi Adesina stressed the need for Africa to have a voice in the changing global financial architecture. He welcomed the International Monetary Fund's decision to create a third seat for Africa on its Board and the inclusion of South Africa and the African Union in the #G20. Adesina highlighted Africa's potential, citing its large youth population and agricultural potential, with 65% of the world's uncultivated arable land. He emphasised the Bank's investments in agriculture, such as providing heat-tolerant wheat varieties to Ethiopian farmers, resulting in self-sufficiency and export capabilities. “Africa is coming of age on the strength of south-south cooperation, but I don’t see the world in a divisive manner. We should be looking at our ability to pool our energies and harness all our diversity for the good of the world. All our development banks cooperate and now there isn’t a single project in Africa that we can’t finance – not one.” Read more about the African Development Bank's efforts to promote Africa's inclusion in the global landscape and drive sustainable development across the continent: https://bit.ly/3wUaE4U #AfDBAM2024

President Oramah, H.E. Dr Monique Nsanzabaganwa, Deputy Chairperson of AUC, Dr. Roger W. Ferguson, Jr., former Vice-Chair of Federal Reserves USA and Dr. Yemi Kale, Group Chief Economist of Afreximbank; launched the 2024 African Trade Report titled, ‘Climate Implications of the AfCFTA Implementation’. Africa accounts for 3% of carbon, yet bears the brunt of climate change. The report therefore assesses the relative impact of the AfCFTA on carbon emissions in Africa. AfCFTA has the potential to accelerate growth and promote structural transformation of #GlobalAfrica and serves as an important vehicle to creating wealth and prosperity for all Africans. The report also encompasses the maiden edition of Afreximbank’s African Trade and Economic Outlook titled, ‘A Resilient Africa: Delivering Growth in a Turbulent World’. View the full report here: https://lnkd.in/eAxpCGuV #GlobalAfrica #AAM2024 #ACTIF2024 #GlobalAfricaProsperity #OnePeopleSharedAspirations