On the sidelines of the African Union Summit, the African Union Commission and the African Development Bank will hold an important workshop on driving inclusive growth and sustainable development in Africa, as part of a study being jointly prepared by the Bank, African Union Commission, and the African Union Development Agency (AUDA-NEPAD).
The study will examine Africa’s development history – and that of other regions – and identify key actions to place African countries on a path of sustained average GDP growth rates of 7 – 10% over the period 2023 – 2063.
Background information:
Africa has the resources (natural, human, and social) to achieve the sustained annual GDP growth targets of above 7% for the 2023-2063 period. The continent also has the natural capital needed to drive increased productivity to achieve the GDP growth targets in key sectors, and several policy tools and strategies already exist. Africa’s growth experience in the past decade before Covid-19 and the projected recovery after the pandemic feed this optimism. African economies have been resilient. Despite the significant volatility in annual GDP growth rates at the continental level, several countries continue to demonstrate that achieving sustained high GDP growth rates is possible. Some of the fastest-growing economies in the world today are in Africa.
The study recognizes and builds on the visions, aspirations, strategies, and policy actions already taken by the African Union, the African Development Bank Group and African countries across the regions to achieve this goal. These include the African Continental Free Trade Agreement, the new Partnership for African Development (NEPAD), and the African Development Bank’s High-5 strategic priorities. Specifically, the study will examine how African countries can domesticate the AfCFTA and the African Development Bank’s High-5 strategic priorities, which are designed to accelerate structural transformation in key sectors to drive inclusive and sustainable development in their national development plans, and leverage resources for their accelerated implementation.
With the growth in green economy transitions, demand for Africa’s development minerals is expected to continue. The resumption of economic activities as covid-19 restrictions are eased is driving an upsurge in commodity prices. By leveraging the existing policies, strategic frameworks such as the High 5s and inter-continental agreements, including the AfCFTA, Africa can improve its competitive advantages in global value chains, boost domestic revenue mobilization, strengthen governance reforms, and attract development financing at scale to drive the sustained GDP growth target.
Where: African Union Commission, Medium Conference Hall, and online(link is external)
Who: African leaders, including: