The High 5s: Priorities for Economic Development of Africa

Author: Keelin O'Sullivan

In the third lecture of the 2022 Development Matters series, supported by Irish Aid, the IIEA hosted Dr Akinwumi A. Adesina, President of the African Development Bank Group (AfDB). In conversation with David Donoghue, former Irish Ambassador to the United Nations, President Adesina highlighted the role of the bank in supporting stability, growth and sustainable development on the African continent and spoke about some of the challenges which currently face Africa, including food security, climate change, and debt sustainability. He remarked that Africa's challenges can be overcome through enhanced crisis preparedness, development of quality healthcare systems and infrastructure projects to strengthen the continent's resilience.

In opening remarks, Paul Ryan, Director of the International Finance and Climate Division of the Department of Finance recalled the response of the AfDB to the COVID-19 pandemic and the war in Ukraine under the leadership of President Adesina and highlighted the efforts the bank has made in future proofing for food security, renewable energy, and economic development. He emphasised the value of partnership between Ireland and the AfDB, in particular since Ireland joined the AfDB in 2020.

President Adesina discussed the “High-5” priorities of the bank; Feed Africa; Light up Africa; Industrialise Africa; Integrate Africa; and Improve the Quality of Life for the people of Africa, and the role it plays in the acceleration of Africa’s development.  President Adesina stated that since he devised the concept of the “High 5s”, which represent the top five priorities for the AfDB, 335 million people across the continent have been impacted by the work of the bank and he expects that the achievement of the “High 5s” would allow Africa to meet 90% of the Sustainable Development Goals 2030 target.

Food Security and Sovereignty

Assessing the impact of the Russian invasion of Ukraine on food security in Africa, President Adesina offered insights into how Africa can transform in the face of crisis. While the war seems geographically far from Africa, he said, in reality the impacts of Russia’s invasion of Ukraine are felt much closer. Africa depends on Russia and Ukraine for 41% of its wheat supply, 31% of maize import, 90% of cereals and two million metric tonnes of fertiliser. Without the supply of these essential food produce and means to produce food, Africa faces a large-scale food crisis. President Adesina highlighted that with the support of the AfDB, Africa can not only avert crises like this from happening but can become a global leader in food and food produce exporting. Unlocking the potential of the agricultural sector, through initiatives such as the newly launched $1.5 billion African Emergency Food Production Plant will, he said, allow Africans to put seeds in the ground to feed themselves and unlock the full potential of Africa’s position to feed others, as a global player in food production.

Crisis Preparedness in Africa

President Adesina highlighted how regardless of the global unpreparedness for COVID-19, the AfDB responded rapidly to the pandemic. However, he added, there continues to be structural barriers which the continent must overcome in order to effectively respond to any future exogenous shocks. Africa must, he said, in response, take lessons from the pandemic through a health defence system by building pharmaceutical capacity, building vaccine manufacturing capacity and creating quality healthcare infrastructure, all of which the AfDB plans to do with the newly established Africa Pharmaceutical Technology Foundation. With just 16% of Africa’s population vaccinated against COVID-19, creating, and facilitating the ability to master the processes to allow Africa to produce vaccines for its own epidemiological profile will sustain African sovereignty and crisis preparedness.

The focus of the conversation shifted to the climate emergency, and its disproportionate impact on Africa with increased droughts, floods, cyclones, and extreme weather events. President Adesina contended that investing in development by enhancing infrastructure and access to electricity would elevate climate preparedness and could reduce political instability in areas such as in The Sahel Region.

Debt Sustainability

Amidst his palpable optimism, President Adesina acknowledged that challenges lay ahead, particularly in relation to debt. A lot of Africa’s current debt, he acknowledged is tied to infrastructure and while challenge exists in moving forward without creating more debt, the President did not support using ‘bad loans’ for developing infrastructure, as it is counterproductive to Africa’s prosperity. The President suggested that local currency financing of infrastructure and mobilising private capital were options for Africa to prosper economically without entering in to more debt confinements.

Conclusion

Throughout the discussion, President Adesina offered insight into the future of Africa’s economic opportunities through the many initiatives, projects, and investments of the African Development Bank. In summation, he likened electricity and infrastructure for an economy to the blood and vertebrae in a human body. Electricity, he said, is essential in order to be able to live, and infrastructure is essential to standing straight. A living and thriving African economy needs electricity and quality physical and digital infrastructure to function and prosper.