Abidjan: The African Development Bank Group's 2025 Annual Meetings next month will take a deep dive into how Africa can better harness its wealth of capital and address current issues such as heavy debt burdens, climate change, and rising tariffs in a complex geopolitical landscape, the institution's Secretary General and Chief Economist said.
According to Emirates News Agency, Prof. Vincent Nmehielle, Secretary General of the African Development Bank Group, and Prof. Kevin Urama, Chief Economist and Vice President for Economic Governance, addressed journalists at the traditional press briefing which takes place ahead of the institution's annual meetings. Prof. Nmehielle informed the journalists that the meetings are scheduled from the 26th to the 30th of May 2025, in Abidjan, C´te d'Ivoire.
The Secretary General outlined the objectives and the agenda of the annual meetings, highlighting a key session for electing the next president of the Bank, succeeding Dr. Akinwumi Adesina after his 10-year term. Urama emphasized the focus on the theme 'Making the Most of Africa's Capital to Foster Its Development,' aiming to harness Africa's fiscal, human, natural, and business capital for development.
Discussions with heads of state, ministers, civil society, experts, and the bank's development partners during four major knowledge events and a presidential dialogue will ensure a thorough exploration of the theme and concrete proposals for actionable steps, Urama explained.
The African Development Bank's 2025 African Economic Outlook report, to be released during the meetings, will address the global economic changes, debt burdens, and resource mobilization to assist African countries in building effective institutions. Journalists raised questions on issues such as trade tariffs imposed by the United States, loss of USAID financing, and procedural matters regarding the election of a new president for the African Development Bank.
Urama noted that the issue of trade wars aligns with the conference's theme of making Africa's capital work better for its development, with discussions focusing on business capital and tariffs. He highlighted the impact of trade tariffs on economies, emphasizing the importance of domestic policy responses to trading partners' policies.
Nmehielle stated that dwindling aid and higher tariffs should prompt Africans to seek internal solutions. He urged that Africa's capital should serve the continent and encouraged leaders to leverage internal resources for Africa's development.