Unlock Africa’s value chains to jumpstart the continent’s development. This is the common thread that marked the opening of the Africa Investment Forum, in Marrakech, Morocco.
A point insisted on by the president of the African Development Bank (AfDB), Akinwuni Adesina, reeling off the mega trends linked to the continent, starting from demographic growth and the importance of young people between 15 and 25 years old, and from the data relating to strength of African economies.
Among the many examples given, Adesina recalled the need to create added value in the supply chain linked to the energy transition and climate resilience. The continent, Adesina underlined, hosts 70% of platinum reserves, 52% of cobalt, 46% of magnesium, 26% of bauxite and 21% of graphite.
A wealth of resources, the president of AfDB said, which must be used for the development of the continent, whose economy has returned to growth at a good pace, recording a +3.8% in 2022. “Invest in Africa, the future is now” concluded Adesina, addressing the investors, institutional representatives and businesses gathered in Marrakech.
The role of the private sector and the possibilities linked to it was one of the points included in the speech of the Moroccan King Mohammed VI according to which this fourth edition of the AIF comes at a time full of challenges: “Economic challenges exacerbated by the geopolitical tensions generated beyond African borders”. Challenges to which are added the climate ones which “paradoxically affect a continent responsible for only 4% of polluting emissions”, the burden of debt which together with the increase in interest and the inflationary spiral is reducing the room for maneuver of African countries.
“This unprecedented situation – said the king in his message – combined with the scale of financial needs actually makes the role of the private sector even more important in pursuing the objectives that Africa has set itself”. [Dal nostro inviato in Marocco]