Ghana Set To Host AfDB Group Annual General Meetings

Minister For Finance Ken Ofori Attah
Minister For Finance Ken Ofori Attah

Ghana is set to host the 2022 Annual General Meeting of the African Development Bank.

This was revealed by the Minister for Finance, Hon. Ken Ofori Attah at a Press Briefing in Accra yesterday.

According to him, the event will be held at the Accra International Conference Centre from 23rd – 27th May 2022. 2.

This is the first time Ghana will be hosting this event (in-person) in our history after it signed on as a founding member state on 14th August 1963, in Khartoum, Sudan and attended the Bank’s inaugural Board Meeting in November 1964 in Lagos, Nigeria. Indeed, we had a Ghanaian, Dr. Kwame Donkoh Fordjour Kantinka, as the President of this Bank between May, 1976 and July, 1979. 3.

“These facts, together with our championing role in setting up what has become Africa’s premier Bank, suggest that hosting this event now seems long overdue. As is often said, however, it is better late than never, especially now that the Continent is charting a new path towards building forward better,” he said.

He also averred that Ghana has the opportunity to host the Annual Meetings of the two main entities that make up the AfDB (that is, the ADB and ADF).

“Typically, about 3500 participants attend the AGM. This month, we will host about 1000 delegates for the 57th African Development Bank (ADB) and 48th African Development Fund (ADF) annual meetings. Since its inception, the African Development Bank has focused on its mandate: advancing Africa’s social and economic transformation and economic integration. That mission is even more relevant today. Today, 41 African economies are severely exposed to at least one of three (3) concurrent crises – rising food prices, rising energy prices, and tightening financial conditions,” he stated.

The Finance Minister also indicated that food prices are 34 percent higher than this time last year and have never been this high since the UN’s Food, and Agricultural Organisation started recording them; crude oil prices have increased by around 60 percent, and gas and fertilizer prices have more than doubled and global inflation rose to a decade high of 6.0 percent in February, causing many central banks to signal increases in interest rates, inevitably leading to higher debt servicing costs whilst the number of people experiencing hunger has increased by 46 million in Africa.

As the privileged host of the African Continental Free Trade Agreement Secretariat, Ghana is also providing the opportunity to advance the cause of economic integration in response to some of these challenges during the Annual Meetings.

The Annual General Meetings will be attended by Ministers for Finance, Governors of Central Banks, Leaders of local and international Finance and Development Organizations, captains of industry, and civil society from the 81 Member States of the AfDB; made up of 54 Regional and 27 non-regional member countries.

Meanwhile, the Finance Minister, Ken Ofori-Atta indicated that a number of African countries are facing economic challenges.

“Today, 41 African economies are severely exposed to, at least, one of three concurrent crisis: rising food prices, rising energy prices, tightening financial conditions”, which, he said, Finance Ministers now call the dreaded three Fs: Food, fuel and financial conditions.

According to him, “that is just a ripple through in all Africa, and food prices easily about 34 per cent higher, crude oil prices, some 60 per cent higher and global inflation has risen”.

“We saw our numbers yesterday move to 23.6 per cent, a good chunk of it being imported inflation.”

For April 2022 the national year-on-year inflation rate recorded was 23.6 per cent. The Ghana Statistical Service (GSS) disclosed this on Wednesday, 11 May 2022. While the month-on-month inflation for March 2022 and April 2022 was 5.1 per cent.

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