Kigali, Rwanda – African Development Bank a has issued a call for African nations to take charge of their futures. Today, global shocks, trade disruptions, and climate impacts are reshaping economies everywhere.
Speaking at the 28th Annual Conference on Global Economic Analysis, held from 25–27 June in Kigali, Adesina said:
“Africa must chart its future, relying not on the benevolence of others, but on its own determination.”
The conference, which was co-hosted by the United Nations Economic Commission for Africa and Purdue University’s Global Economic Analysis Project, gathered top economists and policymakers to explore solutions.
The Era of Aid is Over
Adesina emphasized that reliance on foreign aid is no longer sustainable.
“The era of aid or free money is gone. African countries must now learn to develop via the discipline of investments.”
He also warned that the new U.S. tariffs will hurt Africa’s economies. These measures could raise inflation, weaken currencies, and reduce export earnings. For many nations, this strain comes on top of falling aid flows and tight budgets.
Rwanda’s Treasury Minister Godfrey Kabera confirmed these risks:
“Economies are being tested, from volatile commodity prices driven by geopolitical conflicts to the disruption of global trade routes.”
Therefore, he described the gathering as a timely space for sharing ideas.
A New Focus on Value Addition
Adesina called for a shift from exporting raw materials to processing them locally. This transition will help African economies retain more value.
“The export of raw materials is the door to poverty. The export of value-added products is the highway to wealth.”
Today, Africa accounts for only 2.5% of global trade, despite its 1.4 billion people. This figure has remained stuck for years.
Hence, Adesina urged countries to invest in manufacturing, agro-processing, and infrastructure.
AfCFTA: A Pathway to Prosperity
According to Adesina, the African Continental Free Trade Area (AfCFTA) could transform the continent’s prospects.
If implemented fully, it could:
- Boost intra-African trade by 50%.
- Lift 50 million people out of poverty.
- Create 14 million jobs.
He also encouraged governments to remove barriers to trade and seize this unique chance.
Addressing Bias in Finance
Another key highlight was the launch of the African Credit Risk Agency. Adesina explained that global credit ratings often misjudge African countries, raising borrowing costs unfairly.
“Africa has the lowest default risk on infrastructure investments, at 1.9%, compared to up to 12% in developed regions,” he noted.
This new agency will help provide fairer assessments, making it easier to attract investment.
Collaboration for Resilience
Stephen Karingi, Director of Regional Integration and Trade at UNECA, stressed the importance of working together:
“As we explore the global dynamics of trade, climate, and development, let us remember the power of partnerships between data scientists, economists, and policymakers.”
Since its founding in 1992, the Global Trade Analysis Project has connected over 32,000 researchers worldwide. This network is a vital resource for evidence-based policy.
Looking Ahead
As global uncertainties deepen, Adesina’s message was clear. Africa must invest in itself, build resilient economies, and claim ownership of its development.
With determination, the continent can move beyond aid dependency and unlock lasting prosperity.
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