Monday, May 17Inside Business Africa
Shadow

Tag: Adesina

Africa’s GDP could lose $173.1 billion by year-end, projects AfDB

Africa’s GDP could lose $173.1 billion by year-end, projects AfDB

Economy
The African Development Bank (AfDB), has projected that Africa’s Gross Domestic Product (GDP) could lose about $173.1 billion by year-end, and $236.7 billion in 2021, due to the impact of the on-going COVID-19 pandemic on the continent’s economies. According to the Bank, restrictions and strict lockdown measures imposed at the beginning of the health crisis, some of which are being gradually relaxed, have resulted in mass closures of businesses and millions of job losses. Specifically, President, AfDB, Dr. Akinwumi Adesina, said with the pandemic, Africa has lost over a decade of gains of economic growth, noting that the Bank aims to soften the impact of the anticipated recession . Speaking at the Bank’s 55th yearly meetings, and 46th meetings of the Board of Governors of the ...
Dr. Akinwumi Adesina re-elected as President of the African Development Bank Group

Dr. Akinwumi Adesina re-elected as President of the African Development Bank Group

Innovation
Dr. Akinwumi A. Adesina has been re-elected to serve a second fiveyear term as President of the African Development Bank Group (AfDB.org) on Thursday, August 27, 2020 by the Board of Governors of the Bank. A globally renowned development economist and a World Food Prize Laureate and Sunhak Peace Prize Laureate, Dr. Adesina has distinguished himself in driving a bold agenda to reform the Bank and accelerate Africa’s development. He was first elected as President of the Bank on May 28, 2015. As newly re-elected President, Dr Adesina, a former Nigerian Minister of Agriculture, will begin his new term on September 1, 2020. The election result, which gave him a hundred percent of votes of all regional and non-regional members of the Bank, was announced by the Chairperson of the Board o...