The President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has stressed the need for robust legislative agendas, laws, and regulations that would allow African countries to unleash their full economic potential and drive economic recovery.
According to him, these are needed to support farmers with farm inputs to boost local food production and avert the looming food crisis in Africa.
Adesina stated this when he spoke at the 2022 Conference of Speakers and Heads of African Parliament on Monday.
The AfDB President explained that the war between Russia and Ukraine has added another level of complexity to the challenges facing Africa, noting that the war has disrupted food imports from the two countries.
To prevent further disruptions in the food value chain, Adesina said, “We must decouple Africa from food import dependency. Africa must feed itself and do so with pride. The AfDB has designed a 1.5billion dollar emergency food production plan to support African countries to head off a looming food crisis.”
Also, the AfDB chief stated that to make a sustained economic recovery, Africa must ensure the success of the African Continental Free Trade Area (AfCFTA) to develop regionally and globally competitive value chains supported by infrastructure, logistics and trade finance.
“With the development in place, we will produce more locally, trade more regionally, and export to the global market competitively. We’ll be dependent on ourselves to thrive today and well into the future, and this is what I call sustainable economic recovery.
“The economic recovery must be felt in the day-to-day life of people. The recovery must create jobs and recover jobs that are lost, the recovery must focus on the micro-small and medium-sized businesses most of whom were closed down from COVID-19.
“The recovery must focus on the youth and women and expand economic opportunities for them. The recovery must be green and build climate-resilient economies across Africa. The recovery must tackle the continent’s rising debt levels,” he added.