Author: Elwin Mandowa

Q1: At the African Union Summit of Heads of State and Government in Addis Ababa, in February, African leaders called for providing Africa with a larger part of the re-allocated Special Drawing Rights. Do you think Africa can succeed in securing a bigger settlement? Africa must succeed. Countries are expected to access additional Special Drawing Rights (SDRs) through initiatives led by the International Monetary Fund (IMF) such as the Poverty Reduction Growth Trust and the Resilience and Sustainability Trust. But this will not be enough. Senegalese President Macky Sall and…

Governors, the board, management and staff of the African Development Bank Group—meeting in the Ghanaian capital for its annual meetings this week—devoted much of Wednesday to celebrating Africa Day. African nations and institutions mark Africa Day annually on 25 May to celebrate the 1963 founding of the erstwhile Organisation of African Unity—today the African Union. The Bank Group held a colourful ceremony during its ongoing annual meetings in honor of Africa Day 2022. African Development Bank Secretary General Vincent Nmehielle compered the ceremony and set the framework for the celebration.…

An African Development Bank report released Thursday shows that the institution was pivotal in 2021, delivering timely investments that are helping millions of Africans overcome the unprecedented challenges caused by the Covid-19 pandemic. Published annually for the past 12 years, the Annual Development Effectiveness Review analyses the Bank’s role in Africa’s development. It monitors the Bank’s contribution to the High 5s: Light Up and Power Africa, Feed Africa, Industrialise Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa. Titled “Returning Africa to its Development Path,”…

The government of Ghana has signed a grant agreement with the African Development Fund, and a financing agreement with the government of Switzerland, for the Ghana Mini Grid and Solar Photovoltaic Net Metering project. The project will benefit schools, health centres and communities across the country. The agreements, for the development of 35 mini-grids and stand-alone solar PV systems, were signed on Wednesday 25 May at a short ceremony held on the sidelines of the African Development Bank Group’s 2022 Annual Meetings. They were signed by Ghanaian Finance Minister Ken…

The United Kingdom may channel some of its International Monetary Fund Special Drawing Rights (SDRs) to Africa through the African Development Bank, revealed UK Minister for Africa, Latin America and the Caribbean Vicky Ford yesterday.  “Let me be very clear, the UK would like to channel some of our SDRs to Africa through the African Development Bank,” Ford said on Wednesday at the African Development Bank Group’s 2022 Annual Meetings in Accra. “We welcome the Bank’s efforts to develop options for these SDRs,  Ford said. Ford was speaking during a…

African governments and international development institutions have voiced support for the African Development Bank Group’s $1.5 billion emergency food production facility to help avert a looming food crisis across Africa. The Bank Group’s board approved the facility on Friday. At a virtual meeting convened by the African Union Commission on Thursday, government ministers and development partners commended the initiative, which will boost domestic production of essential grains. Imports of these staples have been hit by the ongoing Russia-Ukraine war. During the meeting African ministers of finance and agriculture and representatives…