“Nobody eats GDP” says African Development Bank President as he calls for inclusive growth
The 2020 African Economic Outlook (AEO) showed that the continent’s economies are growing well
Gershwin Wanneburg
Communication and External Relations Department
Akinwumi Adesina, President, African Development Bank
Media Contact:
Gershwin Wanneburg
Communication and External Relations Department
African Development Bank
Email: g.wanneburg@afdb.org
ABIDJAN, Ivory Coast, February 3, 2020/ — Africa’s economies are growing strongly, but growth alone cannot meet the needs of the continent’s poorest citizens, because “nobody eats GDP,” the African Development Bank’s (AfDB.org) President, Akinwumi Adesina, said as he unveiled the Bank’s flagship economic report on Thursday.
The 2020 African Economic Outlook (AEO) (http://bit.ly/2vABQFU) showed that the continent’s economies are growing well, higher than the global average. The report projected a steady rise in growth in Africa from 3.4% in 2019 to 3.9% in 2020 and 4.1% in 2021.
According to the report, these figures do not tell the whole story. Across the continent, the poor are not seeing enough of the benefits of robust growth. Relatively few African countries posted significant declines in extreme poverty and inequality, which remain higher than in other regions of the world.
Inclusive growth occurred in only 18 of 48 African countries with data, the report revealed.
According to Adesina “Growth must be visible. Growth must be equitable. Growth must be felt in the lives of people.”
The theme of the 2020 Africa Economic Outlook report, Developing Africa’s workforce for the future, calls for swift action to address human capital development in African countries, where inclusive growth has been held back by a mismatch between young workers’ skills and the needs of employers.
The Bank’s flagship report states that increased investments in education is key as well as progressive universalism in education spending—setting high priorities for the poor and disadvantaged and focusing on basic education first where social returns are highest. Its recommendations include improving access to education in remote areas, incentives such as free uniforms and text books, banning child labour and improving teaching standards.
Hanan Morsy, Director of the Macroeconomic Policy, Forecasting and Research Department at the Bank
To better match skills with job opportunities, the report recommends that governments need to develop a demand-driven education system in tune with rapidly emerging jobs in the private sector, including software engineers, marketing specialists and data analysts, the report says.
“Africa is blessed with resources, but its future lies in its people…education is the great equaliser. Only by developing our workforce will we make a dent in poverty, close the income gap between rich and poor, and adopt new technologies to create jobs in knowledge-intensive sectors,” said Hanan Morsy, Director of the Macroeconomic Policy, Forecasting and Research Department at the Bank.
Dr. Hanan Morsy, Director of the Macroeconomic Policy, Forecasting and Research Department, African Development Bank
Dr. Hanan Morsy is the Director of the Macroeconomic Policy, Forecasting and Research Department at the African Development Bank, Abidjan, Cote d’Ivoire. She is a renowned macroeconomics and public policy expert with vast experience in international financial institutions and the private sector. She has published extensively on wide range of economic and development issues and led a number of major flagship publications.
Dr. Morsy worked previously as the Lead Economist for the Southern and Eastern Mediterranean Region at The European Bank for Reconstruction and Development in London between 2012 and 2017.
Prior to joining The European Bank for Reconstruction and Development, she worked at the International Monetary Fund between 2003 and 2012 in various capacities across different departments including, Fiscal Affairs, Middle East and Central Asia, European, and Monetary and Capital Markets as well as Advisor to Executive Director.
Dr. Morsy is a Board of Trustee Member at the London Middle East Institute and a Research Fellow at the Economic Research Forum.
She holds a Ph.D. in Economics from the George Washington University, USA, a Master’s degree in Economics from University of California, Davis, USA, and a Bachelor’s degree in Economics and Computer Science from the American University in Cairo, Egypt.
All Speakers
Hon. Peter Spencer Bemah, Deputy Minister for Technical and Vocational Education and Training, Ministry of Youth and Sports, Republic of Liberia
Honorable Peter S. Bemah is the Deputy Minister for Technical and Vocational Education and Training, Ministry of Youth and Sports, Republic of Liberia. In his role, Hon. Bemah is managing skills training to enhance employability and entrepreneurship for youths in the West African nation of Liberia.
Honorable Bemah has served in many other youth driven, government and non-government related positions in his country, some of which are: Legislative Research Analyst, the Honorable Liberian Senate; Director of Programs, Liberia National Youth Congress; First Deputy Speaker, Mano River Union Youth Parliament; and Human Resource Director, Trinity Computer Solutions.
Prior to his appointment by His Excellency President George Manneh Weah in 2018, Hon. Bemah served as Compliance Specialist for SPIN, Inc. in Northeast Philadelphia, Pennsylvania; where he helped managed the company’s Compliance Department and ensured that that the company and its employees strictly adhered to all relevant provisions, regulations and standards governing Healthcare Administration in the state of Pennsylvania.
Hon. Peter S. Bemah holds a Master of Legal Studies (MLS) degree in Corporate Compliance from Drexel University, USA; and a Bachelor of Public Administration (BPA) degree in Public Administration from A. M. E. Zion University, Liberia. He also holds several other professional certifications.
Hon. Bemah is married with 2 children.
Sunday Dare, Minister of Youth and Sports Development Federal Republic of Nigeria
S.E. Mr. Billy Eraston KAMBALE TSONGO, Minister of Youth and New Citizenship of the Democratic Republic of Congo
Hon. Rosemary Mbabazi, Honourable Minister of Youth, Rwanda (Ministry in charge of Youth Connekt)
Dr Charles Leyeka Lufumpa, Acting Chief Economist and Vice President for Economic Governance and Knowledge Management
Dester Zeogar Wilson, Minister of Youth & Sports, Republic of Liberia
Tapera Jeffrey MUZIRA, Coordinator Jobs for Youth in Africa Strategy, African Development Bank Group
Dr Eric Kehinde Ogunleye, Advisor to the Chief Economist and Vice President for Economic Governance and Knowledge Management, African Development Bank Group
Professor Afeikhena Jerome, Special Adviser to the Commissioner for Rural Economy and Agriculture, African Union Commission
Professor Haroon Bhorat, Professor of Economics and Director of the Development Policy Research Unit, University of Cape Town
Gary Fields, The John P. Windmuller Professor of International and Comparative Labor and Professor of Economics, Cornell University
Mr. Salah Khaled, UNESCO’s Regional Director for Central Africa
Sangheon LEE, Director of the Employment Policy Department, ILO
Rich Reynolds, Microsoft Philanthropies Strategy and International Field Lead
Mr. Hilmar Schneider, CEO of the Institute of Labor Economics (IZA)
Ms. Ifeyinwa Ugochukwu, Chief Executive Officer, Tony Elumelu Foundation
Paul Tiyambe Zeleza
Fahad Awadh, Founder of Agro-Processing
John Bee, Regulatory and Scientific Affairs Regional Head for Nestlé in Sub-Saharan Africa
Ms. Dewunmi Alugbin, Head Partnerships, Tony Elumelu Foundation, Nigeria
Mr. William Elong, Founder, Will and Brothers Consulting
Dr. Raymond Gilpin, Chief Economist and Heal of Strategy, Analysis and Research at UNDP Africa
Mr. Brian Gitta , Chief Executive Officer and Co-Founder of ThinkIT Limited
Mr. CK Japheth, co-Founder at The Innovative Village, Uganda
Ms. Rehmah Kasule, Founder, CEDA International
Priya Lukka, Economic development specialist
Terence Mathe, Managing Director of Southern Incineration Services
Prof. Amal Nagah Elbeshbishi, Economist, United Nations Economic Commission for Africa (UNECA)
Ms. Nneile Nkholise, Founder, iMed Tech Group, South Africa
Mojúbàolú Olufúnké Okome, Professor of Political Science at Brooklyn College, CUNY
Ashish J Thakkar, Entrepreneur
Fethi TOUZRI, MD, PhD
Mr. Regis Umugiraneza, co-Founder and Chief Executive Officer, Carl Group Company
Dr. Hassan Yousif, Advisor to the National Population Council, Sudan
Juliana RATOVOSON, Interim President of Panafrican Youth Union
Africa’s economies are growing strongly, but growth alone cannot meet the needs of the continent’s poorest citizens, because “nobody eats GDP,” the African Development Bank’s President, Akinwumi Adesina, said as he unveiled the Bank’s flagship economic report on Thursday.
People: Kalomo Grain Marketing Ltd and Savanna Premium Chocolate at 1st AWAN _africa Continental Conference and #VALUE4HER B3B Fair in Nairobi, Kenya
The 2020 African Economic Outlook (AEO) showed that the continent’s economies are growing well, higher than the global average. The report projected a steady rise in growth in Africa from 3.4% in 2019 to 3.9% in 2020 and 4.1% in 2021.
Ellen Johnson Sirleaf is a Liberian politician who served as the 24th President of Liberia from 2006 to 2018. Sirleaf was the first elected female head of state in Africa. Wikipedia
According to the report, these figures do not tell the whole story. Across the continent, the poor are not seeing enough of the benefits of robust growth. Relatively few African countries posted significant declines in extreme poverty and inequality, which remain higher than in other regions of the world.
Akinwumi Adesina, President, African Development Bank
Inclusive growth occurred in only 18 of 48 African countries with data, the report revealed.
According to Adesina “Growth must be visible. Growth must be equitable. Growth must be felt in the lives of people.”
The theme of the 2020 Africa Economic Outlook report, Developing Africa’s workforce for the future, calls for swift action to address human capital development in African countries, where inclusive growth has been held back by a mismatch between young workers’ skills and the needs of employers.
The Bank’s flagship report states that increased investments in education is key as well as progressive universalism in education spending—setting high priorities for the poor and disadvantaged and focusing on basic education first where social returns are highest. Its recommendations include improving access to education in remote areas, incentives such as free uniforms and text books, banning child labour and improving teaching standards.
Hanan Morsy, Director of the Macroeconomic Policy, Forecasting and Research Department at the Bank
Gershwin Wanneburg
Communication and External Relations Department
To better match skills with job opportunities, the report recommends that governments need to develop a demand-driven education system in tune with rapidly emerging jobs in the private sector, including software engineers, marketing specialists and data analysts, the report says.
“Africa is blessed with resources, but its future lies in its people…education is the great equaliser. Only by developing our workforce will we make a dent in poverty, close the income gap between rich and poor, and adopt new technologies to create jobs in knowledge-intensive sectors,” said Hanan Morsy, Director of the Macroeconomic Policy, Forecasting and Research Department at the Bank.
