{"id":475807,"date":"2022-05-15T10:00:10","date_gmt":"2022-05-15T10:00:10","guid":{"rendered":"https:\/\/www.kapitalafrik.com\/?p=475807"},"modified":"2022-05-15T10:00:15","modified_gmt":"2022-05-15T10:00:15","slug":"african-development-bank-annual-meetings-2022-time-to-tackle-triple-crises-of-food-energy-and-finances-says-ghanaian-finance-minister","status":"publish","type":"post","link":"https:\/\/www.financialafrik.com\/en\/2022\/05\/15\/african-development-bank-annual-meetings-2022-time-to-tackle-triple-crises-of-food-energy-and-finances-says-ghanaian-finance-minister\/","title":{"rendered":"African Development Bank Annual Meetings 2022: Time to tackle triple crises of food, energy and finances, says Ghanaian Finance Minister"},"content":{"rendered":"<div class=\"pdfprnt-buttons pdfprnt-buttons-post pdfprnt-top-bottom-left\"><\/div>\n<ul>\n<li><em>41 African economies face dreaded three f\u2019s: food, fuel and finance conditions \u2013 Ghanaian Finance Minister Ken OforiAtta<\/em><\/li>\n<\/ul>\n<p>\u00a0Ghanaian Finance Minister Ken Ofori-Atta on Thursday emphasized the nation\u2019s partnership with the African Development Bank in its development as he addressed journalists at a press conference to publicize the institution\u2019s upcoming annual meetings.<\/p>\n<p>Ofori-Atta described the meetings as seminal, in the context of a world seeking to rebalance in the wake of Covid-19 and the war in Ukraine.<\/p>\n<p>\u201cThe hosting is long overdue. Forty-one African economies are severely exposed to at least three concurrent crises \u2013 rising food prices, rising energy prices and tightening financial conditions \u2013 what finance ministers now call the dreaded three f\u2019s,\u201d Ofori-Atta said.<\/p>\n<p>Throughout Africa food prices are currently around 34% higher, crude oil prices 60 % and global inflation is affecting all countries, the minister said, with inflation in Ghana standing at around 23.6%.<\/p>\n<p>\u201cThe newly poor in Africa has increased by 55 million and approximately 35 million formal jobs are at risk,\u201d the minister said. \u201cThis toxic mix of challenges exist even as we try to recover from the Covid-19 pandemic.\u201d<\/p>\n<p>\u201cIn the African Development Bank, we have a well-positioned institution with the convening power and a network of technical and financial resources to significantly contribute toward finding robust solutions to some of these intractable problems that we are experiencing,\u201d Ofori-Atta said.<\/p>\n<p>During the annual meetings, scheduled from 23-27 May in the Ghanaian capital Accra, there would be a showcase of products and services of 13 indigenous industrialists and 5 fintechs on the sidelines.<\/p>\n<p>Ofori-Atta also touched on the replenishment of the African Development Fund (ADF), the African Development Bank Group\u2019s concessional lending arm. This year marks the fiftieth anniversary of the Fund.<\/p>\n<p>\u201cOne of the key issues is how to push our non-regionals to accept ADF going to the capital markets to leverage the $25 billion equity so we can get more resources,\u201d Ofori-Atta said.<\/p>\n<p>He said the ADF would benefit from cheaper interest rates, should it turn to the capital markets. Donors and multilateral institutions cannot meet the development demands Africa has.<\/p>\n<p>Speaking of the cocoa value chain, Ofori-Atta noted the importance of adding value to boost incomes of the country\u2019s farmers in the lucrative cocoa industry. He said an emergency food plan proposed by the African Development Bank is designed to assist farmers, especially with fertilisers.<\/p>\n<p>The plan, which hinges on providing certified seeds of climate-adapted varieties to 20 million African farmers, would see the rapid production of 38 million tonnes of food across Africa over the next two years. With the disruption of supplies arising from the war in Ukraine, Africa is facing a shortage of at least 30 million metric tonnes of food, especially wheat, maize, and soybeans imported from Ukraine and Russia. The Bank has pledged to invest $1.3 billion in the plan\u2019s implementation.<\/p>\n<p>\u201cThrough our enduring partnership with the Bank, Ghana has undertaken significant infrastructure development,\u201d the minister said. He also noted other areas of collaboration, including education, modernisation of agriculture and financing for small businesses.<\/p>\n<p>\u201cIt is a good time for this AGM to happen. It could lead to some really important change in how the global financial architecture is tackled, so that we can get the resources we need to be able to transform the continent,\u201d Ofori-Atta said.<\/p>\n<div class=\"pdfprnt-buttons pdfprnt-buttons-post pdfprnt-top-bottom-left\"><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":527180,"featured_media":475808,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"aside","meta":{"pmpro_default_level":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"translated_post_url_fr":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[12046,12065],"tags":[20801],"class_list":{"0":"post-475807","1":"post","2":"type-post","3":"status-publish","4":"format-aside","5":"has-post-thumbnail","7":"category-leaders-en","8":"category-press-releases","9":"tag-ken-oforiatta","10":"post_format-post-format-aside","11":"pmpro-has-access"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>African Development Bank Annual Meetings 2022: Time to tackle triple crises of food, energy and finances, says Ghanaian Finance Minister - Financial Afrik<\/title>\n<meta name=\"description\" content=\"Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. 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