AfDB: African to record annual GDP shortfall of $127.2bn by 2030

By Ola Modupe (LAGOS)

African Development Bank (AfDB) says the African continent faces an annual GDP shortfall that could exceed 127.2 billion dollars by 2030.

It stated on Friday that the shortfall would occur if current trends in climate finance flow into Africa continued.

“Africa may lose as much as 12 per cent of GDP by 2100.

“In comparison, projected losses for the United States of America and other industrialised countries represent less than 1 per cent of GDP,’’ the AfDB stated.

It added that the bank would organise a pre-Annual Meeting news conference in Abidjan on April 20 to herald its 2023 Annual Meeting at Sharm El Sheikh, Egypt.

“The theme of the 2023 Annual Meeting is: “Mobilising Private Sector Financing for Climate and Green Growth in Africa.

`The meeting provides a framework for the bank’s Group Governors to share their experiences, galvanising domestic and international private financing.

“It also provides a framework for harnessing natural capital to bridge the climate financing gap and promote the transition to green growth in Africa,’’ it stated.

The Annual Meetings of the AfDB Group comprises statutory meetings of its Governors (finance ministers or Central Bank governors representing the 81 member countries) and knowledge events.

Attendants will include Heads of state, representatives of bilateral and multilateral development agencies, leading academics and non-governmental organisations, civil society, and the private sector.