AfDB: Africa faces annual $127.2bn GDP shortfall in 2030

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

The AfDB stated on Friday that the GDP 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,” it said.

AfDB added that the bank would organise a pre-annual meeting press conference in Abidjan, Cote d’Ivoire, 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,” the bank stated.

The annual meetings of the AfDB comprise 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.

The Star