Africa needs developing industrial processing capacity to tap into its strategic mineral reserves, the African Development Bank (AfDB) said. In a detailed report dubbed, A Dozen Critical Minerals for Africa’s Inclusive Growth and Development, the development bank revealed stark imbalances. Despite 29% of global bauxite reserves, 64% of manganese, and 70% of cobalt production, Africa […]
Tag: AfDB Report
African economies to remain resilient despite financial headwinds — AfDB report
Despite the tightening global financial conditions, African economies are expected to remain resilient with a stable outlook in 2023-2024, according to a report by the African Development Bank (AfDB) that however urges bold policy actions to mobilize and leverage private financing for development in the continent. Africa’s average GDP growth is projected to stabilize at […]
Industries boom: AfDB report finds small African economies industrialize fastest
Morocco, Egypt, South Africa, Mauritius, and Tunisia are Africa’s most industrialized economies but it is the other countries, which have improved the most over the past 10 years, that have made the greatest efforts to move away from economic dependence on extractives toward value-adding sectors. The countries that showed the greatest progress over the past […]
Border barriers within EAC hamper its trade ambitions with Africa — AfDB report
Immigration restrictions between citizens of East African Community (EAC) member states could derail the efforts by the bloc to align with the continental free trade policies, according to new data prepared by the African Development Bank (AfDB). The report released by the AfDB and African Union Commission on Sunday shows that while the EAC is […]
Inflation: govts across Africa struggle to tame soaring prices, help poor people
Lingering effects of the Covid-19 pandemic and the Russia-Ukraine war pose huge challenges to the continent, a recent African Economic Outlook report by the African Development Bank (ADB) concluded. As the war in Ukraine and coronavirus pandemic continue to bite, pushing millions of Africans into extreme poverty, locals are hoping initiatives by the ADB and […]