“Corruption does not invest in the future, it kills the future.”
This is the word from Akinwumi Adesina, president of the African Development Bank, speaking at the World Peace Summit of Global Leaders.
According to the World Economic Forum, an estimated $116-billion a year would be required to feed the world and end hunger. It would also take $8,5-billion a year to eliminate malaria.
“That’s only 0,28% of what’s lost to corruption globally every year,” says Adesina. “It would take $26-billion per year to send all kids in the world to school. The International Atomic Agency estimates that $31-billion per year would provide energy for all in the world. That’s just 1% of what’s lost annually to corruption globally.”
The African Development Bank’s 2019 African Economic Outlook notes that Africa’s impressive economic growth is expected to be maintained at 4% in 2019, and 4,1% in 2020, with 40% of African countries projected to see even higher growth rates.
Pitching Africa investment opportunities to government and business leaders during his visit to Seoul, Adesina says: “There is no better time to invest in Africa than now.”
The Africa Continental Free Trade Area is projected to make Africa the largest free trade zone in the world, with an estimated combined GDP of over $3,3-trillion.
With a backdrop of an improving regional economy and a move toward creating a new generation of jobs for young Africans, Adesina says: “Today, millions of unemployed young Africans have no jobs and many take enormous risks to cross the Mediterranean to seek a brighter future in Europe.
“The fact is, there’s no pride in seeing thousands of young men and women drown in the turbulent waters of the Mediterranean. The future of Africa’s youth doesn’t lie in Europe. The future of our youth must lie in a thriving, prosperous and secure Africa.”
At the Peace Summit for Global Leaders, the president of the African Development Bank highlighted key achievements in 2018, including: 5-million people with new or improved electricity connections; 19-million people who have benefitted from improved agricultural technologies; 1,1-million people who have benefitted from private sector investment projects; 14-million people who received access to better transport services and 8-million with improved access to water and sanitation.