Developing Africa for the next horizon of growth
Akinwumi Adesina, President of the African Development Bank, discusses the potential for agricultural industrialization, energy inclusion, and infrastructure upgrade to drive prosperity growth.
Growth in Africa has picked up in the past few years, but it’s not without challenges. As the continent aims to lift millions of people out of poverty, it must contend with what constitutes healthy growth and how to create high-quality jobs, among other questions. Akinwumi Adesina, president of the African Development Bank, sat down with McKinsey’s Rik Kirkland to talk through these issues and look at opportunities in agriculture, energy, and more. An edited transcript of their conversation follows.
I’m excited that, this year, growth has picked up—to 4.1 percent, we project. But the topic really on my mind is, yes, I like that, but it still seems to me like survival growth. The kind of growth I want is prosperity growth. And prosperity growth really means that we must be growing in Africa at double digits. That’s what we need to be able to draw millions and millions of people out of poverty.
Challenges in Africa’s growth story
When I look at Africa’s growth and economic picture, one concern that I have is the nature of the growth process—that it’s not been able to create a lot of jobs.
Related video and transcript: https://www.mckinsey.com/featured-insights/middle-east-and-africa/developing-africa-for-the-next-horizon-of-growth
SOURCE: AFRICAN BUSINESS NEWS