Ken Ofori-Atta urges AfDB to tackle capital risk issues within African economy

Ghana’s Finance Minister, Ken Ofori-Atta has urged the African Development Bank to demonstrate leadership in tackling key risk concerns faced by Africa in the wake of the Coronavirus pandemic.

According to Ken Ofori-Atta, the AfDB must help steer forward a successful socio-economic recovery post the pandemic and to tackle risks such as reduced capital inflows into Africa.

Giving remarks at the just ended 2021 Annual Meetings of African Development Bank Group, Ken Ofori-Atta pointed failure to address this will affect Africa’s full and timely recovery.

“As we advance, building back, greener and better, we would require the AfDB to show leadership to address 3 critical categories of risks, namely the risk of greater pandemic resurgence which will affect African countries disproportionately,” he said.

“The risk of reduced capital inflows because of the perceived economic effects of the pandemic’s resurgence. The risk of lasting economic damage from the pandemic exacerbating poverty and inequality within African countries,” he added.

Already, most African countries have been laden with debt while presidents on the continent have called for debt cancellation and a restructuring of the global financial architecture.

Ghana’s President, Nana Addo Dankwa Akufo-Addo who is the latest of them recently explained this was necessary to assist Africa to respond better to its socio-economic needs and development.