The African Development Bank (AfDB), has predicted that Africa’s Gross Domestic Product (GDP) could lose about $173.1 billion by the end of 2020, and $236.7 billion in 2021, due to the impact of the COVID-19 pandemic on the continent’s economy.
The bank gave the prediction at its 55th yearly meetings, and 46th meetings of the Board of Governors of the African Development Fund (ADF), that held virtually recently.
According to the bank, the restrictions and strict lockdown the different governments in the continent imposed at the beginning of the pandemic resulted in mass closures of businesses and millions of job losses.
Speaking at the virtual meeting, re-elected president of the bank, Dr Akinwumi Adesina, said with the pandemic, Africa has lost over a decade of gains of economic growth. He said the bank is working towards helping to soften the impact of the anticipated recession on the continent. He projected that Africa’s recovery from the economic impact of the pandemic would be long and difficult.
He noted that it had become vital for member countries to unite in helping the continent to build back, boldly, but smartly, paying greater attention to quality growth in health, climate, and the environment.
Adesina said as the first president of the Bank to be re-elected by a vote, it showed the transparency of the Bank and its high level of standards and commitment to transparency and good corporate governance.
He lauded the Bank’s Board of Governors for their collective trust, confidence, and support, noting that he was greatly honoured and humbled, as it was yet another call for selfless service to Africa and the AfDB.