AfDB’s Adesina says investors are backing Africa

By Jonas Nyabor
Posted on Friday, 4 November 2022 12:48

Akinwumi Adesina speaking during the Africa Investment Forum 2022 Opening Ceremony. (photo: AfDB)

Boosters of African investment are trying to roll back the gloom around 2023 debt risks and subdued growth. They point to the continent's low default rates on infrastructure projects, the growing demand for the minerals of the future under African soils, and the clear pro-business reform agenda of the African Continental Free Trade Area.

Foreign direct investment in Africa fell 16% from $47bn in 2019 to $40bn in 2020 largely due to the Covid-19 pandemic. However, things are ‘looking much brighter’, says Akinwumi Adesina, president of the African Development Bank Group, who points to a record $86bn inflow in 2021.