AfDB counsels Africa on sovereign wealth, pension funds

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The African Development Bank (AfDB) has advised that sovereign wealth and pension funds of Africa should be invested in the continent.

Dr Akinwumi Adesina, the President of AfDB, made the suggestion at the inauguration of the first report on the implementation of Agenda 2063 ahead of the 33rd African Union Summit in Addis Ababa.

He explained that Africa’s sovereign funds were being invested elsewhere instead of such to be brought to the continent hence leaders should take a decision to ensure such funds were invested in Africa.

The AfDB President called on heads of state to push for the continent’s pension and sovereign wealth funds to contribute to domestic prosperity.

Adesina urged African leaders to accelerate Agenda 2063: “We have to make sure, in everything we do, that we bring about implementation faster”

He however underscored the need for Africa to also do more to stop illicit capital flows.

The statement added that AfDB, the United Nations, and the African Union had on Saturday acknowledged the significant progress made in implementing Agenda 2063 and urged African countries to go further to fast-track economic transformation.

The bank noted that while unveiling the implementation report, President Alassane Ouattara of Côte d’Ivoire stated that the remarkable progress had been made and however stressed that the continent still had a long way to hit its development targets.

It quoted Quattara as saying that “In five years, we have come a long way in implementing Agenda 2063.

To go further, Agenda 2063 must be the responsibility of all the member states of the AU,” said Ouattara.