18 May 2016
Agriculture, Energy and Job Creation Critical for Transformation, WEF on Africa Says
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Participants at the 26th World Economic Forum (WEF) on Africa discussed strategic actions to deliver shared prosperity, highlighting the role of agriculture, energy and job creation in transforming the region.

The Forum brought together global and regional leaders from government, business and civil society to discuss digital economy catalysts to drive transformation and strengthen public-private collaboration on development challenges throughout Africa.

World Economic Forum13 May 2016: Participants at the 26th World Economic Forum (WEF) on Africa discussed strategic actions to deliver shared prosperity, highlighting the role of agriculture, energy and job creation in transforming the region. The Forum brought together global and regional leaders from government, business and civil society to discuss digital economy catalysts to drive transformation and strengthen public-private collaboration on development challenges throughout Africa.

The WEF on Africa convened in Kigali, Rwanda, from 11-13 May 2016, under the theme, ‘Connecting Africa’s Resources through Digital Transformation.’

Agriculture and agribusiness will play a key role in unlocking Africa’s shared prosperity, said a high-level panel of African leaders. African Development Bank (AfDB) President Akinwumi Adesina called for increasing investments in agriculture and value chains and addressing irrigation infrastructure. Other panelists highlighted the importance of: developing alternative financing approaches, including private sector partnerships; reducing the role of middlemen in agricultural commodity chains to increase the returns that farmers receive for their products; and increasing smallholder farmers’ access to finance.

Adesina observed that 645 million people in Africa have no access to electricity, and stressed that the region must solve its energy problem to achieve industrialization. During a panel on the role of Africa in the Fourth Industrial Revolution, he elaborated that lack of affordable and reliable access to power and lighting hinders job creation, business growth and provision of critical services. To address this challenge, he said, the AfDB will invest US$12.5 billion over five years to boost Africa’s energy capacity.

President of Rwanda Paul Kagame shared his country’s emphasis on information and communication technology (ICT) as a strategy for growth, saying Rwanda wants to achieve internet access for all and has invested in institutions to empower people to use the internet. At the same time, Kagame cautioned that development must go beyond money and policies to focus on people and cultivate “good politics that demand accountability and results from leaders,” while protecting stability and security.

Other speakers stressed the importance of gender equality and education, saying Africa needs an education system that prepares its youth for the necessary skills for industry. AfDB highlighted its Jobs for Youth in Africa strategy, which aims to increase direct and indirect employment in agriculture, industry and ICT, with the broader goal of reducing poverty and inequality and promoting social cohesion and political stability.

The Forum also addressed the role of green growth in mitigating climate change, ideas for overcoming income inequality, inclusion of women in infrastructure and technology discussions, options for managing migration, and taxation.

During the Forum, the AfDB, the Organisation for Economic Co-operation and Development (OECD), the World Bank and the WEF released ‘The Action Agenda for Africa’s Competitiveness.’ The report synthesizes over 120 recommendations from a series of workshops on competitiveness that took place across Africa between October 2015 and April 2016. Other reports released include a report on health systems and one on the future of the construction industry. [AfDB Press Release, 12 May] [AfDB Overview of Forum] [AfDB Press Release, 13 May] [Forum Website] [Publication: The Action Agenda for Africa’s Competitiveness] [WEF Reports] [Quotes from WEF on Africa]

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