The African Development Bank (AfDB), has forecasted that the Gross Domestic Product (GDP) of Africa could lose about $173.1 billion at the end of 2020 and lose $236.7 billion in 2021 owing to the impact of the COVID-19 pandemic on Africa’s economy.
The bank gave the forecast during its 55th annual meetings and 46th meetings of the Board of Governors of the African Development Fund (ADF) which took place virtually recently.
According to the bank, the prohibition and strict enforcement of lockdown by various governments in Africa when COVID-19 started resulted in mass shut down of businesses and millions of job losses.
While speaking at the virtual meeting, the bank’s re-elected President, Dr. Akinwumi Adesina, said as a result of the pandemic, Africa has lost more a decade of gains of economic growth. He said the bank is try to help soften the impact of the envisaged recession in Africa. He revealed that Africa’s recovery from the pandemic’s economic impact would be a long and difficult process.
He stressed that it had become significant for African countries to unite to help the continent to build back and pay greater attention to quality improvement in health, climate and the environment.
Adesina said being the first re-elected President of the Bank through vote showed the transparency of the Bank and its great level of standards and commitment to transparency and good corporate governance.
He praised the Board of Governors of the African Development Bank for their total trust, confidence, and support and noted that he was highly honored and humbled in a bid to answer was yet another call for selfless service to Africa and the AfDB.
