The African Development Bank Group will hold its 53rd Annual Meeting of the Board of Governors from 21-25 May in Busan, South Korea. The Group is focusing on industrialising the continent which has long been deemed to be the panacea for Africa’s development problems. Though Africa has over the past two decades made strides in economic growth, it has not realized the same success with industrialisation which is commensurate to the needs of the continent. Rapid industrialisation is needed for Africa to really take off and fulfil its vast potential. This would see the continent increasing productivity in terms of technological advancement, manufacturing of raw materials and value addition which are still lacking in most countries within the continent. These will have the effect of insulating Africa from suffering huge loses which come as a result of the volatile prices of primary goods which make up much of Africa’s exports.
Africa has been encouraged to draw lessons from the South Korean development experience and with a host of South Korean firms and corporations already investing in Africa, it is imperative that the two share ideas and exchange knowledge in a bid to assist Africa onto the developmental path.
The meetings will be attended by thousands of delegates which will include Heads of State, members of academia, public and private sector players and development strategic partners including the African Capacity Development Foundation. ACBF being a Specialised Agency of the African Union will be a key participant in the meetings as it has a lot to offer on the discussion table as well as a lot to learn. The Foundation will be represented at the meetings by the Executive Secretary Professor Emmanuel Nnadozie and Mr Bakary Kone, Director of the Resource Mobilisation, Strategic Planning and Partnerships Department.