AfDB’s Sherif on how to build a resilient Africa post-COVID-19

The African Development Bank (AfDB) is gearing up to host the fourth edition of the Africa Resilience Forum with the theme 'COVID-19 and Beyond: Working Together for a Resilient Continent' from September 28th to 30th. To delve into this theme and the crucial aspects of building a resilient Africa post-COVID-19, CNBC Africa interviewed Khalid Sherif, the Vice President of Regional Development, Integration, and Business at the AfDB. One of the primary focuses in building resilience post-pandemic is ensuring widespread vaccination across the continent. Sherif highlighted the AfDB's efforts to assist African countries in acquiring the necessary financial resources for vaccines and healthcare support. In 2020, the bank provided over a billion dollars to support regional member countries in their vaccination efforts. Sherif emphasized the importance of creating fiscal space to afford vaccines and boost healthcare sectors to ensure a healthy and strong population moving forward. Besides vaccination drives, the issue of debt management in Africa also takes center stage in discussions regarding resilience. Sherif acknowledged the rising debt levels in the past two decades across the continent, exacerbated by the COVID-19 crisis and commodity market collapses. He stressed the need for African governments to rethink their financial approaches to ensure better stability in the future. Diversifying exports and industrial bases is highlighted as a key strategy to mitigate debt distress caused by fluctuations in commodity markets. The upcoming Africa Resilience Forum aims to address these critical challenges and focus on strategies for wealth creation in 'transition states.' These states, comprising over 340 million people with limited GDP contribution, face high levels of poverty and unemployment. Sherif emphasized the importance of developing value chains to enhance wealth creation in Africa. By adding value to raw exports like coffee beans, cocoa beans, and diamonds, African countries can boost income, consumption, and employment opportunities, breaking the cycle of poverty and fostering economic growth. The forum serves as a platform for stakeholders to brainstorm solutions and collaborate on building a more resilient and prosperous Africa post-COVID-19.