One pillar in the African Development Bank’s current 5-tiered roadmap is the goal of “improving the quality of life for Africans.” This pillar lays the foundation that guides the other four pillars.
“Everything we do in agriculture, in water supply is to improve the quality of life for Africans,” explains Khaled Sherif, the Bank’s Vice President for Regional Development, Integration and Business Delivery.
Sherif discusses the trajectory of GDP growth in Africa, which has consistently increased in recent years. However, GDP per capita – which is a country’s economic output per person – remains stagnant.
The economist explains further how most Africans live day-to-day on restricted incomes, which prevents them from spending disposable income on goods and services, as done in most developed nations. This lack of spending can also dissuade private sector companies from investing in the economy, which then has a trickle-down effect on employment and other areas.
Sherif says the goal of the African Development Bank is to create a platform for wealth creation.
For more on the “Road to the 2020 Annual Meetings: A conversation with VP Khaled Sherif,” click here