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Business Reporter
The African Development Bank said Africa has untapped potential to generate resources needed for its socio-economic transformation without necessarily relying on financial assistance from bi-lateral and multi-lateral institutions.

Remittances to Africa have risen to over $62 billion in 2014 from $11 billion in 2000 while Sovereign Wealth Funds assets under management in Africa have risen to $162 billion in 2014 from $114 billion in 2009.

Pension funds currently stand at $334 billion and Africa today generates about $500 billion in domestic taxes.

AfDB Zimbabwe Field Office, Officer in Charge Mary Monyau yesterday said the bank, however, encourages African Governments to think differently and mobilise domestic resources for acceleration of development.

“The bank, therefore, encourages African leaders to think differently to mobilise all these domestic resources, and unlock potential of the natural resource wealth and agriculture to accelerate development. Capacity building efforts should therefore be geared in this direction, amongst others,” said Mrs Monyau.

She said AfDB is determined to grow the next generation of a knowledge work force for the continent and will continue to invest in improving access to basic services and address the challenge of rapid urbanisation.

Mrs Monyau said regional integration is also critical for expanding the size of the African markets and Africans must see the benefit of growth and democracy in their daily lives.

“Over 400 million people in Africa live in extreme poverty that is about four in 10 of its population comprising a third of the world’s poorest people. Africa’s economies are growing at an average of about five percent per year, yet inequality is increasing all over our continent.

“Hundreds of millions of people are left behind. Most of them are women and young people. Our collective challenge is to drive Africa’s socio-economic transformation through a development path that makes meaningful contribution to poverty reduction,” said Mrs Monyau.

Despite the challenges affecting the continent, Mrs Monyau said there is another untold story about Africa which is that the continent is rising. Six of the ten fastest growing economies in the world are in Africa.

Real income for the continent has risen by 30 percent in the last ten years meaning Africa is still the place to invest and this calls continued focus on capacity development.

The African Development Bank has so far rolled out five key priorities for the bank, in its mandate in developing Africa within the context of the 10 year Strategy of the Bank Group.

Mrs Monyau said the five priority areas that the bank will focus on to advance Africa’s transformative agenda over the next 10 years are, to light up and power Africa, feed Africa, integrate Africa, industrialise Africa, and improve the quality of life for the people of Africa.

She said the AfDB believes strengthening institutional capacity and human resource development is critical and urgent and should be approached in an integrative manner where all inter-connected capacity deficits are filled.