African poverty resists economic growth: AfDB head

Home

Information

News Category

Business

African poverty resists economic growth: AfDB head

MAPUTO (AFP) - The annual meeting of the African Development Bank (AfDB) opened in Mozambique on Wednesday with the organisation's head warning that rising growth rates are having little impact on poverty levels.

In his opening speech, AfDB president Donald Kaberuka said the economic impact of surging food prices, power shortages and global warming would all be debated during the two-day gathering of African finance ministers and experts.

Kaberuka said that although the continent's overall economic performance was improving, more was needed to lift living standards for the average African.

"The strong growth rate for Africa, which is averaging nearly six percent, has not yet been enough to translate into a big fall in poverty levels," said Kaberuka.

Following protests in a number of African countries over food price rises, Congolese President Dennis Sassou N'Guesso also told delegates that access to affordable food was essential to political stability.

"Governments and international institutions such as the AfDB must promote food security in order to consolidate peace on our continent. There can be no peace when people are hungry," he said.

In a report issued just ahead of the meeting, the bank detailed how prices of major staple crops, including rice and maize, had doubled in the first three months of the year.

Set as favorite

Bookmark

Email This

Comments (0)