African Development Bank Group President, Dr. Akinwumi A. Adesina, delivered a compelling farewell address to Heads of State and Government at the 38th African Union Summit, highlighting a decade of remarkable achievements by the Bank in driving Africa’s economic transformation.
Adesina’s participation at the continental gathering, in Addis Ababa, Ethiopia, ended on a high note as African leaders considered and endorsed four Bank-led initiatives including the drive to connect 300 million Africans to electricity by 2030, measuring Africa’s green wealth as part of its GDP, a $20 billion facility to provide Africa with a financial buffer and a roadmap for the continent to achieve inclusive growth and rapid sustainable development.
Reflecting on his tenure at the helm of the African Development Bank, Dr. Adesina said the Bank has transformed 515 million lives over the past decade:
• 127 million people gained access to better services in terms of health.
• 61 million people gained access to clean water.
• 33 million people benefited from improved sanitation.
• 46 million people gained access to ICT services, and
• 25 million people gained access to electricity.
Over the past decade, the African Development Bank has invested over $55 billion in infrastructure, making it the largest multilateral financier of African infrastructure.
Under Adesina’s presidency, the Bank achieved its largest-ever capital increase, growing from $93 billion in 2015 to $318 billion currently. The most recent replenishment of the African Development Fund, the Bank Group’s concessional window, raised a record $8.9 billion for Africa’s 37 low-income countries, setting the stage for a target of $25 billion for its upcoming 17th replenishment.
The Africa Investment Forum, a joint effort with eight other partner institutions, has also mobilized over $200 billion in investment commitments, reinforcing Africa as a leading investment destination.
The growth and transformation of Developing Economies
Opening the Summit on Saturday, Ethiopian Prime Minister Dr. Abiy Ahmed said, “In a world marked by rapid change and multiple challenges, we find ourselves at the crossroads of uncertainty and opportunity. This movement calls upon us to strengthen our collective resolve, embrace resilience and foster unity across Africa.”
According to the International Monetary Fund, 11 countries out of the top 20 with the fastest growing GDP are located in Africa and South Asia. All 11 have growth rates greater than 5.5%.
These countries include Niger (9,9%), Rwanda (7%), Benin (6,5%), Côte d’Ivoire (6,5%), Djibouti (6,5%), Ethiopia (6,1%), Mauritius (6,1%), Vietnam (6,1%), Senegal (6%), Uganda (5,9%) and Equatorial Guinea (5,8%).
Sub-Saharan Africa showed an overall growth rate of 3,6% and South Asia a phenomenal growth of 6,4%.
Entering or expanding into these markets requires a unique approach to market research.
Market Research in Developing Economies
Frontline Research Group, with offices in South Africa and Mauritius, have three decades of experience in conducting market research in developing economies.
Steve Johnson, Managing Director of Frontline Research Group, says, “These regions often experience rapid changes due to urbanization, globalization, and improvements in technology and infrastructure and their retail sector have a host of challenges when it comes to obtaining accurate data.”
Click here to find out more about why market research is essential in developing economies.
“The distribution of goods in developing economies is often convoluted, with a complex network of small-scale distributors and retailers operating in high-density areas. These small retail outlets, known as microenterprises and with many localised names such as Spazas, Souks and Dukanis, are widespread and play a critical role in local economies. Typically, they keep few records and it is up to a specialised research company such as Frontline Research Group to access this data,” adds Steve.
For more information or a demonstration contact Steve Johnson, Managing Director on Tel: +230 5493 6376 or email: steve@frontlineafrica.com
