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Kaberuka gave the dignitaries present a profound look at Africa’s past and future trajectory for the next 50 years.
He said Africa’s GDP has increased from $600 billion to $2.2 trillion since the year 2000 and it “now offers the highest risk adjusted return on investment. Our economic managers are doing a reasonably good job navigating the difficult global economic slowdown.”
The AfDB President, together with a large number of African Heads of States, was joined by UN Secretary General Ban Ki-moon, Brazilian President Dilma Rousseff and US Secretary of State John Kerry at the African Union headquarters on Saturday.
Several leaders from across the continent marked the progress made over the past five decades among President Museveni of Uganda, President Paul Kagame of Rwanda.
Kaberuka also announced a bold new proposal for an Africa Infrastructure Fund, to be discussed with Finance Ministers during the Bank’s 48th Annual Meetings to be held in Marrakech from May 27 to 31.
He noted, however, that despite strong economic growth, economic transformation remains a challenge for the continent.
He further stated that a “quality growth” of seven per cent is what Africa needs for the decade to come. He emphasized the importance of a quality growth as one “which is not only strong, but sustainable, fair, addresses inequalities, and leaves no one behind.”
On May 25, 1963, the AU’s predecessor, the Organization of African Unity, or OAU, was established with the goal of forging a common identity for the continent as Europe’s colonial rule of Africa fell apart. Since then, the African Union has shifted focus to an organization spearheading Africa’s development and integration.
The Prime Minister of Ethiopia, Hailemariam Desalegn said: “This historic day marks not only a great leap forward in the Pan-Africanist quest for freedom, independence and unity but also the beginning of our collective endeavour for the realizations of Africa’s socio-economic emancipation.
Well as AU Commission Chief Nkosazana Dlamini-Zuma noted: “When we talk about African solutions to African problems, it is because we know that we can only permanently silence the guns if we act in solidarity and unity.”
However, he noted that Africa had a “bright future.