President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has called on African nations to halt the export of raw materials, emphasizing that this practice perpetuates poverty and underdevelopment.
Highlighting that Africa accounts for less than 2% of global manufacturing and under 3% of global trade, Adesina urged a shift toward value-added production as a path to wealth. He praised initiatives like the African Continental Free Trade Area (AfCFTA) aimed at boosting intra-African trade and industrialization.
Adesina also criticized the International Monetary Fund’s (IMF) allocation of Special Drawing Rights (SDRs), noting Africa received only 4.5% of the $650 billion issued globally. In response, the AfDB and African Union, in collaboration with the Inter-American Development Bank, have created a new framework to rechannel unused SDRs from wealthier nations to Africa.
