Addressing Africa’s energy poverty
Chief Economist of the Africa Export Import Bank, Hippolyte Fofack, says Africa cannot develop without the right infrastructure and power that will drive economic transformation. In a chat with CNBC Africa’s Godfrey Mutizwa, Fofack stresses the need to close the energy gap, while stressing that climate change should be viewed as an opportunity to build the continent.
Tue, 17 Oct 2023 14:38:31 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Africa faces significant energy poverty despite possessing abundant resources such as gas, hydro, and nuclear power.
- The continent grapples with high perception premiums and interest rates, hampering debt sustainability and economic growth.
- The G21 Common Framework for debt restructuring and initiatives like recycling unused SDR could offer solutions to Africa's debt challenges.
Africa's path to economic development and transformation hinges on addressing critical issues such as energy poverty and the burdensome debt challenge that stifle the continent's progress. Chief Economist of the Africa Export Import Bank, Hippolyte Fofack, emphasized the urgent need to bridge the energy gap during a conversation with CNBC Africa's Godfrey Mutizwa. Fofack highlighted the vast energy resources available in Africa, from gas to hydro to nuclear, and stressed the necessity for investment in infrastructure and technology to unleash the continent's economic potential. The discussion also delved into the complex issue of debt sustainability and the disparities in interest rates between African countries and their European counterparts. Fofack underscored the need for a concerted effort to address these challenges and unlock Africa's promising future. In the face of the ongoing climate crisis, Fofack urged stakeholders to view climate change as an opportunity to build a sustainable and prosperous Africa.
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