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.
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.
