"Africa needs transformation in terms of socio-economic development (...) this is still a work in progress. A lot has been achieved, but a lot needs to be done," said Vincent O. Nmehielle, in a statement ahead of the start of the AfDB Group’s annual meetings, which take place this year from 27 to 31 May in Nairobi, Kenya, with the institution prioritizing leading the "quest to reform the global financial institutions". Vincent O. Nmehielle added that the AfDB intends to reflect on its role in this process, namely at the level of the international financial architecture, which he recalls was "designed primarily to help Europe recover after the Second World War". "There will be outcomes and decisions taken by the governors on the direction that the bank will take, possibly in the area of transforming Africa and what role the bank will play (...) in reforming the international financial architecture," he explained. The African Development Bank Group is Africa’s leading development finance institution and is meeting in Nairobi to discuss "Africa’s Transformation, the African Development Bank Group and the Reform of the Global Financial Architecture". Vincent O. Nmehielle recalled that the AfDB’s annual meetings allow the Board of Governors to "review the performance of the bank" and "the direction it is taking", with the adoption of "relevant decisions supported by resolutions" expected, in addition to discussion panels on various structural themes. Kenyan President William Ruto, who is hosting these AfDB meetings, argued last July that bold decisions are needed to prevent the debt burden of African countries from becoming too onerous: "Africa has $640 billion in debt and pays nearly $70 billion in interest every year. It would be fair if we had a financing mechanism that treats us as equals". The 59th Annual Meeting of the Board of Governors of the African Development Bank and the 50th Meeting of the Board of Governors of the African Development Fund will take place at the Kenyatta International Convention Centre in Nairobi, with the presence of government members, heads of state and former presidents of African countries, for a total of more than 3,000 participants. According to the provisional programme, among dozens of other participants, a speech by former President of Mozambique Joaquim Chissano is scheduled for Wednesday, in the high-level panel. According to the AfDB, despite "sustained economic growth over the past two decades, Africa’s economic transformation remains incomplete", with the continent’s real Gross Domestic Product (GDP) having grown by 4.3% per year between 2000 and 2022, "compared with the global average of 2.9%, and many of the world’s ten fastest-growing economies were in Africa". "Despite this solid growth performance, the structure of African economies has not changed significantly over the past two decades, with the agriculture, industry, and services sectors accounting on average for 16, 33, and 51 percent, respectively, of Africa’s aggregate GDP between 2000 and 2022. These levels are similar to those recorded in the 1990s," he recalls. Employment in the manufacturing industry has also "been declining due to premature de-industrialization", since "despite an increase in the number of jobs", from 20.2 million in 2000 to 33.3 million in 2021, "the sector contributes less than 10% of total employment". The African Development Bank Group has 81 member states, including 53 African countries and 28 countries outside the continent, including Portugal. Read Also: Africa? It is necessary to implement a "collaborative process" (Portuguese version)