The Executive Director representing the constituency comprising Liberia, The Gambia, Ghana, Sierra Leone, and Sudan at the African Development Bank Group (AfDB), Rufus N. Darkortey, has emphasized the need for a new economic growth and infrastructure development model for Africa and the Caribbean. Darkortey made this call during a keynote address at the Africa-Caribbean Infrastructure Forum held in Washington, D.C.
According to Darkortey, the current development model is insufficient, and countries in these regions must focus on domestic resource mobilization and a strong domestic private sector to accelerate their transition from low to middle-income status. He highlighted the importance of expanding fiscal space, modernizing public financial management, and strengthening domestic private sector actors, particularly SMEs.
The forum, co-hosted by SmartDev and the Africa Canada Trade and Investment Venture (ACTIV), brought together senior policymakers, development finance leaders, and private sector actors to discuss infrastructure financing and inclusive growth. Darkortey’s address emphasized the need for a transformational approach to development, leveraging public-private partnerships and innovative financing models to drive sustainable growth.
He also pointed out significant infrastructure gaps in Africa and the Caribbean, citing low rates of paved roads and electricity access compared to other regions. Darkortey proposed various public-private partnership models, including output-based aid and blended finance mechanisms, to crowd in development financing.
The event featured a distinguished roster of participants, including Caribbean Development Bank Vice President Dr. Isaac Solomon and Zambia’s Ambassador to the United States Dr. Chibamba Kanyama. The forum aimed to chart a new agenda for infrastructure financing and inclusive growth in Africa and the Caribbean.
