Africa needs to make sure it gets “the best deal possible” for its natural resource exports, particularly with its largest trading partner China, to protect itself from global market turbulence, according to the new president of the African Development Bank.
Akinwumi Adesina, who takes over on Tuesday as the head of the AfDB, told the Financial Times in an interview that China’s “market asset price correction” is hitting African economies hard, particularly those with “very high exposure” such as the continent’s top crude oil, iron ore and aluminium producers.
For the past decade, Africa has been home to some of the world’s fastest growing economies, some of which will struggle to navigate global market turmoil. “There’s no doubt that most of Africa’s economic growth has been tied to that commodities super cycle” that saw China’s economy grow significantly over the past decade, said Mr Adesina. “China is Africa’s largest trading partner [and] we just have to make sure that we manage the current volatilities and make sure that Africa is getting the best deal possible,” he said.