The Gambia Central Bank governor has expressed concerns over the poor performance of African economies amid Russia-Ukraine war and coronavirus pandemic. 

Speaking during the opening ceremony of a summit of African central banks governors at the International Conference Centre in Bijilo, Buah Saidy said: “we are at a cross road in our quest for development and it started from the Covid-19 pandemic. 

“Our economies indeed beset by other major external shocks emanating from the Russia-Ukraine war. The strong recovery anticipated this year is being threatened by the adverse effect of the war.”

According to Mr Saidy, the latest International Monetary Fund’s economic forecast painted a gloomy picture of the prospects of the global economy.

“It forecast 3.2% from this year compared to 6.1% a year ago. It’s now evidence that growth income countries are bearing the brunt of the economic consequences of the shocks through sharp increase in the cost of living, debt of stability challenges and rise in external economic needs,” he added.

Meanwhile, he called on world leaders to step up efforts to tackle climate change amid fear of plunging millions into the abject poverty line.

“As the world gets more fragmented due to consequences that are not awakened, our efforts to confront and address climate change are needed. 

“Global concerted efforts are needed to tackle climate change. If the world fails to step up now, millions of people in the world will be pushed into poverty,” he said.

The week-long summit on digital innovation in financial services in Africa will explore opportunities and challenges for central bank digital currencies on the continent.

The gathering of the continent’s top central heads is expected to further the convergence of African central banks under the African Monetary Cooperation.