AFDB President faults global finance architecture | Event
Transcript
00:00 It is a pleasure to introduce today's keynote guest speaker,
00:04 Dr. Akinwumi A. Adesina, President of the African Development Bank Group.
00:10 Thank you very much and good morning to every one of you.
00:15 I wish to thank the Dean, Sumitra Aduta, faculty and of course the students of
00:21 Oxford University's Said Business School for the great honour of
00:25 being your commencement speaker at your graduation ceremony today.
00:31 The global financial architecture is failing development in the world today
00:35 as it faces multiple challenges. The global financial architecture
00:40 needs to be modified to tackle these global challenges
00:44 more effectively and to accelerate the achievement
00:48 of the sustainable development goals. I encourage you as leaders
00:52 to ensure that these vast resources are directed
00:55 towards the collective good. More than ever
00:59 the world needs change makers. Change makers that can carry the love of
01:04 God into a turbulent world. Change makers
01:09 with a heart. Live for others, do not live for yourselves. Then you
01:15 will have fully made the only work that counts.
01:19 The wealth of creating hope for others. Now do not get me wrong, we need wealth.
01:26 We just have to make sure we are not creating wealth at the expense of our
01:30 common existence. As MBA graduates, you have been provided
01:36 with the tools you need to help generate more wealth and to
01:40 manage corporations and economies around the world better.
01:46 Bring into the workplace a mindset, a determination to promote transparency,
01:52 inclusion, honesty and integrity. A determination not to be sucked in by
01:59 the slimy allure of insatiable corporate greed that has
02:03 wreaked havoc on the lives of billions. True
02:07 creative accounting, misrepresentation of the valuation of
02:11 companies or the selling of securities that lead
02:16 to insecurities. There is no doubt that the withering down of financial
02:20 regulations that prevent unbridled speculative
02:24 activities led to 2008 global financial crisis.
02:29 The tightening and toughening of regulatory environment
02:32 put back the guardrails. But those guardrails
02:36 are now being gradually removed. This may portend
02:41 well for quick world creation for just a few.
02:44 What could trigger greater risk taking and financial speculation again
02:50 all oiled by greed. Greed is the spark that leads to financial forest fires
02:56 that blaze unchecked until all in its path
02:59 is consumed. There is a need for greater regulation
03:03 to protect the lives and livelihoods of millions of people
03:07 from predatory practices or speculators. Well more than ever there is a need for
03:14 strong ethical and governance standards in
03:18 financial institutions and corporations. There is a litany of
03:22 business executives who have been derailed by greed and
03:26 succumb to unethical behavior, financial gimmicks, creative accounting
03:32 and fraud. There is no alternative truth ladies and gentlemen.
03:37 Truth is truth. About four years ago I wanted to raise the capital of the
03:42 African developing bank group. Now a major shareholder who spoke with
03:47 me at the time said this is dead on arrival. You are a first time
03:51 president. No first time president in the history
03:53 of the bank since 1964 has dared to do anything like that.
03:58 Subsequently a barrage of others expressed similar sentiments.
04:03 I was undeterred. My team and I were convinced
04:08 that we were on the right path. We persevered.
04:12 Two years afterwards the shareholders of the African Developing Bank
04:17 unanimously approved the increase in the capital of the bank
04:21 from 93 billion dollars to 208 billion dollars. The largest capital increase in
04:27 history of the bank since its establishment in 1964.
04:32 And we achieved even more because of that.
04:35 Last year the African Development Bank was ranked
04:38 as the best multilateral development finance institution
04:42 in the world. This year the African Development Bank was ranked as the most
04:47 transparent financial institution in the world for
04:52 and in operations to governments. An African tree you may
04:56 all be familiar with is called the baobab tree.
05:00 Its trunks are huge and under it are elders in our villages
05:03 who gather and tell stories or hold meetings.
05:07 If you try to wrap your hands around the baobab tree it is impossible.
05:11 But if you join hands together with several others
05:15 your collective arms can embrace the baobab tree.
05:19 That is what I call in my leadership approach
05:22 the baobab approach. Earlier this year we wanted to support Africa
05:27 to mitigate the effects of disruption in global food supplies
05:30 due to the Ukraine the Russian-Ukraine war.
05:34 We had developed plans for countries across Africa
05:37 to be self-sufficient in food within five years but now we needed
05:42 to have this finest. I told my team deploy the baobab approach.
05:50 We did. We work with development partners from around the world.
05:55 Within six weeks of the summit we had raised 70 billion dollars
06:00 in commitments to implement investments around Africa.
06:04 The most powerful instrument you will find in your hand
06:07 is the power of your pen. When you reach positions of leadership
06:15 use that pen to positively change the destinies of people.
06:19 In your office, in your neighborhood, in your city, in your nation and in the
06:26 world. Let that ink that flows be the ink of
06:30 kindness that always flows from your heart.
06:36 Now I want you to go out and make a difference in the world.
06:44 May God put wind behind your sails. God bless you all and thank you very much.