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Business Daily

The boss of Africa's biggest bank

Business Daily

BBC

News, Business

4.4796 Ratings

🗓️ 30 January 2023

⏱️ 18 minutes

🧾️ Download transcript

Summary

Ade Ayeyemi, the CEO of Ecobank - Africa’s biggest bank - speaks to presenter Peter MacJob about the economic woes facing much of Africa and explores the leadership and policy adjustments needed to turn the continents fortunes around.

In a candid and wide ranging interview Mr Ayeyemi says that African governments need to stop introducing subsidies and start collecting more taxes in order to manage their economies better.

Presenter/producer: Peter MacJob

(Photo: Ade Ayeyemi, CEO Ecobank. Credit: Getty Images)

Transcript

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0:00.0

Love, Janessa, a brand new true crime podcast from the BBC World Service and CBC Podcasts.

0:07.2

It's a story about love, deceit and survival, and it's available now.

0:12.2

Find out more at the end of this podcast.

0:18.1

Hello, welcome to Business Daily on the BBC World Service.

0:21.9

I am Peter McJope.

0:24.0

Today we have a special interview with the CEO of Africa's biggest bank.

0:28.7

You cannot have a situation in which we have subsidy for almost everything

0:33.8

and expect economic outcome that's going to be efficient. No, he doesn't work that

0:39.2

way.

0:40.1

Adaiyeemi is the boss of EcoBank, the largest Pan-African bank operating in 306 countries.

0:47.3

We get his views on the economic adjustment required to turn Africa's fortunes around.

0:52.4

We need to understand the law of economies and put the right policies in place.

1:00.4

That right policies also emphasize productivity, low inflation, and also emphasize good institutions.

1:12.4

A day, we are experiencing a global economy. good institutions. Are they?

1:13.3

We are experiencing the global economic crisis right now.

1:16.4

Wherever you are in the world, the surge in the cost of living is a daily challenge.

1:20.4

There's inflation that's gone through the roof.

1:22.8

Africa remains the most affected by this global crisis.

1:25.9

Economic growth in sub-Saharan Africa has declined

1:28.4

from 4.1% in 2021 to 3.3%. Africa's biggest economy in Nigeria has witnessed a fall of its

1:35.6

currency denier to an all-time low against the dollar. Same thing for the Ghanaian city. Why is Africa

1:42.4

always at the receiving end?

...

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