Dr Akinwumi Adesina, nearing the conclusion of his decade-long presidency at the African Development Bank , has called upon his successor to prioritise Africa’s financial sovereignty and ensure the continent’s interests are robustly defended on the global stage. This appeal comes as the AfDB prepares to elect a new leader during its annual meeting in Abidjan, Côte d’Ivoire, on 29 May.
The incoming president will assume office amid significant challenges, notably the proposed $555 million reduction in funding from the United States to the AfDB and its concessional arm, the African Development Fund . This funding shortfall presents a critical test for the new leader, who must navigate the financial gap by potentially persuading the U.S. to restore its support, soliciting contributions from other nations such as China, Saudi Arabia, or the UAE, or increasing funding from African member states.
Five candidates are vying for the presidency: Swazi Tshabalala of South Africa, Amadou Hott of Senegal, Samuel Munzele Maimbo of Zambia, Sidi Ould Tah of Mauritania, and Abbas Mahamat Tolli of Chad. Each brings a distinct vision for the bank’s future. Tshabalala emphasises internal restructuring to enhance focus on infrastructure and innovation in financial instruments. Hott advocates for African financial self-reliance by improving revenue mobilisation and facilitating private-sector investments. Maimbo focuses on intra-African trade, regulatory streamlining, and a unified development approach across the continent. Ould Tah prioritises economic sovereignty, capital mobilisation, formalising Africa’s informal sector, and building climate-resilient infrastructure. Tolli proposes enhanced governance, risk pooling, and digital finance mechanisms to curb resource mismanagement and promote self-sufficiency.
Adesina’s tenure has been marked by significant achievements, including increasing the bank’s capital base from $93 billion to $318 billion and implementing initiatives that have impacted over 515 million lives across Africa. Under his leadership, the AfDB has invested over $55 billion in infrastructure, making it the largest multilateral financier of African infrastructure. The bank has also prioritised healthcare, committing $3 billion in quality healthcare infrastructure and another $3 billion for pharmaceutical development, including establishing the Africa Pharmaceutical Technology Foundation.
As he prepares to step down, Adesina has urged his successor to continue advocating for Africa’s interests, particularly in the face of global financial shifts and challenges. He emphasised the importance of including Africa’s natural capital—oil, gas, minerals, biodiversity, carbon—into GDP calculations to enhance borrowing power and stressed the need for financial independence amid reduced Western aid. Adesina also highlighted the exploitation of African forests for cheap carbon credits, advocating for fair valuation of Africa’s carbon sequestration resources.
Follow Arabian Post
Select Arabian Post as your preferred source on Google and MSN News for trusted business news and Arab politics and updates.
