Today, the African Development Bank (AfDB) is set to elect its next president during the annual meeting in Abidjan, Côte d’Ivoire. This election comes at a pivotal time as the bank faces significant financial pressures, including proposed U.S. funding cuts amounting to $555 million. The incoming president will need to navigate these challenges while steering the bank’s $318 billion capital towards sustainable development across the continent.
Five candidates are vying for the position:
- Amadou Hott (Senegal): Former Minister of Economy, Planning, and Cooperation, Hott emphasizes African financial self-reliance by mobilizing resources and designing projects to retain private investment within the continent.
- Samuel Munzele Maimbo (Zambia): A World Bank Vice President, Maimbo advocates for intra-African trade, regulatory streamlining, and a unified development approach to enhance the continent’s economic integration.
- Sidi Ould Tah (Mauritania): With a decade at the Arab Bank for Economic Development in Africa, Tah focuses on economic sovereignty, capital mobilization, and building climate-resilient infrastructure.
- Abbas Mahamat Tolli (Chad): Former Governor of the Bank of Central African States, Tolli proposes enhanced governance, risk pooling, and digital finance mechanisms to promote self-sufficiency.
- Swazi Tshabalala (South Africa): The sole female candidate and former AfDB Senior Vice President, Tshabalala aims to restructure the bank to better focus on infrastructure and innovation in financial instruments.
The election’s outcome will be determined by votes from the 54 African member states and the broader 81-member group, including non-African stakeholders. The new president will succeed Akinwumi Adesina, who steps down after serving two terms since 2015.
As Africa grapples with global economic shifts, the leadership of the AfDB will play a crucial role in shaping the continent’s development trajectory.
