The new president of the African Development Bank, Sidi Ould Tah of Mauritania, has big shoes to fill following a supersized performance by outgoing president Akinwumi Adesina after two terms during which the Bank placed itself front and centre of African investment.
Tah, who put his hand up for the top job along with four other candidates, was a clear winner right from the outset of voting, winning with 76.18% of the total votes, trailed by Samuel Maimbi of Zambia and Amadou Hott of Senegal.
Voting is done in rounds, as candidates get eliminated. The AfDB’s shareholders include 54 African countries or regional member countries and 27 non-African countries or non-regional member countries from Argentina and Saudi Arabia to the US, UK and UAE.
Tah has his own impressive track record. A former finance minister in his country, he brings a wealth of experience from his decade-long tenure as CEO of the Arab Bank for Economic Development (BADEA), an institution that was founded in 1973 and which became one of the best-rated financial development institutions in Africa under his watch.
Its balance sheet quadrupled during his tenure, with a current authorised capital of $20bn. The institution also built an impressive network of countries and institutions to both support it and become recipients of its ever-expanding lending initiatives.
BADEA has been uniquely positioned as a bridge between Africa and the Arab world, a region that is rapidly becoming a significant investor in Africa.
This election is important as the new president of Africa’s premier institution will need to shape the Banks’s strategic direction in the face of mounting global turmoil and at a time when there are increasing calls for Africa to become more self sufficient and rely on its own resources for development.
Sourcing new capital will be a key priority. The AfDB holds a AAA rating, giving it prime access to capital markets. Under Adesina’s leadership, the Bank saw the biggest capital increase in its history — from $93bn in 2015 to $318bn today. Similarly, the African Development Fund, an arm of the Bank, achieved a record $8.9 billion during its 16th replenishment.
However, the bank has to manage large infrastructure funding deficits and address the also considerable deficits faced by African countries in meeting the Sustainable Development Goals and ambitions of the AU’s Agenda 2063.
At the same time, it needs to boost growth and continue funding legacy projects such as Adesina’s much lauded High 5s initiative, which has become a key AU programme.
The High 5s cover a variety of programmes, which are Light Up and Power Africa; Feed Africa; Industrialize Africa; Integrate Africa; and Improve the Quality of Life for the People of Africa.
The funding issue could be compounded by the threat by the US to cut $555m of its funding just at the time when the bank is undertaking a major fundraising drive for 2026–2028.
Tah has long experience of capital raising, which must have been in his favour in the voting.
Closing the gap will require enhanced collaboration between multilateral institutions, private sector investors, and African governments to make lending terms favourable for Africa and unlock long-term development financing for this and other projects vital to Africa’s structural transformation.
Tah has prioritised catalysing African funding, in addition to international efforts, by tapping into capital and resources already on the continent. This in line with the theme of the AfDB’s annual conference in May this year, ‘Making Africa’s Capital Work Better for Africa’s Development’.
Part of this drive is strengthening Africa’s development finance institutions and multilateral banks to enable them to properly support growth and development.
Tah’s election keeps the AfDB presidency in West Africa. In past years, North and West Africa have dominated the leadership of the bank, with presidents coming from Tunisia, Ghana, Morocco, Senegal and Nigeria from 1964 to date.
Other countries that have hosted AfDB presidents are Rwanda, Sudan, and Zambia.
The newly elected president, who actively takes up the role on 1 September, will serve a first five-year term, with an option of a second term.
The AfDB is one of three organisations in the African Development Bank Group. The others are the African Development Fund, which offers interest-free loans to impoverished African countries, and the Nigeria Trust Fund, a self-sustaining revolving fund.
Each leader of the AfDB group takes the bank on a journey of progress as the institution continues to modernise and keep in touch with Africa’s changing priorities.
Dianna Games, Chief Executive of African business advisory, Africa @ Work. Dianna is a leading commentator on business issues, trends and developments in Africa.
