The African Development Bank (AfDB), one of Africa’s most powerful financial institutions, is set to elect a new president on May 29 — a decision that could shape the continent’s economic trajectory for years to come.
With billions of dollars in funding and development projects at stake, the African Development Bank (AfDB) election has drawn five candidates from across the continent, each offering a distinct vision for the bank’s future.
Among them is Amadou Hott of Senegal, a former AfDB Vice President and ex-Minister of Economy, who argues that Africa must act “faster, bigger, and with more determination” to unlock its economic potential.
Founded in 1964, the AfDB is the continent’s leading financial institution, funding infrastructure, energy, and economic projects across Africa. Headquartered in Abidjan, Côte d’Ivoire, it provides loans and grants to spur growth, reduce poverty, and tackle climate change.
Unlike many African institutions, the AfDB has global influence, with 81 member countries — including the United States, China, and France — that contribute to its capital and influence its policies. The election of its next president will determine how the bank mobilizes billions in investment and navigates Africa’s economic challenges, from rising debt to climate finance shortfalls.
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Hott, who has worked both inside the AfDB and within Senegal’s government, sees slow financing and high borrowing costs as major obstacles to Africa’s growth.
“Africa is paying five to eight times more than developed countries when we go to the capital market,” Hott told CNBC Africa, arguing that the AfDB should leverage its equity to raise more money and help African nations access cheaper financing.
He also stressed the need for domestic resource mobilization, pointing out that Africa loses $90 billion annually due to illicit financial flows. “This continent is wealthy — not just in natural resources, but in financial capital,” he said, highlighting a report that estimates Africa’s high-net-worth individuals hold $2.5 trillion in wealth.
Hott believes the AfDB can play a key role in tapping into this wealth, reducing reliance on external funding, and speeding up project execution. “Everything is urgent. Many people are suffering. We need to support them fast, with drive and passion,” he said.
Hott faces competition from four other candidates, including Samuel Munzele Maimbo of Zambia, a former World Bank Vice President, specializing in financial sector development and economic reforms.
Sidi Ould Tah of Mauritania is the head of the Arab Bank for Economic Development in Africa (BADEA), with experience in regional finance.
Abbas Mahamat Tolli from Chad is the former Governor of the Bank of Central African States, known for his work in currency stability and financial regulation.
Bajabulile Swazi Tshabalala of South Africa is the only female candidate, formerly AfDB’s Senior Vice President and Chief Finance Officer (CFO), seen as a continuity candidate.
Whoever wins will have to tackle major economic challenges, including Africa’s debt crisis as many nations are struggling with unsustainable debt, requiring new financing strategies.
On climate financing, despite contributing just 4% of global emissions, Africa receives only 3% of global climate funding.
For private-sector growth, the AfDB has been pushing for more private investment in sectors like infrastructure, fintech, and agribusiness.
The AfDB president is chosen by its Board of Governors, composed of finance ministers and central bank chiefs from 54 African countries and 27 non-African member states. To win, a candidate must secure a majority of votes from both groups.
With Africa’s economy projected to grow 4% in 2025, the stakes are high. The election will determine how the AfDB navigates a changing global economy, strengthens Africa’s financial independence, and mobilizes billions in investment for the continent’s future.
The AfDB’s current president, Dr Akinwumi Adesina, will be completing his term in August.
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