Sidi Ould Tah, a seasoned Mauritanian economist and former finance minister of Mauritania, has been elected as the new president of the African Development Bank. The decision was made during a vote held at the bank’s annual meeting in Abidjan, Ivory Coast. Tah will succeed Akinwumi Adesina, a Nigerian economist who is set to step down in September after completing two consecutive five-year terms in office.
Tah brings with him an impressive track record spanning over 35 years in African and international finance. He previously served as the president of the Arab Bank for Economic Development in Africa (BADEA) for a decade starting from 2015. During his tenure at BADEA, Tah orchestrated a remarkable transformation that significantly strengthened the bank’s financial position. This included quadrupling the bank’s balance sheet, achieving a prestigious AAA rating, and establishing BADEA as one of the top-rated development banks focusing on Africa.
The election process saw five candidates vying for the esteemed position, including Amadou Hott from Senegal, Samuel Maimbo from Zambia, Mahamat Abbas Tolli from Chad, and Bajabulile Swazi Tshabalala from South Africa. To emerge victorious, the winning candidate needed to secure at least 50.01% of the votes cast.
Tah’s term is slated to commence on September 1, 2025, marking the beginning of a pivotal five-year tenure where he aims to navigate through challenging economic times faced by African nations. The continent is currently grappling with aid reductions by Washington and decreased infrastructure investments from China. Additionally, trade tensions triggered by tariff announcements have stirred uncertainty among investors while interest rates remain elevated leading to higher debt service expenses for African borrowers.
Despite these adversities casting shadows over Africa’s economic landscape,Tah remains optimistic about fostering resilience within African economies amidst climate-related shocks and evolving global dynamics.The newly elected president has been recognized for spearheading BADEA’s groundbreaking $1 billion callable capital program targeting African Multilateral Development Banks (MDBs). Throughout his campaign trail,Tah pledged to prioritize mobilizing resources,reforming financial frameworks,tapping into Africa’s demographic dividend,and bolstering investments in robust infrastructure projects.
The AfDB represents a significant alliance comprising 54 African countries alongside non-regional members such as U.S., Japan,and Saudi Arabia.Nigeria stands out as one of its key stakeholders owning a substantial share within the bank—underscoring its pivotal role within this critical financial institution.
