The African Development Bank (AfDB) will convene in Ivory Coast this week to elect a new president, as Akinwumi Adesina prepares to step down in September after completing the maximum two five-year terms.
Candidates from South Africa, Senegal, Zambia, Chad, and Mauritania are vying for the top job at Africa’s largest development finance institution.
The winner, to be announced on Thursday, must secure 50.01% of the votes from the AfDB’s 54 African member states and a second majority from all 81 member countries, including non-African shareholders like the United States, Japan, and China.
The election comes at a pivotal time, as the bank faces significant financial uncertainty. The U.S. federal government is considering cutting $555 million in funding to the AfDB and its African Development Fund (ADF), a potential blow to its operations.
“This is going to be a major task, and it is effectively the new president’s first test,” said Hannah Ryder, founder of Africa-focused consultancy Development Reimagined. She told Reuters that the incoming president will need to either persuade the U.S. to reinstate its funding, secure additional contributions from non-African members like China or Gulf states “in return for more say,” or increase financial commitments from African nations themselves.
Fred Muhumuza, a lecturer at Makerere University’s business school in Kampala, added that global political shifts could dominate the conversation at the meeting.
“Many of the key contributors have been cutting bilateral support to African countries,” he said, noting the lingering effects of policy decisions from the Trump administration.
Leave a Comment