African Development Bank elects top economist as president to face funding challenges
The African Development Bank elected Mauritanian economist Sidi Ould Tah as its next president on Thursday to steer the region's top development finance institution through difficult times amid funding cuts from the U.S. and other key partners.
Tah, 60, was elected by the bank's board of governors, which includes finance ministers and central bank governors from its 81 regional and non-regional member countries. He will take over on Sept. 1 for a five-year term, succeeding Nigeria's Akinwumi Adesina, who is stepping down after two terms.
The election took three rounds of voting to decide between the five candidates in the contest. Tah won with 76.18% of the vote, ahead of Zambia's Samuel Maimbo (with 20.26%), who is a vice-president of the World Bank, and former Senegalese economy minister Amadou Hott (3.55%).
The vote came during the bank's annual meetings in Abidjan, Ivory Coast, where economic headwinds — from debt distress to climate shocks — have dominated discussions.
Observers see Tah's leadership as pivotal in steering the institution through a period of rising pressure on African economies and tightening global development finance.
'The AfDB's role is now more critical than ever,' said Bismark Rewane, an economist and chief executive of Lagos-based Financial Derivatives Co. He called for 'African resilience" at a time when 'no one is going to pick the chestnut out of the fire' for African countries.
"Africa has to look more inwards and be innovative in its thinking to thrive,' Rewane said.
Since 2015, Tah has been managing the Arab Bank for Economic Development in Africa, based in Khartoum, Sudan.
He has formerly held senior government roles in Mauritania, including minister of agriculture and minister of economy and rural development, and was an economic advisor to the president.
—-
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BBC News
4 hours ago
- BBC News
Lives Less Ordinary Meeting the monster: My 14 days with Joseph Kony
In Judith Obina Okumu's imagination, Joseph Kony was a monster. As leader of the Lord's Resistance Army he'd fought a decades-long war against the government of Yoweri Museveni – displacing and destroying hundreds of thousands of lives across Northern Uganda in the process. But one day, a visit from a stranger would challenge Judith to face her fears. In her role as assistant private secretary to President Museveni, Judith was introduced to Joseph Kony's mother, Nora Anek. After three years of gaining her trust, Judith asked Nora if she would go to meet her son at his forest hideout and persuade him to engage with peace talks. What Judith didn't know was that the President wanted her to go too. She was convinced it was the last journey she'd ever make. But after 14 days of talks, Judith and Nora helped broker peace in Northern Uganda. Lives Less Ordinary is a weekly podcast from the BBC World Service that seeks out the most incredible true stories from around the world. Step into someone else's life and expect the unexpected. Each episode, a guest shares their most intimate and defining personal story. Listen for real-life accounts, unbelievable twists, and inspiring journeys, which prove just how extraordinary the human experience can be. Lives Less Ordinary is brought to you by the team behind Outlook, the home of human storytelling on the BBC World Service for nearly 60 years. Got a story to tell? Send an email to liveslessordinary@ or message us via WhatsApp: 0044 330 678 2784 Presenter: Jo Fidgen Producer: Anna Lacey
The Independent
9 hours ago
- The Independent
Sierra Leone's President Bio to be the next ECOWAS chairman with region in turmoil
Sierra Leone 's President Julius Maada Bio was chosen on Sunday to be the next chairman of the West African economic bloc, ECOWAS. The Economic Community of West African States, known as ECOWAS, was founded in 1975, and is facing challenges due to rising violence, member departures and economic disturbances. In a statement following Sunday's announcement, Bio promised to prioritize democracy, security cooperation, economic integration and institutional credibility. 'We are still confronting insecurity in the Sahel and coastal states, terrorism, political instability, illicit arms flow and transnational organized crimes continue to test the resilience of our nations and the effectiveness of our institutions,' he said. Bio is currently serving his second term as president after a contested election two years ago in the coastal West African country. He was president when ECOWAS imposed severe sanctions on Niger following a coup two years ago. Niger cited the sanctions as one of the reasons for leaving the bloc. Sierra Leone was one of the countries that supported a military intervention in the country in 2023. At home, Bio is facing an ongoing synthetic drug crisis and a stagnating economy. Bio's new position comes as the region faces its most severe crisis in decades with jihadist forces controlling vast swaths of the Sahel, a semi-arid region south of the Sahara. In the past few years, ECOWAS has struggled with the departure of Mali, Burkina Faso and Niger which have all faced military coups. All three juntas left the bloc, and created their own security partnership, the Alliance of Sahel States. They have cut ties with the traditional Western allies, ousting French and American military forces, and instead sought new security ties with Russia. The three countries have been the hardest hit by jihadist violence in recent years.
BBC News
13 hours ago
- BBC News
Frik Potgieter and Peter Huxham return to South Africa from jail in Equatorial Guinea
Two South African engineers have returned home after spending more than two years in jail in Equatorial Guinea on what the UN has called "arbitrary and illegal" drugs Potgieter and Peter Huxham, both in their mid-50s, were arrested in February 2023 after drugs were allegedly found in their were sentenced to 12 years in prison and fined $5m (£4m) but have been given a presidential pardon after a long campaign by their families and the South African arrest came days after luxury assets belonging to Equatorial Guinea's Vice-President Teodoro Nguema Obiang were seized in South Africa. A yacht and two Cape Town villas belonging to Obiang, who is also the son of Equatorial Guinea's president, were impounded in execution of a court ruling."We are overwhelmed with relief and joy. The last two years and four months have been unimaginably painful for both of our families," according to a statement released by the two men's were working for the Dutch oil and gas company SBM in Equatorial Guinea when they arrested the night before they were due to return home after a five-week stint in the families had called for the assistance of the South African government as well as that of the UK government, as Mr Huxham has dual nationality."South Africa expresses its sincere gratitude to the Government of Equatorial Guinea for considering and ultimately granting this Presidential pardon, allowing Mr Huxham and Mr Potgieter to return home to their loved ones," said a post on X by South African Foreign Minister Ronald United Nations Working Group on Arbitrary Detention last year called for the pair's release, saying their detention was families say the pair were arrested in retaliation for the seizure of the assets belonging to Equatorial Guinea's BBC has contacted Equatorial Guinea for comment.A South African official told the BBC it was for the courts to decide the fate of the yacht and villas, and the government couldn't intervene. You may also be interested in: Equatorial Guinea VP's superyacht and homes seized in South AfricaThe president's son who loves Bugattis and Michael JacksonWorld's longest-serving president to continue 43-year-rule Go to for more news from the African us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica
