Dr. Akinwumi Adesina Hands the Reins to Dr. Ould Tah: A New era for the African Development Bank
The African Development Bank (AfDB) has entered a new chapter with the swearing-in of Dr. Sidi ould Tah as its President.Following a decade of transformative leadership under Dr.Akinwumi adesina, the Bank is poised to build on its robust foundations and navigate the complex challenges and opportunities facing the African continent. this transition marks a pivotal moment, and Dr. Ould Tah’s vision, experience, and commitment to African agency signal a promising future for the institution and the continent it serves.
A Legacy of Strength and a Vision for the Future
Dr. Adesina leaves behind a remarkable legacy. Over the past ten years, the AfDB has approved over $102 billion in development financing, achieving unprecedented growth and impact. The Bank boasts a formidable $318 billion in capital, consistently maintains AAA credit ratings (for ten consecutive years), and leads the world in clarity with a 98.8% score for its sovereign portfolio. This strong foundation provides Dr. Ould Tah with a powerful platform to accelerate the Bank’s mission.
dr. Ould Tah, in his inaugural address, promptly articulated a clear direction for the Bank. He emphasized a commitment to being “attentive, responsive, and capable of setting priorities that matter” to Africa.This isn’t simply rhetoric; it’s a pledge to prioritize African-led solutions, tailored to the continent’s unique needs and aspirations. He underscored the importance of strengthening partnerships – not as a means of dependence, but as a catalyst for collaborative growth.
Prioritizing African agency and strategic Partnerships
dr.Ould Tah’s vision centers on fostering a “financial framework that serves Africa on its own terms.” This commitment to African agency is paramount. He intends to cultivate deeper collaborations with governments, the private sector, and existing international partners like Finance in Common, the Alliance of African Financial Institutions, the International Development Finance Club, and the Arab Coordination Group. Crucially, he also plans to expand the Bank’s network to include new players such as sovereign wealth funds and pension funds, diversifying funding sources and unlocking new investment opportunities.
Recognizing the interconnectedness of development and stability, Dr.Ould Tah announced a commitment to “urgently revisit our investment models to include a dedicated pillar for investment in peace.” This proactive approach acknowledges that sustainable development is inextricably linked to security and good governance. Investing in peacebuilding initiatives will be critical to creating an enabling environment for long-term economic growth.
Navigating 21st-Century Challenges: A Compass for Africa
Africa faces a unique confluence of challenges in the 21st century: rapid demographic shifts, the transformative power of technology, and the escalating threat of climate change.Dr. Ould Tah envisions the AfDB as a guiding force, helping the continent navigate these “megatrends” towards increased self-reliance, ambition, and agency.
He eloquently stated that Africa must “look North, South, East and West – not to imitate, but to draw wisdom and strength from every direction while defining its own course.” This metaphor of a navigator guided by a compass perfectly encapsulates his approach: leveraging global knowledge while remaining firmly rooted in African priorities. However, he also wisely cautioned against overextension, emphasizing the need for strategic focus: “the African Development Bank should not aim to be everything to everyone. It should focus on where it can move the needle most,always with the spirit of partnership.”
A Proven Leader with a Track Record of Transformation
Dr.Ould Tah is exceptionally well-equipped to lead the AfDB through this critical period. His extensive experience spans over four decades in development banking, economic policy, and institutional transformation. Prior to his appointment,he served as President of the Arab Bank for Economic Development in Africa (BADEA),where he spearheaded a remarkable turnaround. Under his leadership, BADEA’s assets grew from $4 billion to nearly $7 billion, annual approvals increased twelvefold, and disbursements eightfold, culminating in prestigious AA+/AAA credit ratings.
his previous roles as Minister of Economy and Finance of Mauritania (2008-2015) and as Mauritania’s Governor on the Boards of the African Development Bank, World Bank, and Islamic Development Bank provide him with a deep understanding of the continent’s economic landscape and the intricacies of multilateral development finance.
A Multilingual Economist with a Global Viewpoint
Dr. Ould Tah’s academic credentials further underscore his expertise. He holds a PhD in Economics from the University of Nice Sophia Antipolis, France, and advanced degrees
