Latest news with #CôteDIvoire
Zawya
3 days ago
- Business
- Zawya
Sidi Ould Tah elected ninth president of the African Development Bank Group
Sidi Ould Tah of Mauritania was today elected President of the African Development Bank Group ( at the Bank's Annual Meetings held in Abidjan, Côte d'Ivoire. Tah was elected by the Bank's Board of Governors, comprising Finance and Economy Ministers or Central Bank Governors of the Bank Group's 81 regional and non-regional member countries. The board is the highest decision-making authority for the Bank Group. The results were announced by Nialé Kaba, Minister of Planning and Development for Côte d'Ivoire, and Chairman of the Board of Governors of the Bank Group. Addressing the Bank Group's governors ( and the media shortly after the announcement, Tah said, 'Let's go to work now, I'm ready!' The winning candidate is required to obtain at least 50.01% of both the regional and non-regional votes ( Tah brings over 35 years of experience in African and international finance. He served as president of the Arab Bank for Economic Development in Africa (BADEA) for 10 years from 2015, where he led a full transformation that quadrupled the Bank's balance sheet, secured a AAA rating, and positioned it among the top-rated development banks focused on Africa. A former Minister of Economic Affairs and Finance of Mauritania, Tah has held senior roles in multilateral institutions and has led crisis response, financial reform, and innovative resource mobilization for Africa. The Board of Governors Steering Committee received and approved a total of five candidates by the closing date of 31 January 2025. The list of candidates was officially announced on 21 February 2025. The other candidates in the election were: Amadou Hott (Senegal) Samuel Maimbo (Zambia) Mahamat Abbas Tolli (Chad) Bajabulile Swazi Tshabalala (South Africa) Tah will assume office on 1 September 2025, for a five-year term, following the end of the second mandate of current President, Dr. Akinwumi Adesina. The African Development Bank's past heads since its inception in 1964 are: Mamoun Beheiry (Sudan), 1964-1970 Abdelwahab Labidi (Tunisia), 1970-1976 Kwame Donkor Fordwor (Ghana), 1976-1980 Willa Mung'Omba (Zambia), 1980-1985 Babacar N'diaye (Senegal), 1985-1995 Omar Kabbaj (Morocco), 1995-2005 Donald Kaberuka (Rwanda), 2005-2015 Dr. Akinwumi Adesina (Nigeria), 2015-2025. The election ( of a new president comes at a crucial time in the Bank Group's six decades of existence. Africa has remained resilient despite climate shocks, economic disruption, and a shifting geopolitical landscape, but needs to move faster or risk falling behind on delivering on the African Union's Agenda 2063 and the Sustainable Development Goals, summed up in the Bank Group's High 5's. The 2025 Annual Meetings of the African Development Bank Group are taking place from May 26 to 30 in Abidjan, Côte d'Ivoire under the theme 'Making Africa's Capital Work Better for Africa's Development.' The African Development Bank Group comprises three entities: the African Development Bank, the African Development Fund and the Nigeria Trust Fund. Its shareholder countries include 54 African countries or regional member countries, and 27 non-African countries or non-regional member countries. Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Zawya
5 days ago
- Business
- Zawya
2025 Annual Meetings: Africa's Vast Human and Natural Capital Key to Achieving African Union's Agenda 2063, experts affirm
Africa, the world's youngest continent with immeasurable natural resources, has all it needs to achieve the African Union's Agenda 2063, provided the right public policies are implemented, according to government officials and development experts. The experts expressed this shared conviction on Monday during the 2025 Annual Meetings of the African Development Bank Group, taking place in Abidjan, Côte d'Ivoire, under the theme 'Making Africa's Capital Work Better for Africa's Development.' Speaking at a knowledge event titled 'Second Ten-Year Implementation Plan for Agenda 2063: An Opportunity to Develop and Finance Africa's Capital,' Koffi N'Guessan, Ivorian Minister of Vocational Training and Apprenticeships, reaffirmed that Agenda 2063 -- adopted in January 2015 by the African Union – remains the strategic framework for the continent's economic and social transformation. N'Guessan noted that, despite a challenging global environment, the last decade has seen notable progress in Africa, particularly in economic and political integration, gender equality, and access to employment opportunities. However, he acknowledged that previous efforts have often fallen short of addressing the continent's structural transformation needs, including job creation for youth and poverty reduction. 'The second Agenda 2063 implementation plan, adopted in February 2024 by the African Union, offers a crucial opportunity to tackle these challenges and accelerate development outcomes,' he said. According to the Ivorian Minister, Africa is poised to become a major global power, alongside China and India, due to its demographic potential. However, he stressed that African countries should prioritize vocational and technical training to fully harness this demographic dividend. He highlighted a worrying trend: approximately 22.5 percent of young people aged 15 to 24 are unemployed with no education or training. Additionally, 250 million children and young people in low-income countries are not in school, underlining the disconnect between education systems and labor market needs. 'Youth can become a liability if robust training policies are not implemented - from nursery school through to university,' he warned. Taking natural capital into account when calculating GDP Hervé Lohouès, Division Manager in the Country Economics Department at the African Development Bank, emphasized the importance of natural wealth in calculating the GDP of African countries. 'The GDP of a country like the Central African Republic would increase by 300 percent if its natural resources were taken into account in the calculation of its GDP,' he asserted. He added: 'It is essential to go beyond natural enhancement and ensure that all African countries adopt a compulsory development plan. We also need to ensure that governments provide incentives for transformation while considering accountability that can directly help the transition from natural to social infrastructure.' Jide Okeke, Regional Program Coordinator for Africa at the United Nations Development Programme, and Dagmawit Moges Bekele, former Eritrean Minister of Transport and Director of the Peace Fund at the African Union Commission, both stressed the need to leverage human, financial, natural and digital resources to drive inclusive and sustainable development -- key to achieving the objectives outlined in the second decade of Agenda 2063. Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Zawya
5 days ago
- Business
- Zawya
African Economic Outlook 2025—Africa's short-term outlook resilient despite global economic and political headwinds
Africa's economy is projected to increase from 3.3 percent growth in 2024 to 3.9 percent in 2025, reaching 4 percent in 2026, despite mounting geopolitical uncertainties and trade tensions, the African Development Bank Group ( said Tuesday in its flagship 2025 African Economic Outlook report. Despite the prevailing domestic and external challenges Africa continues to demonstrate notable resilience. The report, titled 'Making Africa's Capital Work Better for Africa's Development,' was released during the Bank Group's 2025 Annual Meetings, taking place in Abidjan, Côte d'Ivoire. It demonstrates the continent's capacity to weather multiple shocks while identifying pathways to unlock a vast potential for transformation. Strong growth outlook despite global headwinds The report presents encouraging projections despite significant challenges: 21 African countries will achieve growth exceeding 5 percent in 2025, with four countries—Ethiopia, Niger, Rwanda, and Senegal—potentially reaching the critical 7 percent threshold required for poverty reduction and inclusive growth. Africa's projected growth rates will surpass the global average and outpace most other regions except emerging and developing Asia. Africa's continued resilience is built on effective domestic reforms and improved macroeconomic management. Mixed growth performance across Africa's regions Growth prospects vary significantly across regions: East Africa leads with a projected 5.9 percent growth in 2025-2026, driven by resilience in Ethiopia, Rwanda, and Tanzania. West Africa maintains solid 4.3 percent growth, driven by new oil and gas production coming onstream in Senegal and Niger. In the face of persistent headwinds, North Africa is expected to register 3.6 percent growth in 2025. In Central Africa, growth is projected to slow to 3.2% and Southern Africa will grow at only 2.2 percent, with its largest economy, South Africa, expected to achieve only 0.8 percent growth Significant challenges persist. Fifteen countries are experiencing double-digit inflation, while interest payments now consume 27.5 percent of government revenue across Africa, up from 19 percent in 2019. 'Africa must now face the challenge and look inwards to mobilizing the resources needed to finance its own development in the years ahead,' said Prof. Kevin Chika Urama, Chief Economist and Vice President of the African Development Bank Group, presenting the report's findings. Massive domestic resource potential remains untapped The AEO 2025 estimates that, with the right policies, Africa could mobilize an additional $1.43 trillion in domestic resources from tax and non-tax revenue sources through efficiency gains alone. Africa's extraordinary but underutilized resource base includes: Natural capital: Africa hosts 30 percent of global mineral reserves and could capture over 10 percent of the projected $16 trillion in revenues from key green minerals by 2030 Human capital: The continent's median age of 19 represents a demographic dividend that could add $47 billion to Africa's GDP through improved workforce participation Financial capital: Pension fund assets have grown to $1.1 trillion, while formal remittances could reach $500 billion by 2035 if transfer costs are reduced Business capita l: Full implementation of the African Continental Free Trade Area could increase exports by $560 billion and boost continental income by $450 billion by 2035 Urgent action needed to address resource leakages The report stresses that massive capital outflows are undermining the continent's development. Compared to $190.7 billion of financial inflows received in 2022, Africa lost approximately $587 billion from financial leakages. Of this, around $90 billion was lost to illicit financial flows, a further $275 billion siphoned away by multinational corporations shifting profits, and $148 billion lost to corruption. Vice President Urama said: "When Africa allocates its own capital (human, natural, fiscal, business and financial) effectively, global capital will follow Africa's capital to accelerate investments in productive sectors in Africa." Key policy recommendations "There can be no substitute to sound macroeconomic policy management, quality institutions and good governance, and rule of law." VP Urama said, emphasizing the vital need to bolster governance. The report also calls for comprehensive reforms across several critical areas. On fiscal revenue mobilization, it recommends enhancing tax administration through digitalization, broadening national tax bases, and strengthening social contracts with citizens to improve compliance. It advocates making natural capital accounting mandatory and enforcing domestic value retention through beneficiation requirements. The AEO also emphasizes the need to deepen financial markets by tapping institutional savings, developing local currency bond markets, and harmonizing regulatory frameworks to facilitate cross-border investment. The African Economic Outlook: The 2025 African Economic Outlook provides a comprehensive roadmap for unlocking Africa's transformation potential through better mobilization and utilization of domestic capital resources. Distributed by APO Group on behalf of African Development Bank Group (AfDB). Media Contact: Olufemi Terry Communication and External Relations Department Email: media@ About the African Development Bank Group: The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information:
Zawya
6 days ago
- Business
- Zawya
AfDB's Adesina commends diversified cooperation between Tunisia and bank
Abidjan – Outgoing President of the African Development Bank (AfDB) Group Akinwumi A. Adesina commended the diversified cooperation between Tunisia and his institution. Speaking to TAP on the sidelines of the AfDB's Annual Meetings in Abidjan, Côte d'Ivoire, Adesina pointed out that this cooperation covers several sectors, mainly energy, pharmaceutical infrastructure, drones' deployment in the agricultural sector and pharmaceuticals, recalling the fact that Tunisia had hosted the Bank's headquarters for several years, a fact he described as emblematic of the country's longstanding ties with the institution. The 2025 Annual Meetings of the AfDB Group– marked this year by the election of a new Bank president– are organised on May 26-30 in Abidjan under the theme: 'Making Africa's Capital Work Better for Africa's Development.' Tunisia is represented by a high-level delegation led by Minister of Economy and Planning Samir Abdelhafidh, who serves as the country's Governor to the Bank. At the close of his term on head of the AfDB, Adesina affirmed to TAP his intention to dedicate his time 'to strategic networking and to championing Africa's interests on the global stage.' He further highlighted that under his leadership, the Bank achieved the largest capital increase in its history—soaring from $93 billion in 2015 to $318 billion today—calling it 'an unprecedented milestone.' He also noted that the institution recorded the most substantial replenishment of the African Development Fund's resources to date, securing $8.9 billion under its 16th replenishment cycle. © Tap 2022 Provided by SyndiGate Media Inc. (
Zawya
6 days ago
- Business
- Zawya
AfDB 2025 Annual Meetings kick off in Abidjan with over 6,000 delegates from 81 countries
Abidjan - Over 6,000 delegates from 81 countries, including African heads of state and government, finance ministers, central bank governors, development partners, private sector representatives, civil society leaders, academics, think tanks and opinion leaders, NGOs, and other stakeholders, are attending the African Development Bank (AfDB) Group's 2025 Annual Meetings which kicked off on Monday and will run until May 30 in Abidjan, Côte d'Ivoire. During these meetings, held on the theme: "Making Africa's Capital Work Better for Africa's Development," the AfDB Governors will elect a successor to current Group President Dr. Akinwumi Adesina, whose second five-year term ends on August 31. Tunisia is taking part with a delegation led by Minister of Economy and Planning Samir Abdelhafidh, Governor of the Republic of Tunisia Group at the AfDB. Over the next five days, high-level dialogues, strategic discussions and knowledge-sharing events will be held on some of Africa's most urgent and ambitious priorities, ranging from macroeconomic stability and domestic resource mobilisation to energy transition, food systems transformation and climate finance. The agenda includes a presidential dialogue at the launch of the African Economic Outlook report, thematic discussions on mobilising capital in a difficult economic context and institution-building. These Annual Meetings are a platform to rethink how Africa mobilises, maintains and deploys its own wealth to shape its future in a financial context shaped by the many challenges facing Africa, while the outgoing AfDB President will make way in the vote for the new Bank President for Sidi Ould Tah (Mauritania), Amadou Hott (Senegal), Abbas Mahamat Tolli (Chad), Bajabulile Swazi Tshabalala (South Africa) and Samuel Munzele Maimbo (Zambia).
