Latest news with #SamuelMaimbo
Zawya
3 days ago
- Business
- Zawya
The race for AfDB president: How the bank elects its leader?
The African Development Bank (AfDB) will on Thursday vote in its new president for a five-year term. The winner will succeed Nigeria's Akinwumi Adesina, whose two five-year terms end in September. Here is what you need to know:Who are the candidates?Five experts are set to compete for the presidency of the AfDB, promising a tough contest. The candidates are Amadou Hott, former Senegalese Planning Minister; Samuel Munzele Maimbo, Zambian economist; Sidi Ould Tah, Mauritanian development banker; Abbas Mahamat Tolli, Chad's central banker; and Bajabulile Swazi Tshabalala, a South African corporate captain who previously served as Vice-President of the AfDB. In February, the Steering Committee of the Board of Governors on the Election of the President of the AfDB selected these five candidates from those who had submitted their candidacy. What has the race been like so far?The five candidates have offered an interesting rivalry. The Zambian and South African candidates have faced an especially awkward contest because both countries belong to the Southern Africa Development Community (SADC), a bloc which had previously endorsed the Zambian economist. In fact, Mr Maimbo has marketed himself as endorsed by both the SADC and the Common Market for Eastern and Southern Africa (Comesa), a trading bloc bringing together countries from eastern and southern Africa. South Africa would later endorse Ms Tshabalala to enter the race. If she wins, she will be the first woman to head the bank in its 60-year history. Meanwhile, the Mauritanian and Chadian candidates have mounted lacklustre campaigns, but have persisted, choosing to speak mostly at events where potential voters gather. Who are the past presidents?Although the AfDB's membership includes foreign nations such as the United States, the United Kingdom, Japan and South Korea, bringing the total number of members to 87, it exclusively lends to African countries. And only nationals of African countries can become president. The bank's 60-year history has seen nine presidents, including Dr Adesina. Others include:Donald Kaberuka (Rwanda) 2005 to 2015Omar Kabbaj (Morocco) 1995 to 2005Babacar Ndiaye (Senegal) 1985 to 1995Wila D. Mung'omba (Zambia) 1980 to 1985Goodall Gondwe (Malawi) 1979 to 1980Kwame Donkor Fordwor (Ghana) 1976 to 1979Abdelwahab Labidi (Tunisia) 1970 to 1976Mamoun Beheiry: The first president of the AfDB from Sudan, served from 1967 to 1970. What are the geopolitical considerations at the bank?Although only Africans can become president, the race for the bank's top leadership position can elicit a geopolitical contest. In the past, the US tried to prevent Dr Adesina from serving a second term, accusing him of misgovernance. However, the African continent rallied behind him. The current election could see a different kind of contest emerge, such as rivalry between Zambia and South Africa, or debate on whether the presidency should return to West Africa. How can one win the presidency?Representatives of member states — usually central bank governors or finance ministers — cast their votes. Unlike the African Union Commission, where a two-thirds majority is required, the AfDB election is won by obtaining more than half of the votes from African member countries and more than half of the votes from non-African member countries. Article 9 of the Rules of Procedure Governing the Election of the President states that a candidate is elected if he or she obtains 'at least 50.01 percent of the total votes of the regional (African) member countries and at least of 50.01 percent of the votes of all member countries, (both regional and non-regional) of the bank". This principle is known as the 'double majority vote'. What voting powers do members have?Not all members have the same voting power. According to the rules, the voting power of each member country, to be used in computing votes, is determined by the Board of Directors 'as at close of business on the last working day in the month immediately preceding the month during which the election of the president shall be held.'This computation is based on the shareholding. This means that only members who had paid up their capital subscriptions by end of April are taken into account in determining the voting powers. How do members vote?At the AfDB, the elections are conducted using an electronic voting system or physical paper ballots, in accordance with the Election Rules. This makes countries' voting patterns known to the public. This is in contrast to the African Union, where ballots are secret. If, after five rounds of balloting, no candidate has obtained the requisite double majority, the Board of Governors can deliberate and decide whether or not to proceed with voting for the president. If this happens, the election is postponed for up to a year, and the outgoing president or vice-president of the Bank from an African country is nominated. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
The Herald
3 days ago
- Business
- The Herald
SA's Tshabalala loses AfDB presidency to Mauritanian
His win means the presidency of the bank will again stay between West and North Africa. Southern Africa had fielded two candidates, Tshabalala and Zambian economist Samuel Maimbo. This caused a rift within the regional body Sadc, which publicly endorsed the Zambian, but SA refused to back down. Tah previously served as director-general for the Arab Bank for Economic Development in Africa. He also served as an expert at the Mauritanian Bank for Development and Commerce between 1984 and 1986, then as a financial analyst at the Food Security Commission in 1986. He also worked as a financial analyst at the Khartoum-based Arab Authority for Agriculture, Investment and Development between 1996 and 1999. Thereafter, he served as investment promotion officer and then technical assistant to the president of the Islamic Development Bank. He was the adviser to Mauritania's president and prime minister, respectively, in 2006 and 2008. In 2008, he was nominated and appointed as Mauritanian minister of economy and finance. Tshabalala joined AfDB in 2018 after she was appointed as vice president of finance and CFO. She previously served as a finance manager at Standard Bank Group and as group treasurer at Transnet. Finance minister Enoch Godongwana previously commended Tshabalala for her contribution and commitment to achieving the AfDB's vital goal of increasing investment in the continent. TimesLIVE
TimesLIVE
3 days ago
- Business
- TimesLIVE
SA's Swazi Tshabalala loses out on AfDB presidency to Mauritanian Sidi Ould Tah
His win means the presidency of the bank will again stay between West and North Africa. Southern Africa had fielded two candidates, Tshabalala and Zambian economist Samuel Maimbo. This caused a rift within the regional body Sadc, which publicly endorsed the Zambian, but SA refused to back down. Tah previously served as director-general for the Arab Bank for Economic Development in Africa. He also served as an expert at the Mauritanian Bank for Development and Commerce between 1984 and 1986, then as a financial analyst at the Food Security Commission in 1986. He also worked as a financial analyst at the Khartoum-based Arab Authority for Agriculture, Investment and Development between 1996 and 1999. Thereafter, he served as investment promotion officer and then technical assistant to the president of the Islamic Development Bank. He was the adviser to Mauritania's president and prime minister, respectively, in 2006 and 2008. In 2008, he was nominated and appointed as Mauritanian minister of economy and finance. Tshabalala joined AfDB in 2018 after she was appointed as vice president of finance and CFO. She previously served as a finance manager at Standard Bank Group and as group treasurer at Transnet. Finance minister Enoch Godongwana previously commended Tshabalala for her contribution and commitment to achieving the AfDB's vital goal of increasing investment in the continent.
TimesLIVE
3 days ago
- Business
- TimesLIVE
SA's Tshabalala loses AfDB presidency to Mauritanian
His win means the presidency of the bank will again stay between West and North Africa. Southern Africa had fielded two candidates, Tshabalala and Zambian economist Samuel Maimbo. This caused a rift within the regional body Sadc, which publicly endorsed the Zambian, but SA refused to back down. Tah previously served as director-general for the Arab Bank for Economic Development in Africa. He also served as an expert at the Mauritanian Bank for Development and Commerce between 1984 and 1986, then as a financial analyst at the Food Security Commission in 1986. He also worked as a financial analyst at the Khartoum-based Arab Authority for Agriculture, Investment and Development between 1996 and 1999. Thereafter, he served as investment promotion officer and then technical assistant to the president of the Islamic Development Bank. He was the adviser to Mauritania's president and prime minister, respectively, in 2006 and 2008. In 2008, he was nominated and appointed as Mauritanian minister of economy and finance. Tshabalala joined AfDB in 2018 after she was appointed as vice president of finance and CFO. She previously served as a finance manager at Standard Bank Group and as group treasurer at Transnet. Finance minister Enoch Godongwana previously commended Tshabalala for her contribution and commitment to achieving the AfDB's vital goal of increasing investment in the continent.
The Independent
3 days ago
- Business
- The Independent
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. —-
