Former Mauritanian Economy Minister Elected as African Development Bank President

Going into today's election, which took place at this year's AfDB annual meeting in Abidjan, Côte d'Ivoire, Tah was one of the more notable candidates, thanks to his extensive experience in public finance and development-centered investments. Tah has led the Arab Bank for Economic Development in Africa (BADEA) since 2015, and he served as his country's Minister of Economic Affairs and Development for over seven years before that.

As BADEA President, Tah helped institute longer-term strategic planning, transformed the previously unrated institution into one with strong credit ratings, and strengthened its commitment to responsible investment practices, among other achievements. Set to take office as AfDB President in September, Tah will face his biggest challenge yet as he replaces Akinwumi Adesina, who will step down after serving two five-year terms.

Speaking earlier this week at the beginning of the bank's annual meeting, Adesina described the presidency of the bank as a mission. "This is not a job. If anyone is looking for a job, please don't take it. This is not a job. This is a mission," he said. During Adesina's presidency, the AfDB achieved its largest capital increase, from $93 billion in 2015 to $315 billion. The bank also achieved a record replenishment of the Africa Development Fund during its last round, raising $8.9 billion.

Adesina's presidency revolved around the "High 5s" priorities, which include Light Up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa. "The High 5s have impacted the lives of over 565 million people across Africa. These are not just figures. They are futures. They are hopes realized," Adesina said earlier this week.

Tah aims to build on the achievements of Adesina and his other predecessors. He has highlighted four key areas on which his vision will be based: increasing funding mobilization, reforming the financial architecture to enhance the effectiveness of development efforts, harnessing the potential of Africa's growing youth population by creating jobs and building resilient infrastructure that can withstand the challenges of climate change.

Tah's first order of business will be to ensure the ongoing round of replenishment for the Africa Development Fund comes to a strong close by November. The AfDB aims to raise $25 billion; however, the bank will face external funding constraints, chief among them the U.S. government under Donald Trump, which is set to cut over half a billion dollars from the AfDB. Tah will either seek to reestablish the Trump administration as a partner or look elsewhere.

The AfDB has stated that more than $400 billion is needed to bridge the annual financing gap for transformation to occur on the continent. The bank has already adjusted its economic growth forecast for Africa, citing the potential impact of tariffs, global inflation, and political headwinds. Tah will be stepping in at a crucial time for the bank and the continent as a whole.

Speaking with the think tank ODI Global before the election, Tah stated that partnerships with peer banks, international organizations, and the private sector will be key to AfDB's mission to drive developmental investments on the continent. "I do believe [the AfDB] should not be only a lending institution, but should be able to provide holistic solutions for African development," he said, harping on the need for integration between governments, private investors, and other financial stakeholders to drive development.