Abidjan, Ivory Coast (AP) – Sidi Tah, an economist from Mauritania, has been elected as the new president of the African Development Bank. He is set to take office on Thursday, steering the region’s leading financial development institution through challenging times marked by funding reductions from the US and other key partners.
The 60-year-old Tah was chosen by the Bank’s Governor’s Committee, which comprises finance ministers and central bank governors from 81 regional and international member countries. His five-year term will commence on September 1, succeeding Akinwumi Adesina of Nigeria, who resigned under two conditions.
The election featured a three-round voting process among five candidates. Tah emerged victorious with 76.18% of the ballots, ahead of Zambian Samuel Maimbo (20.26%), Vice-Chairman of the World Bank, and former Senegalese Minister of Economy, Amadou Hott (3.55%).
The voting convened during the bank’s annual meeting in Abidjan, where pressing economic challenges, from debt distress to climate disasters, overshadow discussions.
Observers emphasize that Tah’s leadership is pivotal as it could exacerbate the pressures on Africa’s economies and further tighten global development finance.
Following this leadership transition, the Trump administration has indicated plans to eliminate significant contributions, resulting in a substantial decrease of $555 million in funding. The White House states that these commitments no longer align with its strategic priorities.
“The role of the African Development Bank is more critical now than ever,” remarked Bismark Rewane, economist and CEO of Financial Derivatives Co. based in Lagos.
“Africa must adopt a more introspective and innovative mindset to thrive,” Lewan added.
Since 2015, Tah has overseen the Arab Bank for African Development, located in Khartoum, Sudan, focused on improving the continent’s economic growth.
He has previously held key governmental positions in Mauritania, including as Minister of Agriculture and Minister of Economic and Rural Development, also serving as an economic adviser to the President.
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Adebayo reported from Abuja, Nigeria.
Source: apnews.com