By Ayomide Otitoju
The African Development Bank (AfDB) is holding a crucial meeting this week in Abidjan to elect a new president, as the institution prepares for a leadership transition following the upcoming departure of President Akinwumi Adesina in September.
Adesina, who has served the maximum two five-year terms, will be succeeded by one of five candidates representing South Africa, Senegal, Zambia, Chad, and Mauritania. The election, scheduled for Thursday, will determine who will steer Africa’s largest development finance institution through a period marked by global uncertainty and funding constraints.
To secure the presidency, a candidate must first win at least 50.01% of the votes from the bank’s 54 African member states. A second round of voting will include all 81 member countries, encompassing major non-African shareholders such as the United States, Japan, and European nations.
Nigeria remains the bank’s largest single shareholder, underscoring its influence within the institution, which is jointly owned by African nations and G7 countries.
The election comes at a pivotal moment. The U.S. federal government has proposed a $555 million cut in funding to the AfDB and its concessional arm, the African Development Fund (ADF), raising concerns over the bank’s financing capacity in the near term.
According to Hannah Ryder, founder of Development Reimagined, an Africa-focused consultancy, the incoming president will face an immediate test of leadership: convincing Washington to reverse the proposed funding cuts, securing increased contributions from non-regional partners such as China, Saudi Arabia, or the UAE, or pushing African states to increase their own commitments.
“This is going to be a major task, and it is effectively the new president’s first test,” Ryder told Reuters.
Fred Muhumuza, a lecturer at Makerere University Business School in Kampala, noted that the ongoing meeting may also delve into the broader implications of global shifts, including the retreat of bilateral aid from key donor countries.
“Many of the key contributors have been cutting bilateral support to African countries,” he said.
As anticipation builds for Thursday’s announcement, the AfDB’s future direction will hinge not only on who assumes the top post, but also on how the new leader navigates shrinking donor support, global economic headwinds, and Africa’s growing demand for infrastructure and sustainable development financing.
