By Obinna Uballa
After a decade at the helm of Africa’s premier development finance institution, Akinwumi Adesina will step down as President of the African Development Bank (AfDB) on Monday, September 1, paving the way for the swearing-in of his successor, Sidi Ould Tah, a statement from the institution said.
Ould Tah, who won the May 29 election with 76.18% of the vote, becomes the first Mauritanian to lead the AfDB. His inauguration ceremony, to be broadcast live by Africa24, is expected to attract African leaders, top diplomats, and development partners.
The coverage will also feature insights into the challenges and opportunities ahead for the Bank, the statement said.
Adesina, a former Nigerian Minister of Agriculture, has served two consecutive terms since 2015, spearheading major initiatives such as the High 5 priorities, which focused on powering Africa, feeding the continent, industrialising economies, integrating markets, and improving the quality of life.
Observers believe that Tah’s election was a diplomatic triumph for Mauritania, backed by strong support from the African Union during its 2024 rotating presidency under Mohamed Ould Ghazouani, as well as from the Arab League countries.
His leadership of the Arab Bank for Economic Development in Africa (BADEA) from 2015 to 2025, where he strengthened finances and expanded project impact, reportedly bolstered his candidacy.
He takes office at a critical moment for the AfDB, which faces financial strain following the U.S. government’s withdrawal of $555 million from the concessional arm of the Bank supporting the continent’s poorest countries.
Analysts say Ould Tah’s deep international networks and experience will be vital in attracting alternative funding sources and driving structural transformation across Africa.
His inauguration signals the beginning of a new chapter for the AfDB in its mission to accelerate inclusive growth and sustainable development.
