African Development Bank (AfDB) elected Mauritanian economist Sidi Ould Tah as the next president, taking the helm at a time when the institution is facing increasing financial pressures following a decline in contributions from major partners including the United States.
The 60-year-old economist secured his position after three rounds of voting during the AfDB’s annual meetings in Abidjan. He received 76.18% of the votes from the bank’s board of directors, which includes finance ministers and central bank governors from the bank’s 81 member countries. He will begin his five-year term on September 1, replacing former Nigerian president Akinwumi Adesina, who served two terms.
Tah was ahead of other leading candidates such as Samuel Maimbo from Zambia, who received 20.26% of the vote, and former economy minister of Senegal Amadou Hott, who received 3.55%.
The election comes at a critical juncture as African countries grapple with debt burdens, climate change impacts and diminishing access to international finance. These challenges have been at the heart of discussions at the annual meetings about the AfDB’s future role.
“The African Development Bank must play a leading role more than ever,” said Bismark Rewane, a Nigerian economist and CEO of Financial Derivatives Co. “Africa must be more self-sufficient and innovative to meet today’s global realities.”
Tah has served as the general manager of the Sudan-based Arab Bank for Economic Development in Africa since 2015. He previously held key government posts in Mauritania, including agriculture minister, economy and rural development minister and economic advisor to the president.
Tah’s leadership is expected to shape the bank’s strategic direction as it works to mobilize resources and strengthen economic resilience across the continent.