Published on September 19, 2024
–
HAS
+
Following the announcement of Chadian Mahamat Abbas Tolli’s candidacy for the presidency of the African Development Bank (AfDB) on February 9, 2024, other prominent African figures have expressed their desire to succeed Dr. Akinwumi Adesina at the head of this pan-African institution. In addition to Mahamat Abbas Tolli, three other contenders have come forward: Beninese Romuald Wadagni, who is the favorite, Zambian Dr. Samuel Munzele Maimbo and Mauritanian Ousmane Kane.
While the Steering Committee of the AfDB Board of Governors must still open and review applications between September 2024 and January 2025, these four personalities already stand out for their seriousness and experience. Each has a solid background that could lead them to the presidency of the AfDB.
The AfDB, a vector of development
The new president will face several major challenges. For example, he will have to ensure the continuity of the hybrid capital model, which combines equity and external resources to finance ambitious projects. This model has enabled significant investments, such as financing the construction of the Abidjan-Lagos highway and the development of solar parks in East Africa.
In addition to managing this innovative financial mechanism, the incoming president will have to tackle pressing issues such as combating climate change. The AfDB has recently supported initiatives such as the Congo Basin reforestation project, and the next leader will need to continue these efforts to strengthen the continent’s ecological resilience.
The successor will also have to navigate a complex economic environment, with challenges related to economic diversification and poverty reduction. Candidates will have to demonstrate their ability to maintain the reform momentum initiated by Adesina, while strengthening the AfDB’s role in promoting sustainable and inclusive growth in Africa.
Beninese Romuald Wadagni, the favorite
Originally from Benin, Romuald Wadagni, Minister of State and Minister of Economy and Finance since 2016, is recognized for having transformed the Beninese economy into one of the most dynamic in the sub-region. Under his leadership, Benin has recorded a constantly increasing growth rate: from 3.8% in 2020, to 7.2% in 2021, then 6.3% in 2022 and 6.4% in 2023. His reforms have strengthened the country’s economic resilience and enabled the early repayment of debts, which earned Benin the congratulations of the IMF.
Wadagni has also promoted the growth of the private sector, with Benin recognized by UNCTAD as one of the easiest countries to start a business. In April 2024, Standard & Poor’s upgraded Benin’s credit rating to “BB-” with a “Stable” outlook, reflecting the country’s strong economic performance. Supported internationally and honored several times as the best African Minister of Finance (2018, 2020, 2023), Wadagni presents himself as the candidate of a high-performing economy and says he is confident about his chances of leading the AfDB.
Its strength therefore comes from the fact that it is at the helm of an economy which functions better than that of its Chadian, Zambian and Mauritanian competitors.
CEMAC and ECCAS choose Mahamat Abbas Tolli (52 years old)
Former BEAC Governor Mahamat Abbas Tolli enjoys the unconditional support of President Déby, who is conducting intense diplomatic lobbying in Africa and with partners of the African Development Bank (AfDB), thus reinforcing his status as the “Central African candidate”.
Tolli headed Chadian customs (2001-2003) and the civil cabinet of the presidency before occupying key positions, including the Ministry of Finance and Economy and he was head of Infrastructure. Despite a solid career, his candidacy is tainted by accusations of fraud during his mandate at the BEAC which tarnished his image.
Zambian Dr Samuel Munzele Maimbo, SADC candidate
Dr Samuel Munzele Maimbo, a Zambian economist with nearly 30 years of experience in development, financial markets and strategic planning, is the Southern African Development Community (SADC) candidate for the presidency of the AfDB. His candidacy was validated during the 44e SADC Summit in August 2024. Currently Vice President of the World Bank in charge of budget and strategic planning, he has also headed key departments at IDA and IBRD. He will have two challenges to overcome, the tendency for a French speaker to replace Adesina, and his distance from the field, unlike his opponents.
Mauritanian Ousmane Kane
The least known candidate, Ousmane Kane, former governor of the Central Bank of Mauritania, announced his candidacy on August 26, 2024. With more than 15 years at the AfDB, he has held several key positions, including Vice President for Institutional Services. A graduate of Polytechnique Paris and Mines de Saint-Étienne, his candidacy enjoys broad support. Kane has also headed SNIM (Société nationale industrielle et minière de Mauritanie) and held ministerial positions in Mauritania, strengthening his credibility for this position. However, his record appears mixed: SNIM is known for its anarchic management and the Mauritanian economy is among the least diversified in the world.
In light of the candidates’ profiles, the outcome of this election remains uncertain. The choice of Akinwumi Adesina’s successor will depend mainly on the AfDB’s non-regional shareholders, who hold 40% of the capital, including the United States (6.3%), Japan (5.2%), Germany (3.9%), and France (3.6%).
