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Abidjan, Côte d’Ivoire is home to iconic West African footballers like Didier Drogba, Yaya Toure and Kolo Toure. But this Ivory Coast powerhouse, renowned for its national football team “Les Éléphants” (The Elephants) and its orange gear, is much more than the round ball. It also plays a pivotal role in African politics, business and society.
The African Development Bank in Abidjan was established in 1964 after 25 of the continent’s government leaders met in Khartoum, Sudan, to agree on the bank’s mission: to serve Africa’s development and shape the continent’s development and unity.
This was the culmination of the preceding meetings, which began in 1958 and gave rise to a pan-African approach to the continent. Six decades later, Africa’s leading development finance institution is about to elect a new president. Nigerian Akinwumi Adesina, who has been at the helm of the 60-year-old African Development Bank since 2015, concludes his second term in October 2025. Adesina began his second term on 1 September 2020, following his re-election. His term ends on 31 August 2025.
The elections for a new President will therefore take place this week on 29 May 2025 in Abidjan during the 2025 Annual Meetings of the African Development Bank Group. More than 6,000 delegates, including African heads of state and government, finance ministers, central bank governors, development partners, private sector representatives, civil society leaders, academics, think tanks and opinion leaders, NGOs, and other stakeholders, are expected to participate in the event under the theme: “Making Africa’s Capital Work Better for Africa’s Development.”
Following a meeting of the Steering Committee of the Board of Governors on the Election of the President of the African Development Bank, which met on 11 and 12 February 2025 in Abidjan, the Steering Committee announced its five contenders for the Presidency. They are: Hott Amadou, Senegal; Dr. Maimbo Samuel Munzele, Zambia; Tah Sidi Ould, Mauritania; Tolli Abbas Mahamat, Chad; and Bajabulile Swazi Tshabalala, South Africa.
The President is elected by the African Development Bank’s Board of Governors. The Board comprises representatives of the eighty-one (81) member states, usually ministers of finance, planning, or central bank governors or their duly designated alternates.
The election of the President is held during the Annual Meeting of the Bank, closest to the end of the term of office of the serving President. The Chairperson of the Board of Governors declares the candidate who obtains the requisite double majority vote elected bank president.
The new President’s inbox will contain an analysis of the financial statements for 2023, along with preparations for several key projects that form part of a decade-long plan.
Although the AfDB’s net asset value is not a publicly released statistic, the financial reports, including the 2022 and 2023 annual reports, focus on financial performance metrics like income, expenses, net income, and the size of its active portfolio rather than a specific net asset value.
The Bank’s capital was reported as $208 billion in November 2019; this is the subscribed capital, not the net asset value. Additionally, the Bank’s banking portfolio, which includes loans, equity participation, and guarantees, was valued at UA 22.6 billion (approximately $31.7 billion) at the end of 2022.
In the 2023 annual report, the bank said it achieved substantial revenue of USD 2.32 billion.
Dr. Adesina, the outgoing President of the African Development Bank Group, says that in 2023, despite the global challenges that tested the resilience of economies worldwide, the African continent stood firm.
Nearly 60 percent of all projects in 2023 contributed directly to women’s access to social services or skills enhancement across the High Five priorities, in line with the Bank’s commitment to gender equality and the empowerment of women and girls.
The Bank’s interventions supported the evolving needs of our clients through transformative operations and innovative financing solutions. Guarantees for sovereign operations rose to UA 1.71 billion in 2023, the highest level since the Bank started offering them in 2000.
Tshabalala, the only female candidate among the five, has worked extensively in the private and public sectors. She recently told Sowetan that she wants Africa’s top bank job.
The 59-year-old, born and raised in Dube Village, Soweto, told the Sowetan that she was lucky to have been nominated for the position and that, should she be elected, she would focus on lifting Africa.
“I am nominated based on my strong attributes for a leadership position. Not many women make it to the top, so I am one of the lucky few. And I think it is important that when you get there [the top], you try to lift as many people as possible,” Tshabalala said.
At a meeting on the sidelines of the Africa CEO Forum (12-13 May) in Abidjan, President Cyril Ramaphosa hailed Tshabalala as a “visionary” leader, saying that with major organisations like the International Monetary Fund, the European Bank, and the World Trade Organisation being women-led, there was no reason why the AfDB could not follow suit.
In a recent article, Dr Sidi Ould Tah, a former minister of finance, economic affairs, and development in Mauritania and one of the candidates running for the African Development Bank presidency, called for the creation of a Private Capital for Africa platform—housed in Johannesburg—to attract institutional investors, deploy blended finance tools, and de-risk large-scale regional infrastructure.
Meanwhile, the Common Market for Eastern and Southern Africa (COMESA) Heads of State and Government have endorsed Dr. Samuel Munzele Maimbo, a Zambian National, as the candidate for the position of President of the African Development Bank (AfDB) and urged Member States to support his candidature. As such, he is regarded as a frontrunner to lead Africa’s premier development institution.
Dr. Maimbo currently serves as Vice President for Budget, Performance Review, and Strategic Planning at the World Bank in Washington, D.C., where he has overseen the transformation of the World Bank’s business, planning, and budgeting process.
The Southern African Development Community (SADC) has also endorsed Maimbo’s candidacy, although South Africa, while agreeing with SADC, the South African government has also promoted Tshabalala for the post.
The Zambian national, who started by securing the endorsements of the Southern African Development Community (SADC), Common Market for Eastern and Southern Africa (COMESA), and the East African Community (EAC), told Higher Education Media that if he secures the job, he will lean heavily on 30 years of result-driven engagements to set out “clear performance metrics” from day one.
“My plan for Africa depends on institutional excellence and financial innovation at the AfDB and strategic partnerships with regional and global institutions. I have developed practical, realistic methods for achieving this.”
The Presidential Candidates:
Bajabulile Swazi Tshabalala
Born and raised in Dube Village, Soweto, Tshabalala is a seasoned financial strategist and development leader with over 30 years of experience shaping Africa’s economic landscape. As a candidate for the Presidency of the African Development Bank, she brings a bold vision to make the Bank faster, more efficient, and more impactful—mobilising large-scale investment, accelerating infrastructure development, and driving sustainable, private sector-led growth.
Tshabalala wants to build a stronger, bolder, and more effective institution that unlocks Africa’s full potential and drives real, measurable change, drawing on her leadership style and a desire to make a difference to the continent’s “vulnerability”.
Dr Samuel Munzele Maimbo, Zambia
Hailed as a visionary Leader and Candidate for the Presidency of the African Development Bank (AfDB) at a time when Africa stands at a critical juncture in its economic development, Samuel Maimbo’s candidacy for the presidency of the African Development Bank (AfDB) carries significant weight. As Vice President at the World Bank and a recognised expert in economic development, Maimbo has already demonstrated his capabilities by mobilising an impressive USD93 billion for the International Development Association (IDA 20). He embodies the qualities of a leader capable of steering the institution toward new heights while addressing the continent’s pressing challenges. With 67% of global poverty concentrated in sub-Saharan Africa and persistent inequalities, Dr. Maimbo believes he must strike a delicate balance between fostering growth and ensuring social justice. Key issues such as energy transition, infrastructure financing, and inclusive development, particularly for women and youth, remain top priorities for African governments.
Amadou Hott, Senegal
Senegalese economist and financier Amadou Hott has had a diverse career spanning international investment banking, government service, and the African Development Bank. He has held various high-profile positions, including Minister of Economy, Planning and Cooperation of Senegal and Special Envoy of the AfDB President for the Green Infrastructure Alliance in Africa. He was the Minister of Economy, Planning and International Cooperation, Senegal, and the Governor of the African Development Bank for Senegal. Formerly, he was the vice president of the African Development Bank’s Power, Energy, Green Growth and Climate Change Complex, a position he held from November 2016 until his appointment in the Senegalese government.
Dr Ould Tah, Mauritania
Dr Ould Tah, former president and Prime Minister of Mauritania between 2006 and 2008, began his career as an expert at the Mauritanian Bank for Development and Commerce (BMDC) (1984-1986) and then as a financial analyst at the Food Security Commission (1986). He was the Administration and Finance Manager of the Municipality of “Nouakchott” (1987). He held the Minister of Economic Affairs and Development position from 2008 until he was appointed Director General of BADE.
Abbas Mahamat Tolli
Born in Abéché, Chad, in 1972, Abbas Mahamat Tolli holds a degree in Business Administration from the University of Quebec. Tolli is an economist who served as the 5th Governor of the Bank of Central African States from February 2017 to February 2024. He is ready to drive the change Africa needs as head of the continent’s key infrastructure development lever. His experience has seen him lead major reforms to modernise monetary policy’s institutional, strategic and operational frameworks.
The 2025 Annual Meetings of the African Development Bank Group take place from May 26 to 30 in Abidjan, Côte d’Ivoire, with the presidential elections on 29 May. © Higher Education Media
