By Cheikh Fall, Founder of The Third Path Africa
Sixty years ago, in Khartoum, a bold idea was born: that Africa could—and must—finance its own development. The African Development Bank (AfDB), conceived by 25 African nations, was not just a financial institution. It was a declaration of continental agency. Today, as the Bank prepares to swear in its tenth president, Dr. Sidi Ould Tah, on September 1, 2025, it stands at a crossroads—celebrated globally for its innovation, yet still challenged by the very continent it serves. As Africa’s premier development finance institution, the AfDB’s mission—to promote sustainable economic growth and reduce poverty—remains a beacon, but its future relevance demands reflection on its legacy and an imperative for renewal.
A Legacy of Ambition: Accomplishments That Shaped a Continent
From its humble beginnings in Addis Ababa with ten staff members, the AfDB has grown into a $60 billion powerhouse. Its early investments in roads and national development banks laid the groundwork for regional integration. The creation of the African Development Fund (ADF) in 1972 and the inclusion of non-African members in the late 1970s were strategic pivots that expanded its capital base and global credibility.
Each decade brought new ambitions and tangible achievements:
• The 1980s saw microfinance initiatives and a $22.3 billion capital increase. • The 1990s emphasized agriculture, private sector development, and human capital. • The 2000s responded to global crises with decentralization and bold capital mobilization. • The 2010s introduced the High-5s—a strategic framework aligning with 90% of the SDGs—that delivered impacts like electricity access for 181 million people, agricultural improvements benefiting 1.3 billion, and infrastructure projects such as the Desert to Power initiative, aiming for 10 GW of solar energy in the Sahel.
Over 60 years, the Bank has approved over $200 billion in financing, funding 6,575 projects across sectors like transport, energy, and education. Innovations like the Africa Investment Forum have mobilized $180 billion in investment interest, earning accolades as the world’s best multilateral development bank and the most transparent institution.
Leadership and Reform: A Mixed Record
The AfDB’s presidents—from Mamoun Beheiry of Sudan (1967-1970) to Akinwumi Adesina of Nigeria (2015-2025)—have each left distinct imprints. Beheiry established headquarters in Abidjan; Babacar Ndiaye oversaw massive capital growth; Omar Kabbaj navigated the Côte d’Ivoire crisis; Donald Kaberuka steered through the 2008 financial collapse; and Adesina championed the High-5s, securing the largest capital increase to $208 billion in 2019. Adesina’s tenure advanced transformative agendas, though it faced scrutiny in 2020 over whistleblower allegations, which were fully cleared by an independent review.
Yet, reform has often been reactive rather than anticipatory. The Bank’s decentralization, while ambitious, remains uneven. Its engagement with fragile states is still constrained by risk aversion. And despite its reputation for transparency, questions persist around the pace of disbursement, project sustainability, and the inclusivity of its governance model. Governance lapses, such as allegations of weak internal controls in the 1990s that led to donor withholdings, and more recent concerns over “disappearing funds” and project cancellations (with one-third of approved projects scrapped), highlight operational shortcomings. Opaque resource-backed loans have also been criticized for exacerbating debt burdens.
Missteps and Missed Opportunities: Gaps in Inclusivity and Integration
The AfDB’s history includes missteps that have undermined trust. During COVID-19, responses were deemed slow in bolstering health infrastructure, exposing Africa’s import dependency. Civil society has accused the Bank of prioritizing large infrastructure over community needs, with complaints about environmental harms in projects often inadequately addressed due to under-resourced review mechanisms.
Missed opportunities abound, particularly in gender equality and youth empowerment. Despite rhetoric, no female president has been appointed in 60 years, perpetuating male dominance and missing a chance to reflect Africa’s full potential. Nutrition integration in agriculture programs has been overlooked, contributing to food insecurity. Youth initiatives, while growing, have not fully capitalized on Africa’s demographic dividend, with high unemployment persisting. Trade integration under the African Continental Free Trade Area (AfCFTA) could have been accelerated earlier, but slow infrastructure investments left intra-African trade at just 15%, amplifying challenges for women and youth in accessing markets. South Africa’s limited strategic role further diminished regional influence.
Attempts at Reform: Innovating for Relevance
Recognizing these challenges, the AfDB has pursued reforms. The 2024-2033 Ten-Year Strategy prioritizes inclusive green growth, private-sector finance, and cross-cutting issues like gender, youth, climate resilience, and governance. It commits to tripling private-sector finance to $7.5 billion annually by 2033, adapting operations for speed, and innovating with hybrid capital and risk transfers to unlock $73 billion in lending. Youth-focused programs like Youth Entrepreneurship Investment Banks and partnerships with the ILO aim to bridge skills gaps. Financial innovations, such as channeling IMF Special Drawing Rights, have supported climate action. Yet, as recent analyses note, these must tackle “old problems” like governance and trade failures to ensure effective implementation in 2025 and beyond.
The Next Decade: Relevance Through Reinvention and Prospects Under New Leadership
The newly approved Ten-Year Strategy (2024–2033) is bold: inclusive growth, green transition, and scaled-up financing. But ambition must meet execution. To remain relevant, the AfDB must:
• Become Africa’s risk-taker-in-chief: Especially in fragile states and frontier markets. • Institutionalize youth and gender as investment priorities, not just social metrics. • Lead on climate justice, ensuring Africa is compensated for its carbon sinks and empowered to industrialize sustainably. • Reimagine its operational model: Fewer projects, more transformative platforms. Faster disbursement, deeper local partnerships.
Under Tah, elected with 76.18% of votes and set for swearing-in tomorrow, prospects include reforming global finance, boosting domestic resources, and tackling debt amid projections of 3.9% growth in 2025. Experts anticipate a “new culture of results,” focusing on capital mobilization and resilience, though U.S. funding cuts pose risks. Tah’s technocratic background promises transparency and reform.
A Continental Anchor, Not Just a Bank
As the AfDB enters its seventh decade, it must transcend its role as a financier. It must become Africa’s strategic anchor—coordinating with the African Union, regional blocs, and civil society to deliver treaty-backed infrastructure, resilient economies, and sovereign agency.
The swearing-in of Dr. Sidi Ould Tah is not just a ceremonial transition. It is a moment to ask: Will the Bank continue to chase relevance, or will it define it? Africa’s future depends on bold renewal.