A defining era at the African Development Bank Group (AfDB) came to a close yesterday as Dr Akinwumi Adesina stepped down after a decade of transformative leadership. He therefore, handed the baton to Mauritanian economist Dr Sidi Ould Tah, who becomes the Bank’s 9th President.
The swearing-in ceremony in Abidjan marked more than a routine leadership change. Instead, it symbolised continuity, renewal, and the resilience of Africa’s foremost development finance institution.
Chair of the Board of Governors, Ludovic Ngatsé of the Republic of Congo, presided over the event, as ministers of finance and central bank governors from the Bank’s 81 member countries witnessed the oath-taking.
Adesina’s farewell was filled with emotion. “Serving as President of the African Development Bank has been the greatest honor and privilege of my professional career.
Ten years ago, we embarked on a journey together, a journey of transformative growth for our Bank and for our continent,” he told the gathering. His words carried the weight of remarkable achievements. Under his stewardship, AfDB’s capital base expanded from $93 billion to $318 billion, while its projects touched the lives of more than 565 million people across Africa.
From lighting up homes with electricity to securing food supplies, improving healthcare as well as opening roads. Equally, it includes expanding access to clean water, the Bank’s “High 5” priorities Light Up and Power Africa, Feed Africa, Industrialise Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa became a development blueprint for the continent.
Adesina leaves behind an institution that not only grew stronger financially but also deepened its credibility, maintaining a coveted triple-A rating and scaling up infrastructure financing worth more than $55 billion. His legacy is also tied to regional integration, with the Bank providing key support to the African Continental Free Trade Area.