Mauritanian economist elected African Development Bank president

Sidi Ould Tah who formerly served as Mauritania's finance minister was elected during a vote Thursday at the bank's annual meeting in Abidjan, Ivory Coast.

He replaces Akinwumi Adesina, a Nigerian economist who will step down in September after completing the maximum two five-year terms in office.

''Tah brings over 35 years of experience in African and international finance. He served as president of the Arab Bank for Economic Development in Africa (BADEA) for 10 years from 2015, where he led a full transformation that quadrupled the Bank’s balance sheet, secured a AAA rating, and positioned it among the top-rated development banks focused on Africa," the bank said in a press statement Thursday.

In total, five candidates contested for the bank's top job.

The others were Amadou Hott (Senegal), Samuel Maimbo (Zambia), Mahamat Abbas Tolli (Chad) and Bajabulile Swazi Tshabalala (South Africa).

The winning candidate is required to obtain at least 50.01% of the vote.

Tough time for African economies

Tah's mandate will commence September 1, 2025, for a five-year term, after which he will be eligible to seek another.

His election comes at a time when African nations are battling aid freezes and cuts by Washington, and reduced infrastructure spending and lending by China.

Trade tariffs announced by Washington have also dampened investor confidence at a time when interest rates remain high, meaning higher debt servicing costs for African borrowers.

Just this week, the bank downgraded the continent's growth forecasts citing "seismic shifts in the trade policies of major economies."

But it was hopeful that African economies would stay resilient 'despite climate shocks, economic disruption, and a shifting geopolitical landscape'.

Tah is credited for establishing BADEA’s $1 billion callable capital program for African MDBs. During his campaign, he pledged to prioritize resource mobilization, reforming the financial architecture, harnessing Africa's demographic divided, and investing in resilient infrastructure.

The AfDB is owned by 54 African states and non-regional nations including the U.S., Japan and Saudi Arabia.

The bank's biggest shareholder is Nigeria.