Amid funding cuts from the U.S. and other key global partners, the African Development Bank (AfDB) is looking to Mauritanian economist Sidi Ould Tah to steady its financial course and lead a strategic reset across the continent, following his election as President of the multilateral lender.

Dr. Sidi Ould Tah was elected President of the AfDB at the lender's Annual Meetings held in Abidjan, Côte d’Ivoire on Thursday. He will be taking over from Nigerian Dr. Akinwumi Adesina in September this year. Dr. Adesina has served 10 years as President of the bank.

Tah, 60, was elected by the Bank’s Board of Governors, comprising Finance and Economy Ministers or Central Bank Governors of the Bank Group’s 81 regional and non-regional member countries. The board is the highest decision-making authority for the Bank Group. 

The Bank’s Board of Governors took three rounds of voting to decide the winner among a choice of five candidates. The contestants were: Amadou Hott (Senegal), Samuel Maimbo (Zambia), Mahamat Abbas Tolli (Chad), and Bajabulile Swazi Tshabalala (South Africa). In the end, Dr. Tah won with 76.18 percent of the vote, edging out Samuel Maimbo, who received 20.26 percent of the votes cast. Maimbo is a vice-president of the World Bank. The second runners up was former Senegalese economy minister Amadou Hott, who received 3.55 percent of the votes. 

According to the election rules, the winning candidate is required to obtain at least 50.01 percent of both the regional and non-regional votes. 

Tah, brings over 35 years of experience in African and international finance, will step into the leadership of the AfDB at a challenging period, particularly with decreasing aid support from the US along with trade tariffs that are poised to further squeeze economies in Africa.

Funding cuts await economist Dr. Tah

Already, Africa is grappling with continued economic squeeze due to aid cuts, with Donald Trump administration slashing $555 million in funding, citing misalignment with Washington's priorities.

“The AfDB’s role is now more critical than ever,” Bismark Rewane, an economist and chief executive of Lagos-based Financial Derivatives Co, told AP. He called for “African resilience” at a time when “no one is going to pick the chestnut out of the fire” for African countries. “Africa has to look more inwards and be innovative in its thinking to thrive,” Rewane added.

Previously, Tah 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. 

He has also served as Minister of Economic Affairs and Finance in 2008 later as Minister of Economic Affairs and Development until 2015 in Mauritania, where he also held senior roles in multilateral institutions such as the World Bank, AfDB, and the Islamic Development Bank leading crisis response, calls for financial reform, and innovative resource mobilization for Africa. 

Speaking to delegates after his election, Tah said, “Let’s go to work now, I’m ready!” He added, "This marks the beginning of a challenging yet inspiring journey—together, we will drive Africa’s transformation with unity, ambition, and purpose."

Born on December 31, 1964, in Mederdra, Mauritania, Tah holds a Ph.D. in Economics from the University of Nice Sophia Antipolis, along with advanced degrees from Paris Diderot University and the University of Nouakchott. 

His career spans over 35 years, beginning at the Mauritanian Bank for Development and Commerce. He held various roles in public finance and infrastructure, including positions at the Nouakchott Port Authority and the Arab Authority for Agricultural Investment and Development. 

AfDB Presidents since 1964 

• Mamoun Beheiry (Sudan), 1964-1970
• Abdelwahab Labidi (Tunisia), 1970-1976
• Kwame Donkor Fordwor (Ghana), 1976-1980
• Willa Mung’Omba (Zambia), 1980-1985
• Babacar N’diaye (Senegal), 1985-1995
• Omar Kabbaj (Morocco), 1995-2005
• Donald Kaberuka (Rwanda), 2005-2015
• Dr. Akinwumi Adesina (Nigeria), 2015-2025

The election of a new president comes at a crucial time in the Bank Group’s six decades of existence. Africa has remained resilient despite climate shocks, economic disruption, and a shifting geopolitical landscape, but needs to move faster or risk falling behind on delivering on the African Union’s Agenda 2063 and the Sustainable Development Goals, summed up in the Bank Group’s High 5’s. 

The 2025 Annual Meetings of the African Development Bank Group are taking place from May 26 to 30 in Abidjan, Côte d’Ivoire under the theme “Making Africa’s Capital Work Better for Africa’s Development.” 

The AfDB Group comprises three entities: the African Development Bank, the African Development Fund and the Nigeria Trust Fund. Its shareholder countries include 54 African countries or regional member countries, and 27 non-African countries or non-regional member countries. 

[email protected]