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The African Development Bank dramatically raised the bar for public accountability and transparency in its presidential selection process by live tweeting the voting rounds last week in Abidjan. It’s already old news then that Akinwumi Adesina, the Nigerian candidate, will be the bank’s next president. Adesina garnered an impressive 60 percent of the regional vote and 58 percent of the total vote of the AfDB’s shareholders.
So what will the institution get with its new leader? You can judge for yourself by watching his performance during the CGD-hosted AfDB candidates forum in April. Although many of his comments were delivered in French, so have your translation software ready if you’re not fluent. Here’s a clip:
As far as vision goes, Adesina offered up an agenda that looks a lot like that of his predecessor, with emphasis on infrastructure, private sector, job creation, and regional integration. This does not represent a radical reset or course correction for the institution. Fortunately, by most accounts none is called for. It’s what the African continent overwhelmingly wants and what the AfDB does well.
There is one question mark though. Beyond the issues mentioned above, Adesina has repeatedly stressed the need for a greater focus on agriculture. That’s no surprise coming from an agriculture minister with a PhD in agricultural economics. And there’s no question that agriculture has been an underperforming sector in most African countries. Yet, beyond financing feeder and trunk roads, the AfDB hasn’t been a particularly big player in agriculture. This might lead to a future clash in priorities. Put differently, how much agriculture minister will stay within him as the AfDB President? Only time will tell.
But Adesina definitely will have the opportunity to make his mark early by shaping the institution through his management and staff selections. With current vacancies and expected departures, and against the backdrop of the bank settling back into its headquarters in Abidjan, the new president will need to make key hires a top priority in the early months.
Ultimately, the bank’s effectiveness and Adesina’s legacy will rest on the institution’s ability to attract, retain, and promote the best and brightest from the region and from around the world. President Kaberuka has helped a great deal by handing off an institution with a strong reputation. But it will be up to the new president to build on that reputation one person at a time. Good luck Mr. Adesina.
The African Development Bank recently turned 50. In that time it's made more than 4,000 grants and loans, totaling more than $71 billion. So what might its next half-century look like? Bank President Dr. Akinwumi Adesina joins me on this week's podcast to share his vision for Africa's future.
The African Development Bank is widely praised these days as one of the premier financial institutions in Africa. The past decade saw it place much greater emphasis on infrastructure financing, a change brought about in part by the instincts of its former president Donald Kaberuka. In this week's podcast, Kaberuka discusses how the AfDB’s success came about.
Kaberuka is currently a Hauser Leader-in-Residence at the John F. Kennedy School of Government at Harvard University. At CGD he will be working on finance and development issues, including serving as a member of our High-Level Panel on Multilateral Banking, which will issue its report in the coming months.