The President of the African Development Bank Group (AfDB), Dr. Sidi Ould Tah, is spearheading a renewed push toward financial reform and economic transformation across the continent.
Through a series of high-level engagements in Abidjan, Dr. Ould Tah is pursuing an ambitious agenda to mobilize Africa’s vast financial resources and redirect them toward productive investments that can accelerate sustainable development.
This week, he held discussions with Denis Charles Kouassi, Director General of Côte d’Ivoire’s National Social Security Fund (CNPS), to explore potential collaboration in channeling social security funds into impactful projects. Such initiatives aim to bridge the gap between domestic savings and development financing—a move seen as vital for reducing Africa’s dependence on external capital.
Dr. Ould Tah’s leadership vision for Africa is anchored in the “Four Cardinal Points”—a strategic framework that outlines a path to financial self-reliance. The strategy emphasizes coordinated action among African financial institutions, improved resource mobilization, and the establishment of mechanisms that can unlock large-scale capital for the continent’s socioeconomic transformation.
Under this framework, the AfDB is calling for synergy and harmonization among Africa’s financial systems. The aim is to enable a unified response to the continent’s financing challenges, ensuring that African capital is structured to serve African priorities. Dr. Ould Tah’s approach emphasizes reforming fragmented financial systems and consolidating regional financial structures to create a stronger, more integrated financial ecosystem
Mobilizing Domestic Capital for Development
A major focus of recent meetings has been the mobilization of domestic financial resources. Africa’s sovereign wealth funds currently manage around $153 billion in assets, while the broader institutional investor base—including pension funds and insurance companies—controls nearly $1 trillion. Dr. Ould Tah believes these resources form a stable foundation for a new era of African investment and growth.
At the AfDB headquarters in Abidjan, leaders of Africa’s sovereign investment institutions convened to discuss the creation of an African Sovereign Borrowing Platform. The proposed platform would help African countries access capital markets more efficiently, improve credit data quality, develop risk-pooling instruments, and reduce borrowing costs. By fostering collaboration among sovereign investors, this initiative aims to enhance Africa’s creditworthiness and position the continent as a credible player in global finance.
Strengthening the Bank’s Leadership and Partnerships
The African Development Bank continues to solidify its role as a continental leader in financing and development innovation. In May 2022, the Bank and the African Sovereign Investors Forum (ASIF) signed a Memorandum of Understanding (MoU) in Rabat, Morocco. This landmark partnership focuses on developing green and climate-resilient infrastructure, boosting technical expertise, and expanding financing opportunities for critical sectors.
The ASIF unites 17 of Africa’s sovereign wealth funds, including:
- Ghana Infrastructure Investment Fund (GIIF)
- Nigeria Sovereign Investment Authority (NSIA)
- Ithmar Capital of Morocco
- Sovereign Fund of Egypt
- Angola Sovereign Wealth Fund (FSDEA)
- Rwanda’s Agaciro Development Fund, among others
Through this alliance, the AfDB and ASIF are setting a precedent for intra-African collaboration—anchored on shared prosperity, innovation, and sustainability.
Engaging Guarantee Institutions to Unlock Financing
Beyond sovereign funds, Dr. Ould Tah has also deepened engagement with African guarantee institutions that serve as key catalysts for trade, investment, and access to finance. A strategic meeting brought together the heads of major guarantee organizations, including:
- Ngueto Tiraina Yambaye, Director General of FAGACE
- Felix Bikpo, Chairman of the Board of AGF, and Jules Ngankam, CEO of AGF
- Abdourahmane Diallo, Director General of FSA
- Manuel Moses, CEO of ATIDI**
These institutions play a crucial role in strengthening Africa’s financial sovereignty. They provide the guarantees and risk mitigation tools that enable businesses—especially small and medium enterprises (SMEs)—to access capital for growth. The AfDB’s ongoing support for these entities reflects its broader commitment to enhancing trade finance and investment across Africa.
At the heart of Dr. Ould Tah’s vision lies a transformative goal: to position the African Development Bank as Africa’s undisputed premier development finance institution. Guided by the “Four Cardinal Points,” this transformation seeks to create an enabling environment for seamless capital movement and to fully leverage the opportunities presented by the African Continental Free Trade Area (AfCFTA).
By reducing fragmentation, harmonizing financial regulations, and fostering collaboration between sovereign funds, pension schemes, and guarantee institutions, the Bank aims to establish a self-sustaining African financial ecosystem. This system will empower countries to finance their own growth, strengthen resilience against global shocks, and chart a more equitable path toward prosperity.
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