President Alassane Ouattara of Côte d’Ivoire inaugurated the African Development Bank Group’s 2025 Annual Meetings in Abidjan, emphasizing the urgent need for Africa to mobilize its own capital, accelerate regional integration, and forge a path towards economic self-reliance. The meetings, themed “Making Africa’s Capital Work Better for Africa’s Development,” arrive at a critical juncture for the continent. The global landscape presents significant challenges, including shifting trade dynamics, new U.S. tariffs affecting numerous African nations, declining foreign aid, and escalating inflation risks. These factors necessitate a unified and decisive response from African countries. President Ouattara underscored the importance of leveraging the continent’s vast resources and youthful population to propel transformative and inclusive growth. He commended the African Development Bank’s transformative impact across the continent under the leadership of outgoing President Akinwumi Adesina, whose decade-long tenure concludes in August.
President Ouattara acknowledged the significant contributions of Dr. Adesina, whose leadership saw the Bank achieve unprecedented levels of investment and impact. He expressed confidence that the Bank’s next leader would maintain this momentum and steer the institution to even greater prominence on the global stage. Despite the challenges faced in recent years, President Ouattara highlighted that the situation would have been considerably worse without the interventions of the African Development Bank. He emphasized the need for continued and increased investment in social sectors and the strategic utilization of Africa’s resources to accelerate true transformation, addressing the insufficient growth outlook that falls short of meeting the continent’s population needs. The Abidjan meetings drew a substantial gathering of over 6,000 participants, including heads of state, ministers, central bank governors, private sector leaders, civil society representatives, and development partners.
Dr. Adesina, in his farewell address, provided a positive assessment of his ten years at the helm of Africa’s premier development finance institution. He emphasized the imperative for Africa to achieve economic independence, moving beyond reliance on foreign aid. He advocated for unlocking the continent’s own human, financial, and natural resources, and for developing internal value chains to drive inclusive growth. Reflecting on his tenure, Dr. Adesina expressed gratitude to African leaders and his staff for their support in realizing the Bank’s “High 5s” strategy, which has demonstrably improved the lives of hundreds of millions of Africans. He detailed the Bank’s substantial investments across various sectors, including infrastructure, electricity provision, and capital mobilization through the Africa Investment Forum.
The African Development Bank, under Adesina’s leadership, has invested over $100 billion in the past decade, representing a significant portion of its total funding since its inception. This investment portfolio includes significant contributions to infrastructure projects, support for the ambitious Mission300 initiative aimed at providing electricity access to 300 million Africans by 2030, and the mobilization of substantial investment interest through the Africa Investment Forum. Dr. Adesina highlighted the Bank’s role in navigating the continent through multiple crises, including the COVID-19 pandemic, global food insecurity, debt challenges, and climate shocks. He underscored the Bank’s resilience and its continued commitment to supporting Africa’s development.
Beyond financial investments, Dr. Adesina’s leadership has fostered institutional innovation and growth. The Bank’s capital tripled under his tenure, maintaining its AAA credit rating throughout. Innovative financial instruments, such as hybrid capital and synthetic securitization, were introduced, expanding the frontiers of development finance. In his closing remarks, Adesina expressed his profound dedication to Africa and his unwavering belief in the continent’s potential. He extended his gratitude to his staff, family, and shareholders for their unwavering trust and support. He concluded by expressing his fervent hope for Africa’s continued prosperity and a bright future.
United Nations Secretary-General António Guterres, in a video tribute, lauded Dr. Adesina’s visionary leadership and commitment to inclusive and sustainable development across Africa. He commended Adesina’s accomplishments under the Bank’s “High 5s” development agenda, highlighting the significant strides made in areas such as energy access, food security, industrialization, regional integration, and improving the quality of life for Africans. Guterres also emphasized Adesina’s global leadership in promoting the re-channeling of Special Drawing Rights (SDRs) through multilateral development banks, a crucial mechanism for providing much-needed resources to countries facing debt burdens, climate shocks, and limited fiscal space. The Secretary-General expressed the UN’s gratitude for Adesina’s contributions and its anticipation of building on his remarkable record in the years to come. He lauded Adesina’s efforts in advancing inclusive development and a fairer global financial order.
