Ahead of potentially defining presidential elections in the history of Africa’s premier development institution. African Development Bank, one of the leading candidates, has vowed to transform the lives of young people on the continent by tackling unemployment as a priority.
“Looking at the unemployment data, we currently have about 10 million graduates on the continent who are leaving high school. We create about 3 million jobs a year, which fell during COVID-19. It’s picking up on average. But you’re still talking about 6 million or 7 million kids looking for jobs yearly, so those numbers don’t look good. We need to do much more,” said Dr. Samuel Munzele Maimbo.
The AfDB is the largest development finance institution on the African continent, with a shareholder capital of approximately 318 billion US dollars.
Zambian-born Maimbo is currently the Vice President for Budget, Performance Review, and Strategic Planning at the World Bank in Washington, D.C. and locked in a five-way battle for the Presidency against a highly fancied South African candidate and the only woman in the field, Sowetan-born Bajabulile Swazi Tshabalala. The other contenders for the Presidency are: Senegal’s Hott Amadou, Senegal; Mauritania’s Tah Sidi Ould and Chad’s Tolli Abbas Mahamat.
“Young people are top priorities, and I intend to throw everything at the (unemployment) problem, including the kitchen sink, by doing three things,” Maimbo told Higher Education Media.
“One must acknowledge that creating jobs is a lifelong experience, starting with how we treat our children when they are young and invest in their education. One area that I’m concerned about is the state of our vocational training schools and that we need to expand those programmes quickly, because if we are trying to add value, if you’re trying to industrialise, we cannot keep importing mechanics and plumbers; you’ve got to expand that programme. That’s one,” he said during the interview.
Maimbo said, secondly, that it is about being selective about which sectors to invest in aggressively. “If I think about the film and creative industry, every single time you see a South African film on Mzansi, you know that there are 40 other jobs behind that. The film industry is quite generous regarding the academic background of people who enter it.
“I want to connect South African and Nigerian filmmakers and build studios where young entrepreneurs and filmmakers can expand. Ultimately, job creation will come if we double down on continental free trade and the trade volume on the continent. Hence, those are the three priorities that I want to focus on and ensure we consistently pick sectors and support programmes with the potential to create as many jobs as possible,” he said.
The African Development Bank in Abidjan was established in 1964 after 25 of the continent’s government leaders met in Khartoum, Sudan, to agree on the bank’s mission: to serve Africa’s development and shape the continent’s development and unity. This was the culmination of the preceding meetings, which began in 1958 and gave rise to a pan-African approach to the continent.
Six decades later, Africa’s leading development finance institution is about to elect a new president: Nigerian Akinwumi Adesina, who has been at the helm of the 60-year-old African Development Bank since 2015.
The elections for a new President will therefore take place on 29 May 2025 in Abidjan during the 2025 Annual Meetings of the African Development Bank Group. More than 6,000 delegates, including African heads of state and government, finance ministers, central bank governors, development partners, private sector representatives, civil society leaders, academics, think tanks and opinion leaders, NGOs, and other stakeholders, are expected to participate in the event under the theme: “Making Africa’s Capital Work Better for Africa’s Development.”
The President is elected by the African Development Bank’s Board of Governors. South Africa is one of the largest regional shareholder members of the Bank, with a permanent seat on the Board of Governors. It represents Eswatini and Lesotho on the executive, respectively.
Maimbo was endorsed for the Presidency by the Common Market for Eastern and Southern Africa (COMESA) and the Southern African Development Community (SADC). However, the South African Government has backed Tshabalala, with President Cyril Ramaphosa saying it was about time the bank had a woman at the helm.
However, the Zambian national said the continent’s biggest challenge is unemployment.
“The solution to that is growing our economies as quickly as we possibly can, how, when we do that we invest in our people’s education and health and make sure that those are well financed and adequately supported, we invest in industries, we select those industries that have the potential to create jobs,” Maimbo added.
“My plan for Africa depends on institutional excellence and financial innovation at the AfDB and strategic partnerships with regional and global institutions. I have developed practical, realistic methods for achieving this.”
“One thing that I think is holding us back in terms of large-scale job creation is that every single one of our countries, by and large, tries to do everything themselves. We must get into this at the normalcy of working across borders consistently, because when we do that, we create markets for our products simultaneously. I am quite encouraged that in this environment, when the global environment is talking about tariffs, it makes a fantastic opportunity for us to look inwards on the continent at our neighbours and see how we can accelerate that process of trading amongst ourselves,” he added.
Until October 2024, Tshabalala served as the Bank’s Senior Vice President and Chief Financial Officer and was the second highest-ranking officer after the current President. Tshabalala’s taking over the reins from Adesina will provide continuity in the Bank’s leadership, thinking, and strategic direction.
With her pedigree and being an insider, Tshabalala will expand on the work already carried out by the outgoing President. A key priority will be pivoting the Bank’s strategic focus towards the development needs of Southern Africa, which has lagged relative to other regions in financing development projects by the Bank.
In this context, South Africa’s candidature will significantly assist in changing this dynamic and ensuring that Southern Africa receives adequate funding from the Bank. It will also present the opportunity for greater partnership between the AfDB, the Development Bank of Southern Africa (DBSA), and other regional institutions.
The other Presidential Candidates:
Amadou Hott, Senegal
Senegalese economist and financier Amadou Hott has had a diverse career spanning international investment banking, government service, and the African Development Bank. He has held various high-profile positions, including Minister of Economy, Planning and Cooperation of Senegal and Special Envoy of the AfDB President for the Green Infrastructure Alliance in Africa. He was the Minister of Economy, Planning and International Cooperation, Senegal, and the Governor of the African Development Bank for Senegal. Formerly, he was the vice president of the African Development Bank’s Power, Energy, Green Growth and Climate Change Complex, a position he held from November 2016 until his appointment in the Senegalese government.
Dr Ould Tah, Mauritania
Dr Ould Tah, former president and Prime Minister of Mauritania between 2006 and 2008, began his career as an expert at the Mauritanian Bank for Development and Commerce (BMDC) (1984-1986) and then as a financial analyst at the Food Security Commission (1986). He was the Administration and Finance Manager of the Municipality of “Nouakchott” (1987). He held the Minister of Economic Affairs and Development position from 2008 until he was appointed Director General of BADE.
Abbas Mahamat Tolli
Born in Abéché, Chad, in 1972, Abbas Mahamat Tolli holds a degree in Business Administration from the University of Quebec. Tolli is an economist who served as the 5th Governor of the Bank of Central African States from February 2017 to February 2024. He is ready to drive the change Africa needs as head of the continent’s key infrastructure development lever. His experience has seen him lead major reforms to modernise monetary policy’s institutional, strategic and operational frameworks.
The 2025 Annual Meetings of the African Development Bank Group take place from May 26 to 30 in Abidjan, Côte d’Ivoire, with the presidential elections on 29 May.
Article By Edwin Naidu