The African Development Bank (AfDB) received a significant boost during a recent high-level meeting in Abidjan, Côte d’Ivoire, where a remarkable $16 million pledge was made by five African countries. This pledge, which surpasses their previous commitment of $5 million, marks a pivotal moment in the continent’s development financing strategy.
For the first time in the history of the African Development Fund (ADF), all five countries from a single constituency have agreed to contribute to the Fund’s replenishment cycle. This move signifies a shift towards a more collaborative and self-reliant approach to economic development in Africa.
Rufus Darkortey, the outgoing Executive Director, expressed his excitement about this development, stating, “This is a powerful message that Africa is not just a recipient but a partner in shaping its own future.”
The countries and their respective pledges are as follows:
– Ghana: $5 million
– Sudan: $3 million
– Liberia: $3 million
– Sierra Leone: $3 million
– The Gambia: $2 million
These bold commitments have increased the number of African donor countries to the ADF from 8 to 13, representing a significant 62.5% rise in intra-African financial support. This demonstrates a growing confidence in homegrown financing solutions and a commitment to the continent’s sustainable development.
The meeting also marked a leadership transition, honoring Sheku Bangura, Sierra Leone’s Finance Minister, and Chair of the Governors, along with Executive Director Rufus Darkortey for their transformative leadership over the past three years. Bangura reflected on their achievements, stating, “Together, we turned challenges into stepping stones, building resilience, amplifying our voice, and unlocking greater financing flows for our countries.”
The new leaders, Dr. Cassiel Ato Forson, Ghana’s Finance Minister, and Augustine Kpehe Ngafuan, Liberia’s Finance and Development Planning Minister, were welcomed with high expectations for continuity and innovation.
The constituency reiterated its commitment to domestic resource mobilization (DRM) and private sector-led growth, recognizing them as crucial for sustainable development. Some notable achievements include The Gambia doubling its tax-to-GDP ratio, Ghana strengthening compliance through digital revenue systems, and Liberia securing funding for youth entrepreneurship initiatives.
Looking ahead, the AfDB is focused on providing targeted macroeconomic support to Ghana, establishing an office in The Gambia, and implementing crisis response and food security initiatives in Sudan. Bangura emphasized the importance of performance, selectivity, and reduced grant components in future financing, urging African countries to position themselves as leaders in their own development.
The overarching message from both outgoing and incoming leaders is clear: Africa must take ownership of its development agenda. As Bangura aptly stated, “We may not control global tides, but we can control how we navigate them. The storm is strong. But so is our resolve, our unity, and our future.” This renewed commitment and vision set a promising path for Africa’s economic growth and self-determination.
