Abidjan: The Annual Meetings of the African Development Bank (AfDB) Group will be held from May 26 to 30, 2025, in Abidjan, C´te d'Ivoire, under the theme 'Making Africa's Capital Work Better for Africa's Development'. This strategic theme aims to identify and harness the opportunities offered by African capital - human, natural, financial and commercial - as the main driver of the continent's structural transformation and also review, with shareholders, the progress made over the past year.
According to Kenya News Agency, more than 3,000 participants are expected to attend, including several heads of state, finance ministers from the institution's 81 member countries, heads of financial and development institutions, think tanks, NGOs, private sector stakeholders, academia, and opinion leaders. In a press conference held virtually ahead of the meeting, Prof. Kevin Urama, Vice President for the Bank's Economic Governance and Knowledge Management complex, highlighted the focus on how Africa can harness its fiscal, human, and natural resource capital for its development.
Prof. Urama emphasized the richness of Africa in all forms of capital and questioned how these resources could be best utilized by Africans to channel them effectively for the continent's development. He also announced the launch of the African Economic Outlook report during the meeting, which aligns with the theme of leveraging African capital amidst global economic challenges.
The report is expected to address Africa's financing gaps in human resource development, brain drain, and institutional levels. Prof. Urama underscored the need to strengthen existing institutions, mobilize political will, and allow institutions to perform their functions effectively. He pointed out that Africa has the resources to drive its own development by leveraging support from partners rather than relying on them.
On debt matters, Prof. Urama noted a paradigm shift in borrowing practices, advocating for improved domestic revenue, tax, and fiscal resource investments to boost productivity and reduce external borrowing. He highlighted Africa's losses of USD 90 billion on financial flows and USD 248 billion on corruption, emphasizing the savings potential if these issues are addressed.
Journalists were challenged to change the narrative on African development by focusing on the continent's resources instead of lamenting declining aid. Vincent Nmehielle, Secretary-General of the African Development Bank Group, emphasized the importance of Africa working for itself and using its own capital for development.
This year's meetings will also involve the election of a new president for the Bank Group, as Dr. Akinwumi Adesina's term concludes. Candidates from Senegal, Chad, Mauritania, Zambia, and South Africa have been nominated, with the elected president set to be sworn in on September 1. The event coincides with the 60th Annual Meeting of the Board of Governors of the African Development Bank and the 51st Annual Meeting of the Board of Governors of the ADF.
Key discussions will address digital transformation, institutional strengthening, and good governance, aligning with the Sustainable Development Goals, the Paris Climate Agreement, Agenda 2063 of the African Union, and the Bank's High-5s.