Next month’s 2025 Annual Meeting of the African Development Bank Group will delve deeper into how Africa can better utilize its abundant capital and address current issues such as heavy debt burdens, climate change and increased tariffs in complex geopolitical landscapes.
Professor Vincent Nuhiel, Executive Director of the African Development Bank Group, Chief Economist and Vice President of Economic Governance Professor Kevin Lama, addressed journalists at a traditional press conference ahead of the institution’s annual meeting.
The Hybrid Conference was held online with Abidjan’s bank headquarters and featured more than 100 representatives from news organizations around the world.
Nmehielle said in his capacity as secretary of the respective committees of the Bank and African Development Fund, the board will take place from May 26th to May 30th, 2025 at the Sofitel Abidjan Hotel Aiboar, Abidjan, Kotedoyboar.
The Secretary General ran through the objectives and agenda of the Annual General Meeting, noting that, following the end of the 10-year deadline for current President Dr. Akinwumi Adesina, the important session was the election of the bank’s next president.
The new president will be selected from five candidates by the banking group’s 81 governors, through a vote of all 81 shareholders and 1% of more than 50 regional member countries. Nmehielle said the new president will be sworn on September 1st.
Exploiting African capital for development needs
Speaking on the theme of this year’s annual conference: “We will promote its development to make the most of the African capital,” Urama said the focus is clear.
Discussions with heads of state, ministers, civil society, experts and bank development partners during the four major knowledge events, and presidential dialogue will ensure a thorough autopsy of the themes of this year’s conference and specific proposals, ensuring specific suggestions on what needs to be done.
The African Development Bank’s 2025 African Economic Outlook Report, released at the annual meeting, will address changes in the global economic landscape, debt burdens and resource mobilization to help African countries build effective institutions, he added.
Journalists asked about topics ranging from US-imposed ongoing trade tariffs, loss of USAID funds and procedural questions regarding the election of the new African Development Bank president.
Urama said the point raised about the trade war would look at the overall theme of this year’s conference: better creating better African capital activities for Africa’s development and business capital, including issues relating to tariffs.
“The impact of trade tariffs on the economy is well known, but it depends on how the country responds to the domestic policy of the people they trade with,” Urama said, adding that the subject will be addressed in the report when expanding its invitation to journalists.
Nmehielle said that a decrease in aid and increased tariffs should encourage Africans to look inwards at their solutions.
“The African capitals should work for Africa and we will tell our leaders that they must look inward and work our capital for Africa,” he told journalists.
Media Partners Help Tell the African Development Story
Both leaders urged journalists to convey the continent’s development narrative in a clear and fair way, focusing on facts as well as negatives. “Transactions are important and you are the best people to create positive stories… Africa is enough… Don’t lament the decline of aid… Let’s focus our stories on what Africa can do,” Urama said.
“As a journalist, you are part of creating work for our institutions, and the nature of your work is also about accountability,” said Nmehielle, who urged journalists to appeal to the institutions that they are not working. “You can help expose inefficient institutions…it’s everyone’s fault,” Nmehielle said.
Adesina, president of Africa’s development bank, was very critical of the “African premium” that the country pays when accessing capital markets, despite showing that the default rates in Africa are lower than those in other regions. He repeatedly called for this risk awareness to be put to an end. He said it will lead to an increase in borrowing costs in African countries.
At the African Development Bank Group’s annual meeting, the Governor’s Committee, as the bank and fund’s highest decision-making and watchdog body, will review the annual report on the finance, operation and other activities of banks and other funds during the previous fiscal year.
Check out the press conference recording here for what you missed.
For more information about the 2025 Annual Meeting, click here.
