Amadou Hott outlines his vision for African economic transformation at the African Development Bank's Annual Meetings
Hott, who served as AfDB Vice President for Energy, Green Growth and Climate Change and as Senegal's Minister of Economy, Planning and Cooperation, stressed the urgent need to accelerate Africa's transformation through bold yet pragmatic reforms. He highlighted the importance of regional integration and improved connectivity to foster economic growth, calling for enhanced trade infrastructure and mechanisms to unlock the continent's full potential.
'We are 1.4 billion people, but we are scattered across many countries, each with its own rules and regulations. To attract massive investment and create jobs, we must work on our integration and improve intra-African trade,' he said in an interview with CNBC (http://apo-opa.co/4jkyitr).
A central pillar of Hott's agenda is the promotion of private sector engagement as a key driver of job creation and economic dynamism. He pledged to triple the Bank's private sector operations over the next decade, including the establishment of a dedicated vice presidency for private sector development. This new structure aims to streamline collaboration with businesses of all sizes, from SMEs to large conglomerates, and to expand tailored credit lines and guarantees for African banks.
Addressing the challenge of Africa's high cost of capital, Hott called for urgent measures to reduce borrowing costs by improving credit ratings and lowering risk premiums. He argued that affordable financing is essential to accelerate development projects and support both public and private sector growth. In an interview with Bloomberg (http://apo-opa.co/3ZF7hd4), Hott dived into how he intends to leverage Africa's domestic wealth. 'We cannot afford to wait for others to lead us forward. Africa's future will be built not just on external support, but on our own wealth, our talent, and our ability to structure opportunities at scale. We must do it ourselves, and the Bank must be at the center of that transformation,' he said.
Hott's vision also prioritizes education and skills development. In an interview with leading Nigerian newspaper Business Day (http://apo-opa.co/3ZD6jOw), Hott shared how his own story inspired his vision. 'I do not believe Africa's future should be built on exporting its talent out of necessity. Emigration must be a choice, not a development strategy. When our youth leave because they cannot find opportunity at home, that is not success—it is a sign that we must do more,' he explained.
Positioning himself as a unifying leader, Hott emphasized on his intentions to foster an environment of institutional agility and increased impact and streamline the Bank's operations for speed, scale and impact. He further emphasized on the importance of collaboration among regional and non-regional stakeholders, development banks, the private sector, and African entrepreneurs and offered that the Bank serves as the bridge builder among all these stakeholders. He called for collective action to address the continent's pressing challenges, including youth unemployment, poverty, and inequality. 'My passion is Africa. I have always worked to mobilize resources, build partnerships, and deliver impact, not just for my country, but for the entire continent,' Hott affirmed.
As Africa faces declining aid, geopolitical uncertainties, and the imperative for job creation, Amadou Hott's vision for the AfDB signals a transformative path toward self-reliance, dynamic growth, and shared prosperity.
Distributed by APO Group on behalf of Amadou Hott, Candidate for the Presidency of the African Development Bank Group.
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