Latest news with #AmadouHott
Morocco World
17-06-2025
- Business
- Morocco World
Africa Energy Forum Opens in Cape Town with Bold Call for Continental Unity
Cape Town — The 27th Africa Energy Forum (AEF) launched today with a powerful message of unity and urgency, as continental leaders declared that Africa's energy crisis requires immediate action and unprecedented cooperation to address the needs of 600 million people living without electricity. Amadou Hott, former Special Envoy of the President of the African Development Bank for the Alliance for Green Infrastructure in Africa, delivered a keynote that crystallized the forum's central theme. 'Energy is everything. Without abundant, reliable, affordable, and sustainable energy, we have no transformation,' he said. Amadou Hott, former Special Envoy of the President of the African Development Bank for the Alliance for Green Infrastructure in Africa Hott spoke of energy's significance in building Africa's future, asserting: 'Actually, we have no future without energy.' Continental integration as solution Hott outlined an ambitious vision for African energy integration, calling for practical economic unity across the continent. 'Picture this reality: A hydroelectric dam in Kinshasa powers factories in Lusaka. Natural gas from Nigeria's river states fuelling industries in Douala,' he said, pointing out that investors 'pursue scale, stability and simplicity' that only a united Africa can deliver. The financial challenge is staggering. Africa needs '$250 billion annually by 2030 to meet energy demand,' Hott detailed, with the electricity sector alone requiring '$120 billion annually,' yet the continent receives only 3% of global energy investments despite housing 20% of the world's population. Lerato Mataboge, African Union Commissioner for Infrastructure & Energy, reinforced the urgency of the crisis. '600 million Africans are currently left without access to electricity,' she said, warning that 'at the current pace of development, 570 million people will still be without access to electricity by 2030.' Lerato Mataboge, African Union Commissioner for Infrastructure & Energy The human cost extends beyond darkness. Mataboge revealed that 'about 600 thousand women and children die each year in Africa due to inefficient utilisation of biomass,' making energy provision 'a human rights issue' in the African continent. Political will and private partnership South Africa's Minister of Electricity and Energy, Kgosientsho Ramokgopa, framed the challenge in stark terms: 'Electricity is not a luxury. It is a fundamental and basic human right. It is the oxygen of economic activity, the lifeblood of industrialization.' Through the Mission 300 initiative, endorsed by the African Union, the continent aims to 'electrify 300 million Africans by 2030.' Ramokgopa recalled that this is 'not a pipeline, it is a political decision,' requiring just '$25 billion per year, equating to less than 1% of global energy investments.' Kgosientsho Ramokgopa, South Africa's Minister of Electricity and Energy Private sector leader Goran Rajsic of SUN Africa brought a developer's perspective, arguing that 'Africa needs electricity yesterday.' His company is building 400 megawatts of solar capacity in Angola while advocating for a government-owned, contractor-operated model that ensures 'infrastructure must remain sovereign.' Path forward The forum will continue through June 20, with leaders recalling that fragmented thinking must give way to integrated, continental solutions. As Hott concluded: 'Let's move decisively from PowerPoint to power plants, from intentions to connections, from fragmented markets to one united, electrified, and economically empowered Africa.' Tags: Africa Energy ForumAfrica Energy Forum (AEF)Energy in Africa
Zawya
30-05-2025
- Business
- Zawya
The race for AfDB president: How the bank elects its leader?
The African Development Bank (AfDB) will on Thursday vote in its new president for a five-year term. The winner will succeed Nigeria's Akinwumi Adesina, whose two five-year terms end in September. Here is what you need to know:Who are the candidates?Five experts are set to compete for the presidency of the AfDB, promising a tough contest. The candidates are Amadou Hott, former Senegalese Planning Minister; Samuel Munzele Maimbo, Zambian economist; Sidi Ould Tah, Mauritanian development banker; Abbas Mahamat Tolli, Chad's central banker; and Bajabulile Swazi Tshabalala, a South African corporate captain who previously served as Vice-President of the AfDB. In February, the Steering Committee of the Board of Governors on the Election of the President of the AfDB selected these five candidates from those who had submitted their candidacy. What has the race been like so far?The five candidates have offered an interesting rivalry. The Zambian and South African candidates have faced an especially awkward contest because both countries belong to the Southern Africa Development Community (SADC), a bloc which had previously endorsed the Zambian economist. In fact, Mr Maimbo has marketed himself as endorsed by both the SADC and the Common Market for Eastern and Southern Africa (Comesa), a trading bloc bringing together countries from eastern and southern Africa. South Africa would later endorse Ms Tshabalala to enter the race. If she wins, she will be the first woman to head the bank in its 60-year history. Meanwhile, the Mauritanian and Chadian candidates have mounted lacklustre campaigns, but have persisted, choosing to speak mostly at events where potential voters gather. Who are the past presidents?Although the AfDB's membership includes foreign nations such as the United States, the United Kingdom, Japan and South Korea, bringing the total number of members to 87, it exclusively lends to African countries. And only nationals of African countries can become president. The bank's 60-year history has seen nine presidents, including Dr Adesina. Others include:Donald Kaberuka (Rwanda) 2005 to 2015Omar Kabbaj (Morocco) 1995 to 2005Babacar Ndiaye (Senegal) 1985 to 1995Wila D. Mung'omba (Zambia) 1980 to 1985Goodall Gondwe (Malawi) 1979 to 1980Kwame Donkor Fordwor (Ghana) 1976 to 1979Abdelwahab Labidi (Tunisia) 1970 to 1976Mamoun Beheiry: The first president of the AfDB from Sudan, served from 1967 to 1970. What are the geopolitical considerations at the bank?Although only Africans can become president, the race for the bank's top leadership position can elicit a geopolitical contest. In the past, the US tried to prevent Dr Adesina from serving a second term, accusing him of misgovernance. However, the African continent rallied behind him. The current election could see a different kind of contest emerge, such as rivalry between Zambia and South Africa, or debate on whether the presidency should return to West Africa. How can one win the presidency?Representatives of member states — usually central bank governors or finance ministers — cast their votes. Unlike the African Union Commission, where a two-thirds majority is required, the AfDB election is won by obtaining more than half of the votes from African member countries and more than half of the votes from non-African member countries. Article 9 of the Rules of Procedure Governing the Election of the President states that a candidate is elected if he or she obtains 'at least 50.01 percent of the total votes of the regional (African) member countries and at least of 50.01 percent of the votes of all member countries, (both regional and non-regional) of the bank". This principle is known as the 'double majority vote'. What voting powers do members have?Not all members have the same voting power. According to the rules, the voting power of each member country, to be used in computing votes, is determined by the Board of Directors 'as at close of business on the last working day in the month immediately preceding the month during which the election of the president shall be held.'This computation is based on the shareholding. This means that only members who had paid up their capital subscriptions by end of April are taken into account in determining the voting powers. How do members vote?At the AfDB, the elections are conducted using an electronic voting system or physical paper ballots, in accordance with the Election Rules. This makes countries' voting patterns known to the public. This is in contrast to the African Union, where ballots are secret. If, after five rounds of balloting, no candidate has obtained the requisite double majority, the Board of Governors can deliberate and decide whether or not to proceed with voting for the president. If this happens, the election is postponed for up to a year, and the outgoing president or vice-president of the Bank from an African country is nominated. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
The Independent
29-05-2025
- Business
- The Independent
African Development Bank elects top economist as president to face funding challenges
The African Development Bank elected Mauritanian economist Sidi Ould Tah as its next president on Thursday to steer the region's top development finance institution through difficult times amid funding cuts from the U.S. and other key partners. Tah, 60, was elected by the bank's board of governors, which includes finance ministers and central bank governors from its 81 regional and non-regional member countries. He will take over on Sept. 1 for a five-year term, succeeding Nigeria's Akinwumi Adesina, who is stepping down after two terms. The election took three rounds of voting to decide between the five candidates in the contest. Tah won with 76.18% of the vote, ahead of Zambia's Samuel Maimbo (with 20.26%), who is a vice-president of the World Bank, and former Senegalese economy minister Amadou Hott (3.55%). The vote came during the bank's annual meetings in Abidjan, Ivory Coast, where economic headwinds — from debt distress to climate shocks — have dominated discussions. Observers see Tah's leadership as pivotal in steering the institution through a period of rising pressure on African economies and tightening global development finance. 'The AfDB's role is now more critical than ever,' said Bismark Rewane, an economist and chief executive of Lagos-based Financial Derivatives Co. He called for 'African resilience" at a time when 'no one is going to pick the chestnut out of the fire' for African countries. "Africa has to look more inwards and be innovative in its thinking to thrive,' Rewane said. Since 2015, Tah has been managing the Arab Bank for Economic Development in Africa, based in Khartoum, Sudan. He has formerly held senior government roles in Mauritania, including minister of agriculture and minister of economy and rural development, and was an economic advisor to the president. —-
Associated Press
29-05-2025
- Business
- Associated Press
African Development Bank elects top economist as president to face funding challenges
ABIDJAN, Ivory Coast (AP) — The African Development Bank elected Mauritanian economist Sidi Ould Tah as its next president on Thursday to steer the region's top development finance institution through difficult times amid funding cuts from the U.S. and other key partners. Tah, 60, was elected by the bank's board of governors, which includes finance ministers and central bank governors from its 81 regional and non-regional member countries. He will take over on Sept. 1 for a five-year term, succeeding Nigeria's Akinwumi Adesina, who is stepping down after two terms. The election took three rounds of voting to decide between the five candidates in the contest. Tah won with 76.18% of the vote, ahead of Zambia's Samuel Maimbo (with 20.26%), who is a vice-president of the World Bank, and former Senegalese economy minister Amadou Hott (3.55%). The vote came during the bank's annual meetings in Abidjan, Ivory Coast, where economic headwinds — from debt distress to climate shocks — have dominated discussions. Observers see Tah's leadership as pivotal in steering the institution through a period of rising pressure on African economies and tightening global development finance. 'The AfDB's role is now more critical than ever,' said Bismark Rewane, an economist and chief executive of Lagos-based Financial Derivatives Co. He called for 'African resilience' at a time when 'no one is going to pick the chestnut out of the fire' for African countries. 'Africa has to look more inwards and be innovative in its thinking to thrive,' Rewane said. Since 2015, Tah has been managing the Arab Bank for Economic Development in Africa, based in Khartoum, Sudan. He has formerly held senior government roles in Mauritania, including minister of agriculture and minister of economy and rural development, and was an economic advisor to the president. —- Adebayo reported from Abuja, Nigeria.
Zawya
29-05-2025
- Business
- Zawya
Amadou Hott outlines his vision for African economic transformation at the African Development Bank's Annual Meetings
At the African Development Bank's (AfDB) annual meeting in Abidjan this week, presidential candidate Amadou Hott ( al unveiled his comprehensive vision for Africa's economic transformation, emphasizing regional integration, private sector engagement, and affordable financing as the cornerstones of his agenda in several media engagements with African and international outlets. 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 ( 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 ( 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 ( 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.
