Dr Samuel MunzeleMaimbo, a presidential candidate for the African Development Bank (AfDB), says his vision is to substantially enhance the development of the African continent by aiding governments in tackling the intricate challenges they face.
He expressed his commitment to advocating reforms within the AfDB to position it as a premier institution that will champion the growth agenda.
In an exclusive interview with this publication yesterday, he articulated his vision for the continent while campaigning for votes to be elected as President of the African Development Bank, stating that his economic strategy would drive growth and industrialization in Africa.
In May 2025, the AfDB is set to elect its new president, a choice that will significantly influence Africa’s economic direction.
DrMaimbo, an experienced Vice President at the World Bank, possesses three decades of expertise in development finance.
He said minimising imports and curbing illicit financial flows were among the most effective strategies to tackle Africa’s persistent debt issues.
He noted that the billions lost annually to imports and illicit financial activities could instead serve as potential revenue sources for the continent’s development.
”By spending $50 billion on food imports from abroad, we are effectively transferring capital out of Africa,’ he remarked.
He further stated that illicit financial flows hinder the continent’s progress and called for an immediate increase in local production to decrease the continent’s reliance on imports.
“If we start buying more food from Ghana and Ghana buys more food from Cameroon and so on, we begin to invest into each other’s economies, grow them faster, and this will help clear up our debt much faster than we are currently doing at this stage,” he stated
According to him, intra-African trade would be crucial in solving Africa’s debt crisis.
The prospective President of the AfDB stated that the recent 10 percent tariffs levied by the United States on imports should serve as a crucial reminder for Africa to enhance its intra-continental trade.
He said the gradual restriction of the U.S. market to African goods and markets was a significant concern.
“There is an urgency with which we must bring down the borders that continue to separate us so that we can trade with each other much faster than we have ever done before,” he said.
The prospective president of the AfDB further asserted that one of the quickest methods to address Africa’s debt issues is to enhance the revenue flowing into the continent.
“Increasing our revenue means investing in our domestic private firms, giving them the benefits they have to grow much faster and not just focusing on external firms coming in,” he said.
DrMaimbosaid it was the domestic private sector that would grow the economy.
“Let’s give them the incentives they need. Let’s get them to grow faster, generate revenue, pay additional taxes that will pay off our debt,” he said.
He emphasised the need for proper accounting and harnessing of Africa’s resources, stressing that it could facilitate the continent’s growth.
“For those liquidity problems, we need to do a better job of accounting for the resources that these countries have. So when I look at Ghana and all its natural resources, when I look at Zambia and all of the copper we have, I look at all of these countries that are said to be in debt. They are not taking adequate account of the resources that are sitting in our soil that we can collateralise in order for us to resolve these issues,” he said.
He said Africa’s critical minerals presented a huge opportunity for the continent to development.
“African needs an institution that is looking after Africa’s interests from a trade perspective, from a global value chain perspective, and most importantly, is talking about African trade every single day,” he said.
BY DAVID ADADEVOH
The post Dr Samuel Maimbo outlines his vision for Africa …as he seeks mandate to lead African Development Bank appeared first on Ghanaian Times.
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