A candidate for the African Development Bank (AfDB) Presidency, Dr. Samuel Munzele Maimbo, has outlined a three-pronged strategic vision aimed at transitioning Africa from aid dependency to investment-driven growth.
Speaking at the Association of Ghana Industries (AGI) National Council Retreat in Accra on February 20, Dr. Maimbo, who currently serves as the Vice President for Budget, Performance Review, and Strategic Planning at the World Bank, stressed the need for Africa to chart a new path towards self-reliance.
“First of all, we have relied on aid for far too long as a continent. That aid will no longer come in the volumes it used to, so it is not even a choice but an imperative for us to develop a different formula,” he stated.
Dr. Maimbo, the Southern African Development Community (SADC) candidate for the AfDB Presidency, will contest the position during the bank’s Annual Meeting of the Board of Governors in Abidjan, Côte d’Ivoire, from May 26 to 30, 2025.
Private sector
Highlighting the private sector as the engine of Africa’s growth, Dr. Maimbo noted that a vibrant private sector was essential for job creation, innovation, and investment attraction.
“When we move from an aid model to a growth model, the private sector must be at the table, participating in strategic decisions to support economic development,” he emphasized.
To institutionalise private sector participation, Dr. Maimbo revealed that, if elected, his top priority would be to establish a private sector council under the AfDB. This council, he said, would foster economic growth by addressing challenges such as the high cost of capital, bureaucratic hurdles in accessing funds, and the need for improved infrastructure and trade facilitation.
AGI National Council Retreat
The AGI National Council Retreat, held under the theme “Resuscitating industry to spur growth, fiscal balance, and job creation,” brought together industry leaders, policymakers, and stakeholders to deliberate on key issues affecting business growth in Ghana and the wider continent.
Speakers at the two-day event included AGI President Dr. Humphrey Ayim-Darke, AGI Chief Executive Officer Seth Twum-Akwaboah, former Minister of Trade and Industry Ekwow Spio-Garbrah, and former Ghana Revenue Authority (GRA) Board Chair Anthony Oteng-Gyasi.
Structural transformation
AGI President Dr. Ayim-Darke, while commending the AfDB’s efforts, highlighted the persistent challenges facing African economies, particularly in achieving structural transformation.
“One of the key challenges is structural transformation, an area that demands significant investment and patience. There is a need for a massive pool of funds to drive Africa’s economic development,” he said.
Dr. Ayim-Darke pledged the AGI’s readiness to collaborate with Dr. Maimbo and his administration, should he win the AfDB Presidency.
“As the private sector, we will need strategic support from the African Development Bank, particularly in navigating the complexities of the African Continental Free Trade Area (AfCFTA),” he added.
Dr. Maimbo concluded by reaffirming his commitment to leveraging the AfDB’s resources to drive private sector-led growth, strengthen regional solidarity, and position Africa as a hub for investment-driven development.
