Johannesburg, South Africa – As Mauritanian economist Sidi Ould Tah assumes the presidency of the African Development Bank (AfDB), experts are urging the institution to take bold steps toward achieving economic self-reliance across the continent.
Speaking to Sputnik Africa, Professor Ronney Ncwadi, an economics scholar at Nelson Mandela University, emphasized that the new leadership must anchor its vision in Africa’s sustainability and intra-African investment, especially in light of shifting global dynamics and reduced Western aid.
“The new leadership has a big job to do, especially against the backdrop of Donald Trump’s U.S. cutting off financial aid to Africa. The vision must be anchored on Africa’s sustainability,” Ncwadi stated.
Key Recommendations from Professor Ncwadi:
1. Leverage Sovereign Wealth and Domestic Savings
“We need to mobilize domestic savings and invest them back into our economies. Without that, we’ll remain dependent on borrowing,” he said.
Ncwadi stressed that sovereign wealth funds and long-term domestic investment are essential for African nations to reduce financial vulnerability.
2. Build Stronger South-South Partnerships
“We must build partnerships within Africa and with other emerging economies,” he added.
Ncwadi highlighted the importance of working with BRICS nations and institutions like the New Development Bank, which offer alternative funding sources and political solidarity outside of traditional Western channels.
3. Use AfCFTA as a Catalyst for Transformation
“The African Continental Free Trade Area (AfCFTA) must be used as a transformative platform to drive growth and create regional value chains,” he explained.
The free trade area presents a historic opportunity to unify African markets, foster cross-border collaboration, and attract African-driven investments.
The call for a new economic paradigm comes as African countries continue to navigate a complex landscape shaped by geopolitical tensions, aid withdrawal, and growing multipolar alliances.
Source: Sputnik Africa
