Kaberuka, Speakers Call For Strong African Institutions At 9th Babacar Ndiaye Lecture
Former President of the African Development Bank (AfDB), Dr. Donald Kaberuka, has called for the strengthening and integration of Africa’s financial and governance institutions to secure the continent’s future in a rapidly changing global order.
Speaking at the 9th Babacar Ndiaye Lecture held on the sidelines of the World Bank/IMF Annual Meetings in Washington DC, Kaberuka said Africa must “take ownership of its development agenda” and stop relying on post-war global institutions that were not designed for its needs.
“The world is not waiting for Africa; therefore, Africa must not wait for the world,” he stated, adding that strong nations are built on strong, homegrown institutions, not borrowed models.
Kaberuka praised Afreximbank for demonstrating how African institutions can collaborate effectively through support for initiatives such as the AfCFTA, Africa CDC, and various regional economic communities.
He urged the continent to leverage its estimated $1.1 trillion in pension and sovereign wealth funds for Africa-driven investment. “It’s not only about mobilizing African capital,” he said. “It’s about defining how that capital is deployed for Africa, by Africa.”
In his welcome address, Dr. George Elombi, Executive Vice President, Corporate Governance and Legal Services and incoming President of Afreximbank, called for the completion of Africa’s financial architecture through the establishment of the African Monetary Fund and the African Central Bank.
He reaffirmed Afreximbank’s role as a preferred creditor and a pillar of financial sovereignty, noting that the bank had disbursed over $155 billion in the past decade, including $18.7 billion in 2024 alone. “Africa is not merely bankable; Africa is dependable,” Elombi declared.
Elombi also paid tribute to the late Dr. Babacar Ndiaye, whose vision led to the founding of Afreximbank and other continental institutions.
Other speakers, including Dr. Misheck Mutize of the African Union, Professor Lisa Sachs of Columbia University, and Professor Kako Nubukpo of the University of Lome, emphasized the need to preserve the preferred creditor status of African development banks, reform global financial systems, and strengthen governance to build investor confidence.
Held under the theme “Leveraging Global Africa’s Capital for Development: The Imperative for Stronger African Financial Institutions amid Geo-economic Shifts,” the 9th Babacar Ndiaye Lecture drew top policymakers, economists, and business leaders from Africa and the United States.
