Article: Ghana deserves an African Development Bank that matches its ambition

Ghana’s gradual macroeconomic recovery is not a miracle, nor is it over.  Far from it.  But considering the depths to which it plunged, where the economy stands today has been due to difficult decisions, and a strategy forged under pressure.

When global capital dried up in the wake of the pandemic and global inflation shocks, and fiscal space collapsed under the weight of debt and currency depreciation, Ghana pivoted with the support of a $3 billion IMF Extended Credit Facility and embarked on bitter domestic adjustment programmes.

The results: inflation has fallen from 54.1% in January 2023 to 23.2% as of March 2024. The fiscal deficit is narrowing. Gross international reserves are rebuilding, with net reserves expected to turn positive in 2025.

The painful and widely unpopular Domestic Debt Exchange Programme (DDEP), was implemented in the shadow of looming general elections.  Ghana has cleared three successful IMF reviews, with another review imminent and sure to be successfully concluded.

But the story is not about macroeconomic indicators alone.  Indeed, President John Mahama has emphasizsed that recovery must translate into real change in the lives of ordinary Ghanaians; not just in balance sheets, but in jobs, food security, access to healthcare, and affordable and efficient public services.

As Ghana prepares to re-enter international capital markets and mobilize domestic resources, the role of regional partnerships, particularly with multilateral development banks, will be pivotal.

The African Development Bank  (AfDB) has long been one of Ghana’s most reliable multilateral partners. From co-financing major transport corridors like the Pokuase Interchange, through providing budget support and technical assistance, to supporting agriculture and climate resilience, the Bank has been a partner, and  present in Ghana’s reform journey through the years.

Once headed by a Ghanaian, Dr Kwame Donkor-Fordjuor, the AfDB currently has over $1.3 billion in active projects across Ghana, including in energy, roads, sanitation, and agro-industrial value chains. But major gaps remain in rural connectivity, logistics financing, and large-scale industrial infrastructure—areas where stronger delivery and co-financing will be vital.

Under President Mahama’s renewed administration, Ghana is committed to working with partners who support national ownership, inclusive development, and equitable distribution of opportunity. The relationship with AfDB has flourished under the leadership of Nigerian Dr Akinwumi Adesina. But as his tenure comes to an end, the question becomes: what kind of AfDB does Ghana need next, and what kind of leadership can deliver it?

The answer lies not in political sentiment but in technical necessity and deepening AfCFTA-aligned trade logistics. The Mahama administration’s economic team has reiterated that “recovery without productivity is unsustainable”, and that public investments must now deliver results at scale.

President Mahama pledged to pursue a 24-hour economy with pillars built on agriculture, industries and services to create growth and with jobs.  This vision requires a serious institutional partner—one that understands how to unlock liquidity, reduce concessional dependence, and deliver financing tools that match Ghana’s evolving needs.

It is in this context that the candidacy of Dr. Sidi Ould Tah for the AfDB presidency warrants careful attention. As President of the Arab Bank for Economic Development in Africa (BADEA), Dr Tah, a top-notch eonomist from Mauritiania, led a landmark transformation that saw BADEA rise from a quiet partner to a top-tier development finance institution.

Under his leadership from 2015 until April 2025, the Bank attained AA+/AAA credit ratings, increased its assets from $4 billion to nearly $7 billion, quadrupled project approvals, and maintained a non-performing loan ratio of just 0.4%, which is among the best in Africa.

Out of $15 billion disbursed in BADEA’s 50-year history, $11 billion was disbursed under Dr. Tah’s sterling leadership.  It included disbursements to hundreds of SMEs across Africa, creating 50,000 jobs.  BADEA under his leadership  supported major infrastructure projects, notably the funding of 400MW of solar plants in arid countries, benefitting over 200,000 homes and enterprises and leading to vast socio-economic impact.

Under Dr Tah’s guidance, BADEA launched its first long-term strategy (BADEA 2030) and a visionary institutional roadmap (BADEA 2074), both of which align with Africa’s Agenda 2063. He has been instrumental in mainstreaming sustainable finance, Environmental, Social and Governance (ESG) compliance, and blended capital approaches across the institution’s operations.

Crucially, he mobiliszed Gulf-based capital to back African SME programmes, digital infrastructure, and trade facilitation corridors. BADEA’s support under his watch has been context-sensitive, with concessional or hybrid instruments tailored to the fiscal and institutional realities of each client country.

That is precisely the kind of institutional discipline Ghana needs from a regional partner.

What Dr Tah has done with BADEA, he will do with AfDB for Africa.  His vision for AfDB emphasiszes capital leverage without governance dilution. He proposes to scale AfDB operations to mobilisze $50-60 billion annually—not by asking for endless capital increases from shareholders, but by introducing hybrid capital instruments, expanding credit guarantee mechanisms, tapping diaspora-linked concessional products, and syndicating infrastructure through platforms like the Africa Investment Forum.

These are not abstract proposals. For a country like Ghana which is emerging from debt restructuring, seeking concessional and climate-aligned capital, and eager to support private sector transition—such instruments are the difference between reform fatigue and reform reinforcement.

Take the government’s ambitious efforts to scale renewable energy, improve access to finance for women-led businesses, or transform Ghana’s logistics ecosystem as part of its AfCFTA-host role. Each of these initiatives needs a co-financing partner that moves with speed, avoids red tape, and brings patient capital.

Ghana does not need a lender of last resort. It needs a syndicator of regional ambition. President Mahama has reiterated the need for African solutions to African problems—and institutions like the AfDB must now evolve to meet the urgency of delivery.

That is what Dr Tah offers. Not rupture with the past, but institutional moderniszation. Not reinvention, but recalibration. His proposal to decentralisze AfDB operations, strengthen regional delivery hubs, and introduce client-facing dashboards is not about glitzy branding. It’s about restoring efficiency, predictability, and shared accountability.

Moreover, his track record shows an appreciation for the political economy of development. He has worked with sovereigns under stress, supported complex public-private arrangements, and navigated cross continental partnerships with quiet tact and credibility.

In the current moment —when African countries are renegotiating their role in global value chains, seeking greater voice in multilateral finance, and demanding more equitable risk-sharing in project preparation, this skillset matters. It matters not only in the boardroom, but in how partnerships are sustained, built and nurtured across institutional boundaries.

As Ghana continues to deepen its role as AfCFTA Secretariat host and a transport hub within ECOWAS, the ability of the AfDB to support cross-border trade corridors, harmoniszed logistics platforms, and regional infrastructure pipelines becomes strategic.

And partnerships – whether with national governments, sovereign investors, local financial institutions, or African-owned enterprises – must form the backbone of that strategy.  For Ghana, the most valuable partner is one that listens, co-creates, aligns with and complements national ambition with continental leverage.

Ghana does not need to be convinced of the value of the African Development Bank. It already knows it. But Ghana also understands that the next phase of development cooperation must do more than disburse. It must deliver on outcomes, and impact the lives of the Ghanaian people and those of neighbours. And it must reflect the urgency of a country that is choosing reform over inertia, trade over aid, and long-term sovereignty over short-term fixes.

Supporting Dr Sidi Ould Tah is not about rewarding one institution or replacing another. It is about ensuring that Ghana’s relationship with AfDB evolves in step with the country’s aspirations. It is about placing the presidency of AfDB in the hands of a man with credibility.  And it is about making sure that regional multilateralism rises to meet the maturity of African governments leading from the front.

Ghana has paid the price of reform. It has honored the burden of adjustment. Now it deserves a regional partner that respects that sacrifice and reinforces it with delivery. In Dr. Sidi Ould Tah, the African Development Bank has a candidate prepared to do exactly that – not with abstract promises, but with tangible precedent delivered at BADEA.

Gayheart E. Mensah

Communications consultant

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