Abidjan: The African Development Bank Group (AfDB) concluded a significant Consultative Dialogue on the New African Financial Architecture for Development (NAFAD) in Abidjan, unveiling a strategic roadmap to bridge Africa’s $400 billion annual development finance gap. The dialogue resulted in the adoption of an 11-point Abidjan Consensus focused on mobilizing large-scale resources and overcoming structural obstacles.
According to African Press Organization, the day-long event was part of AfDB President Dr. Sidi Ould Tah’s Four Cardinal Points strategic vision, aiming to unlock Africa’s vast domestic savings and channel them into productive investments. Participants committed to ongoing coordination and annual reviews to maintain momentum and track progress.
The dialogue featured nine Labs where top financial sector stakeholders developed concrete instruments and frameworks for a new financial architecture. The event was held under the patronage of Cote d’Ivoire President Alassane Ouattara, represented by Prime Minister Robert Beugr© Mamb©. It also included government officials, diplomats, and international organization representatives.
Prime Minister Mamb©, speaking for President Ouattara, highlighted the opportunity to reform the international financial system to better align with contemporary realities. Dr. Ould Tah emphasized the inadequacy of the current financing architecture and the potential of Africa’s $4 trillion in savings.
NAFAD aims to reorganize capital and risk deployment in Africa’s financial ecosystem, focusing on implementation architecture and capital mobilization. Dr. Ould Tah noted the transition from NAFA to NAFAD symbolizes a commitment to overcoming resource mobilization challenges.
Professor Carlos Lopes from Guinea Bissau stressed that finance is the primary constraint to achieving the African Union’s Agenda 2063. He noted the limitations of concessional finance, despite its role for vulnerable countries.
Participants included central bank governors, executives from sovereign wealth funds, commercial banks, development banks, securities exchanges, and other financial institutions. The broad participation underscored the systemic nature of the financing challenge.
Dr. Ould Tah praised the engagement and expertise of participants, declaring the Abidjan Consensus a historic moment that redefines African financing. The consensus, presented by Cote d’Ivoire’s Minister for Planning and Development, Souleymane Diarrassouba, aims to unify the African financial ecosystem and support the ambitions outlined in the Four Cardinal Points.
