The African Development Bank (www.AfDB.org) has appointed Dr. Eric Kehinde Ogunleye, a seasoned macroeconomist, as Director of the African Development Institute (apo-opa.co/4cjzZUN), effective June 1, 2024.

Ogunleye, a Nigerian national, has nearly 20 years of experience in macro and development economics, capacity development, public governance and regulatory reform, monitoring and evaluation, and policy advisory. His career includes designing and leading innovative, context-specific capacity development and policy advisory initiatives at the highest levels of national governance, achieving significant global partnerships and impactful results.

He previously served as the Officer in Charge of the African Development Institute and Manager of the Institute’s Policy Management Division. He was also previously an Advisor to the Chief Economist and Vice President of the Economic Governance and Knowledge Management Complex. He played a crucial role in developing and implementing the Bank Group’s Capacity Development Strategy (2021-2025) and related initiatives, such as the Public Finance Management Academy for Africa and the Macroeconomic Management Academy for Africa.

Ogunleye has significantly enhanced the Institutional Capacity Building and Fiduciary Clinics, which now consistently cover 20 country portfolios annually, improving the quality of the Bank’s operations and portfolios in Regional Member Countries.

In December 2022, Ogunleye successfully launched the Public Finance Management Academy for Africa, featuring an 18-month structured training program across the entire public financial and debt management cycle. This initiative has trained over 145 public officials from 45 African countries as Public Finance Management experts. He currently leads multiple technical assistance projects, including macroeconomic modelling and policy dialogues, to address entrenched and emerging development challenges in African countries. He has also forged numerous partnerships at global, continental, regional, national, and sub-national levels to support these initiatives.

Before joining the Bank, he was Special Assistant to the President of Nigeria on International Trade and Finance and later as Special Advisor to the Chief Economic Advisor to the President. He played a pivotal role in policy research, institutional capacity development, and monitoring and evaluation of socio-economic policies. He contributed to Nigeria’s Economic Recovery and Growth Plan, which lifted the country out of recession. Additionally, he served as a long-term consultant (Country Macroeconomist) in the Nigeria Country Department of the Bank Group, coordinating macroeconomic analysis in Nigeria and supporting the Bank’s diverse development projects portfolio.

Ogunleye’s previous roles also include Research Fellow at the African Center for Economic Transformation, Doctoral Researcher at the United Nations University’s World Institute for Development Economics Research, Doctoral Research Intern at the World Trade Organization, and International Research Consultant at the United Nations Conference on Trade and Development. He has also taught and conducted research as a Lecturer at the University of Calabar, Nigeria.

He holds a PhD and MSc in Economics from the University of Ibadan, Nigeria, a BSc degree in Economics from the University of Calabar, Nigeria, a Cambridge Certificate in Advanced Program on Rethinking Development Economics in Africa, and an Executive Certificate in Public Policy from Harvard University.

Expressing his gratitude for the appointment, Dr. Ogunleye said, “I am truly humbled, honoured, and pleased by the confidence reposed in me by President Akinwumi A. Adesina for this appointment. I am deeply fascinated and appreciate his consistent penchant for excellence and recognition of talent. I use this opportunity to renew my commitment to the Bank, its leadership, and regional member countries in deepening my support for strengthening institutional capacities in all forms in regional member countries.”

Dr. Akinwumi A. Adesina, President of the African Development Bank Group, commented: “I am pleased to appoint Dr. Eric Kehinde Ogunleye as Director of the African Development Institute. Eric is a focused and strategic leader with first-class expertise in key areas of institutional capacity development support to regional member countries. I am confident that he will continue to leverage his vast experience and global partnership across all spheres of capacity development for delivery at scale for our regional member countries.”

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Contact:
Kwasi Kpodo
Communication and External Relations 
media@afdb.org

The African Development Bank’s (www.AfDB.org) African Development Institute on Thursday launched the African Debt Managers Initiative Network (ADMIN), a new program to provide home-grown solutions to Africa’s debt challenges.

The inauguration and first peer learning event took place in Addis Ababa under the theme: Developing and Deepening Domestic Debt Markets in Africa.

African Development Bank, Director Coulibaly Abdoulaye said the network would provide tailored and home-grown solutions to the continent’s debt challenges.

He said the network would also strengthen the debt management capacity of African countries’ officials and institutions to rapidly resolve the debt challenges faced by these countries, restore macroeconomic stability and support inclusive growth, as well as promoting the exchange of experiences among debt managers in regional member countries.

African Development Institute Director, Eric Ogunleye, said that the growing financing needs for infrastructure development, poverty reduction, mitigating climate change, and tackling insecurity are driving African countries to increase their borrowing, further increasing debt vulnerability.

He said rising debt vulnerability and weak debt management capacity in many African countries have continued to worsen macroeconomic outcomes and hamper effective policy responses to shocks,  exacerbating debt distress in some countries.

“There is, therefore, a growing need to strengthen debt management capacity in African countries,” Ogunleye told participants.

As of 30 April 2024, of the 38 African countries for which debt sustainability assessment data are available, 13 countries are at high risk of debt distress and 6 are already in debt distress, Ogunleye said. A larger share of African debt is now owed to external bondholders and creditors outside the Paris Club who deal directly with debtor countries; this high-cost debt imposes a significant burden of debt servicing on African countries averaging 18 percent of total government revenue, he explained.

The meeting underscored how developing an African domestic debt market has been identified as a way in which the continent can develop cheaper and more stable sources of debt financing for its many development needs.

Discussions focused on sound debt management frameworks, networking, and peer learning to support the development and deepening of domestic debt markets in Africa to promote debt sustainability.

Former Director of Debt Management at South Africa’s National Treasury, Johan Krynauw, encouraged African countries to work more closely together to promote knowledge-sharing and support each other on debt management issues.

“In recent years, there have been many institutional initiatives from outside the continent to help African countries. The question is always why it did not work, and why we still have public finance and debt management problems today,” Krynauw said.

Africa has reached a stage where it has enough skills, knowledge, and experience to determine what works for its countries.

“Context matters and we need to find solutions to local problems. That was one of the reasons the initiative was created for public debt managers in Africa to work together. The question has always been where African debt managers can work together,” Krynauw said.

Jean Yves Naka, Director of Research and Strategy at the Bourse Régionale des Valeurs Mobilières or BRVM, the regional stock exchange of the West African Monetary Union, underlined the importance of domestic markets.

“Debt vulnerability remains a major challenge for African countries, especially in achieving development goals such as the United Nations Sustainable Development Goals and the African Union’s Agenda 2063 (https://apo-opa.co/4aZ03U9). However, the development of the African domestic debt market is one way to better address the situation,” he said.

The session was attended by debt managers and heads of debt management offices in Africa, capital market operators, commercial bankers, and regulators, including securities and exchange commissions and central banks. They shared practical ways to develop and deepen domestic debt markets on the continent and offered lessons for countries that have either nascent or no domestic debt markets to consider how to develop or deepen them.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Photos (https://apo-opa.co/4aZ08XX)

Eric Ogunleye’s video interview (https://apo-opa.co/3VqAdmd)

Media Contact:
Emeka Anuforo
Communication and External Relations Department
media@afdb.org

About the African Development Bank Group: 
The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 34 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

An African Development Bank (www.AfDB.org) delegation led by three vice presidents will visit Japan from 17-21 June to promote investment opportunities in key African sectors and strengthen partnerships with the Japanese government and corporations.

Vice presidents Kevin Kariuki, Solomon Quaynor, and Kevin Urama will be joined by the Bank’s Executive Director for Japan, Austria, Brazil and Saudi Arabia, Takaaki Nomoto, and Yacine Fal, the Bank president’s Special Representative to the Africa Investment Forum, to build momentum for the 9th Tokyo International Conference on African Development (TICAD9) scheduled for 2025.

The delegation’s visit is expected to strengthen the partnership between the African Development Bank, the Japanese government, and Japan’s private sector, paving the way for increased investment and collaboration in Africa’s most promising sectors ahead of TICAD9.

A cornerstone of the mission is the Japan-Africa Business Forum 2024, co-organized by the Bank Group and Keizai Doyukai (Japan Association of Corporate Executives), set for June 18 in Tokyo. Themed Exploring Investment Risks in Africa: Unveiling the True Potential and Challenges, the Forum will highlight the growing partnership between the two organisations, which signed a statement of intent in 2022 to strengthen Japan-Africa business ties. The delegation will also engage with Japanese business leaders, academia, and the Ministry of Finance to explore further cooperation and investment opportunities in sectors where Africa has a competitive advantage.

During the forum, Urama, the Bank’s Chief Economist and Vice President for Economic Governance and Knowledge Management, will present findings from the African Economic Outlook, the Bank Group’s flagship report, showcasing Africa’s investment landscape.

Quaynor, Vice President for Private Sector, Infrastructure and Industrialisation, will lead a session on Africa’s thriving startup and entrepreneurship ecosystem, emphasizing the Bank Group’s and investors’ role in nurturing its growth.

Vice President for Power, Energy, Climate Change and Green Growth Kariuki, will discuss green infrastructure project structuring in Africa and the Bank’s initiatives in this area, underscoring the continent’s potential for sustainable investment.

Fal will give a preview of the Africa Investment Forum (https://apo-opa.co/3XoKaTP), highlighting its importance in catalysing investment across key sectors.

The mission builds on the successful visit of African Development Bank President Dr Akinwumi Adesina to Japan in April 2023, where he advocated for increased Japanese investment in Africa and highlighted successful Japanese ventures on the continent.

During that visit, Ken Shibusawa, Chairperson of Keizai Doyukai’s Middle East/Africa-Japan Relations Committee, announced the formation of a fund, &Capital, to support early-stage African companies. The Bank Group and &Capital have since established a partnership that aligns with the Bank Group’s Youth Entrepreneurship Investment Banks initiative, demonstrating Shibusawa’s strong commitment to investing in Africa.

The mission also builds on the outcomes of TICAD8 held in Tunisia in August 2022, where Japan and the African Development Bank announced a $5 billion financial cooperation under the Enhanced Private Sector Assistance for Africa (EPSA) initiative.

It follows the Africa Investment Forum 2023 Market Days (https://apo-opa.co/45rr2Xs), which drew over 80 representatives from 40 Japanese entities, indicating the growing interest of Japanese businesses in Africa’s dynamic markets and youthful entrepreneurial population.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media Contact:
Olufemi Terry
African Development Bank Group
media@afdb.org

About the African Development Bank Group: 
The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 34 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

On Monday 10 June 2024, the 49th anniversary of ECOWAS took place at the ECOWAS Resident Representation in Côte d’Ivoire, under the patronage of His Excellency Mr Kacou Houaja Léon ADOM, Minister of Foreign Affairs, African Integration and Ivorians Living Abroad. The theme of the celebration was “Strengthening Regional Unity, Peace and Security”.

The opening ceremony was attended by the Minister of Foreign Affairs, African Integration and Ivorians Living Abroad, His Excellency Mr Kacou Houaja Léon ADOM, and a number of dignitaries, including the Honourable Ilahiri Alcide DJEDJE, representing Her Excellency Mrs Kandia KAMISSOKO CAMARA, President of the Côte d’Ivoire Senate, and the Mayor of Cocody, Mr Jean-Marc YACE.

Also present were senior Ivorian government officials, Heads of Diplomatic and Consular Missions accredited to Côte d’Ivoire, Representatives of International Organisations, as well as the Presidents and representatives of agencies and associations from ECOWAS Member States living in Côte d’Ivoire.

In his speech, the Ivorian Minister of Foreign Affairs, African Integration and Ivorians Living Abroad praised the significant achievements of ECOWAS in various areas, including the free movement of people and goods, economic and social programmes, cultural exchanges, and security, monetary and financial cooperation. However, he also highlighted the challenges facing ECOWAS, particularly in terms of governance and the fight against terrorism and violent extremism.

The President of the Union of Nationals of ECOWAS Member States in Côte d’Ivoire (UREM-CEDEAO-CI), El Hadj Sekou KABA, has stated that ECOWAS is an essential tool for promoting peace, security, prosperity and integration. He called for unity to achieve the objectives of the 2050 agenda aimed at promoting an ECOWAS of peoples.

The ECOWAS Resident Representative in Côte d’Ivoire, Her Excellency Mrs Fanta CISSE, expressed her gratitude to the people and Government of Côte d’Ivoire for their unwavering support for the common mission to promote peace, stability and development in the region. She also emphasised that ECOWAS is facing new challenges and emerging threats, calling on us to confront them together.

Ambassador Fanta Cisse also highlighted ECOWAS Vision 2050, which aims for regional prosperity through inclusive economic growth, strengthened integration and democratic and transparent governance.

The ceremony ended with the traditional cutting of the birthday cake and a group photograph. Activities to mark the 49th anniversary of ECOWAS in Côte d’Ivoire continued on Tuesday 11 June 2024 with the presentation of a donation of equipment to the maternity unit of the Williamsville Urban Health Unit in the commune of Adjame in Abidjan. The donation, consisting of a baby incubator, a delivery table and a refrigerator, was presented by Ambassador Fanta Cisse to Mr Karim Dotieme Kone, Director of the said Health Unit.

Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).