Opinion: The AfDB Wahala: It’s About Money, By Ebere Onwudiwe
…all the subscriptions from African member states, don’t come close to the billions of dollars that flow into AfDB from the United States and the other non-regional members… That’s why it is all about money. That’s why Dr. Adesina may be in deep water, and that’s why the AfDB itself should be quaking in its boots because when push comes to shove, President Trump will not hesitate to withdraw American money.
Of AfDB’s 80 member countries, 54 are African and 26 are rich European and Asian countries, and the United States of America. There’s nothing wrong with this. Even the highly successful Asian Development Bank has a good number of non-regional countries as subscribers. While most of the Bank’s member countries are from the Asia-Pacific region, many industrialised nations from other parts of the world are adequately represented in it too.
We act as if there is nothing strange in depending on non-African countries to do the heavy financial lifting that makes the work of our continental institutions possible. The AfDB’s ability to raise funds on international markets for its impressive development work here in the continent is based on its enviable Triple-A ratings from all the main international rating agencies. This, in turn, is based on the financial contributions of America and other non-regional countries.
Whether every member is religiously complying with this policy is another matter. What’s important is that the historic decision is a realisation that if you don’t want foreign meddling in your business, you fund it yourself.
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