Ms Bajabulile Swazi Tshabalala, former African Development Bank (AfDB) Senior Vice President, is vying for the position of President. PHOTO/Courtesy.
By BRENDA TATU
South Africa is seeking Kenya’s endorsement in its bid to lead the African Development Bank (AfDB) ahead of next month’s elections. Bajabulile Swazi Tshabalala, the bank’s former Senior Vice President, is vying for the position of President.
As the sole female candidate and the only senior former official in the running, Tshabalala’s candidacy has garnered significant attention.
Tshabalala has spent much of the past week lobbying across Africa, including a high-level meeting with Kenya’s Prime Cabinet Secretary Musalia Mudavadi, as well as officials from Kenya’s Ministry of Foreign Affairs.
Tshabalala’s bid aligns with continuity for the institution, building on the decade-long leadership of outgoing President Dr. Akinwumi Adesina of Nigeria.
In her campaign message, Tshabalala emphasised that Africa’s future hinges on three pillars: continuity to build on progress, innovation to accelerate growth, and inclusion to leave no one behind.
With over 30 years of experiaence in finance, Tshabalala’s vision for the AfDB aims to transform Africa’s financial future through bold action, leveraging her extensive track record at the bank.
South Africa officially endorsed Tshabalala’s candidacy in August 2024, and as the only female candidate, she will face competition from four other contenders at the Governing Council meeting in May.
Tshabalala’s experience spans across various leadership roles, having served as Vice President for Finance and Chief Financial Officer at the AfDB before becoming Senior Vice President in 2021. Her leadership, she says, will focus on transforming Africa’s financial future and advancing the bank’s impact across the continent.
Meanwhile, African nations are making strides to attract more investment into their mining sectors, capitalising on their vast mineral wealth. As geopolitical competition heats up, particularly between Western and Eastern powers vying for critical minerals, Africa is positioning itself as a key player in global supply chains.
The continent is poised to benefit significantly from the global race to secure resources for the energy transition and the Fourth Industrial Revolution.
In March 2025, the U.S. reaffirmed its commitment to engaging with the Democratic Republic of Congo (DRC) to unlock its $1.2 trillion in untapped mineral resources.
The U.S. has already played a pivotal role in the financing of the Lobito Corridor, facilitating the transport of minerals from the DRC, Angola, Zambia, and international markets.
This collaboration is expected to have a transformative effect on the sector, particularly with cobalt and copper, where the DRC is a leading global producer.
Members of the South African delegation that called on Kenya’s Prime Cabinet Secretary and Foreign Affairs CS, Musalia Mudavadi. PHOTO/Courtesy.
The European Union (EU) has also shown strong support for Africa’s mining ambitions. In March, the EU pledged €4.7 billion to South Africa, aiming to enhance raw material value addition, energy transition efforts, local vaccine manufacturing, and green hydrogen production.
South Africa, which holds the world’s largest deposits of platinum group metals (PGMs), plans to utilise this funding to meet growing demand for electrolysers used in green hydrogen production.
South Africa’s $1 billion green hydrogen partnership with Denmark and the Netherlands, established in 2023, further strengthens its role in the global energy transition.
Namibia is similarly attracting European investment, with the EU committing €25 million to the Namibia Hydrogen Fund Managers in 2024 to bolster the country’s green hydrogen sector.
Uganda is also making significant progress in developing its mining sector, launching a Sustainable Development of the Mining Sector project with the backing of the EU and Germany’s Federal Ministry for Economic Cooperation and Development.
China remains a dominant player in African mining, with both state-owned and private firms expanding their investments across the continent.
In September 2024, China announced a $50 billion investment over the next three years in infrastructure and mineral development, including a $2.5 billion expansion of the Tenke Fungurume Mine in the DRC and a $7 billion infrastructure-for-minerals deal with Sinohydro and China Railway in Zambia.
China has also made substantial investments in Zimbabwe’s lithium sector and is funding the upgrade of the Tazara Railway, a key transport route for East Africa’s mineral exports.
Beyond the U.S., EU, and China, other countries such as Canada, Australia, and the UAE are increasing their mining investments in Africa.
Canadian firms are expanding in West Africa’s gold sector, while Australian companies are backing lithium and rare earth projects in Southern Africa. The UAE has been actively securing stakes in critical mineral supply chains through joint ventures.
African Mining Week, scheduled to take place from October 1-3 in Cape Town, will provide a significant platform for African nations to engage with global investors, forge stronger partnerships, and accelerate the development of their vast mineral resources.
