President of the African Development Bank (AfDB), Dr. Akinwumi A. Adesina, has declared that Liberia’s transformation is within reach, provided there is visionary leadership, national coordination, and bold execution of reforms and investments.
Delivering a stirring keynote address to the full leadership of the Liberian government in Monrovia, Dr. Adesina said Liberia must now move from potential to performance by harnessing its youthful population, infrastructure assets, and economic opportunities.
“Liberia must shine. It must shine for its people. It must shine for its neighbors. It must shine for Africa and the Black race — with dignity and honor, for it is destined to, and it has a responsibility to,” Adesina said, receiving sustained applause.
The occasion, held at the EJS Ministerial Complex, brought together President Joseph Nyuma Boakai, Cabinet Ministers, members of the Legislature and Judiciary, and development partners. It marked one of the clearest affirmations yet of the AfDB’s unwavering support to Liberia’s development ambitions.
Adesina’s address, titled “Liberia: Arise and Shine!”, was a deeply personal one. He recalled Liberia’s pivotal role in Africa’s history and in the formation of the African Development Bank, led by the vision of Liberian economist Dr. Romeo Horton, who chaired the “Committee of Nine” that conceived the Bank in 1964.
“To be here today, as President of the Bank that your son inspired, fills me with great pride,” Adesina noted. “Liberia’s story is Africa’s story — of courage, of independence, and of possibility.”
He thanked President Boakai for inviting him to share lessons from a decade of leadership at the AfDB, underscoring that visionary policy, strategic partnerships, and decisive execution are essential for national transformation.
“Mr. President, you said in your inaugural address that Liberia has not yet received the economic progress it deserves — but that it can, and it will. We at the African Development Bank believe in that vision, and we stand with you,” Adesina emphasized.
Since 1967, the African Development Bank has invested over $1.02 billion in Liberia across 72 projects. As of early 2024, there are 18 active projects worth $397 million, targeting transport, energy, youth entrepreneurship, and institutional capacity.
In transport, 177 kilometers of roads have been constructed, including the 50-kilometer Fishtown-Harper Road, the 16-kilometer Harper Junction to Cavalla Border stretch, the 80-kilometer Karloken to Fish Town Road, and the 22-kilometer Sanniquellie to Loguatuo corridor under the Mano River Union Road Project.
In energy, AfDB financed 2,434 kilometers of transmission and distribution lines. This includes 1,360 kilometers under the Côte d’Ivoire–Liberia–Sierra Leone–Guinea (CLSG) regional power project, and 980 kilometers under the Liberia Energy Efficiency and Access Project.
“That energy project alone has connected over 39,700 households and businesses, including health facilities, schools, and Liberia’s 14 Military Hospital, to reliable electricity,” Adesina noted.
The Bank also provided $29 million for the Paynesville–Roberts International Airport transmission line, strengthening Liberia’s energy resilience.
Adesina spotlighted the Youth Entrepreneurship Investment Bank of Liberia, the first of its kind in Africa, backed by a $16 million AfDB grant. The initiative targets Liberia’s young population—60% of whom are under 35—with skills training, financial tools, and startup support.
“What a great day for Liberia,” Adesina said. “We are unleashing hope. This bank will serve Liberia’s most valuable asset — its youth.”
He was expected to join President Boakai later in the day for the official launch of the Youth Bank at the EJS Ministerial Complex.
As he prepares to complete his second and final term, Adesina reflected on the AfDB’s transformation since he assumed leadership in 2015. The Bank’s capital has grown from $93 billion to $318 billion. It approved $102 billion in new investments—46% of all approvals in the Bank’s 60-year history. It disbursed $59 billion in a single decade—nearly half of all disbursements since 1964.
AfDB’s “High 5s Strategy” — Light Up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for Africans — has impacted over 565 million lives. These include 128 million with improved health access, 121 million with better transport, 104 million who are now food secure, 63 million with clean water, 34 million with sanitation, and 28 million with electricity.
“These are not just numbers,” Adesina emphasized. “They represent transformation at scale — across Africa, and here in Liberia.”
The Bank also launched Mission 300, a joint energy initiative with the World Bank to connect 300 million Africans to electricity by 2030.
The AfDB under Adesina has emerged as a global leader in transparency and innovation. It was ranked Best Multilateral Financial Institution in the World by Global Finance. It was rated the most transparent development finance institution globally, scoring 98.8% on the 2024 Publish What You Fund index. The Bank also maintained AAA credit ratings for 10 consecutive years.
AfDB pioneered financial tools such as synthetic securitization and hybrid capital offerings. It developed mechanisms to re-channel IMF Special Drawing Rights (SDRs) through multilateral development banks, unlocking billions in concessional financing.
“We have built a world-class institution that will continue to serve Africa, even in a fast-changing geopolitical landscape,” he said.
In his closing remarks, Adesina urged Liberian leaders to act with urgency and coordination.
“Your destiny is within reach. But coordination is key. Vision must be matched by action. Execution must follow promise. And unity must define leadership,” he said.
“Liberia’s transformation is possible — not tomorrow, but today. You have a government that believes in change. You have a partner in the African Development Bank. Let us make history, together.”
