In a recent development, Ghana, The Gambia, Liberia, Sierra Leone, and Sudan have pledged $16 million to the African Development Fund (ADF), the concessional arm of the African Development Bank Group. This collective commitment represents a significant increase from the previous cycle’s $5 million pledge.
The announcement was made at a constituency meeting held alongside the Bank’s Annual Meetings in Abidjan, Côte d’Ivoire. This marks the first time all five countries have contributed to the ADF, with funding increased by 220 percent. Ghana has committed $5 million, while Sudan, Liberia, and Sierra Leone each pledged $3 million. The Gambia committed $2 million. This move increases the number of contributing African countries to 13 from eight.
The meeting also marked a leadership transition within the constituency. Outgoing Sierra Leonean Finance Minister Sheku Bangura and Executive Director Rufus Darkortey were acknowledged for their efforts in strengthening ties with the Bank and expanding access to development financing.
Each participating country is pursuing reforms aligned with the Bank’s emphasis on performance and co-financing. Notably, The Gambia doubled its tax-to-GDP ratio in two years, and Ghana enhanced domestic revenue through digital tools and tax reforms. Liberia was chosen to pilot the Youth Entrepreneurship Investment Bank initiative by the Bank.
Ghana and Liberia introduced new finance ministers—Dr. Cassiel Ato Forson and Augustine Kpehe Ngafuan—who are expected to lead further strategic transformations within their nations.
The constituency reiterated its commitment to reducing reliance on external aid by mobilizing domestic resources and promoting private sector growth. Plans include transitioning eligible countries from concessional ADF financing to non-concessional African Development Bank funding.
Sheku Bangura emphasized this opportunity for member states: “This is our moment to position our countries not as passive recipients but as agile reformers and credible investment destinations.”
The unified pledge signals a model for African-led development and showcases Africa’s readiness to shape its own future financially.