Gaolathe Calls for Economic Sovereignty at AfDB’s 60th Anniversary.

Wednesday 23rd April 2025

African Development Bank Group celebrates 60 years of transformative impact across Africa and 53 years of its operations in Botswana

Por inAfrika Reporter

At a commemorative event in Gaborone marking 60 years of the African Development Bank’s influence across Africa and 53 years of operations in Botswana, Vice President and Finance Minister Ndaba Nkosinathi Gaolathe delivered a rousing call for African self-reliance and resilience amid mounting global economic pressures. As global tensions increase and the world grapples with disrupted funding channels and rising tariffs, Gaolathe called on African leaders to adopt a forward-thinking approach that defines Africa’s value in finance, energy, minerals, and technology rather than accepting imposed prices. He emphasized that Africa must move from being a passive recipient to becoming an assertive shaper of its economic destiny. Gaolathe praised the African Development Bank for being more than just a financier, describing it as a strategic partner in reform, innovation, and sustainable growth. The Bank’s legacy in Botswana is marked by significant contributions to critical infrastructure such as the Lobatse-Kanye Road, Gaborone-Lobatse Water Supply, and the Morupule B Power Plant.

He noted that the Bank’s quiet but consistent presence has woven it into Botswana’s development story. The Vice President also voiced concern about how Africa’s natural resources, including its carbon credits, are consistently undervalued. Echoing sentiments shared by the Bank’s President Akinwumi Adesina, Gaolathe described the global undervaluation of Africa’s environmental assets as a form of “quiet violence.” He stressed that Africa must no longer allow its rich mineral and ecological wealth to be exchanged for pennies while it accumulates debt. With over 30% of the world’s critical minerals, Africa powers much of the world’s modern technology. Gaolathe backed a proposal by the Bank for a Critical Minerals-Backed African Currency and the inclusion of natural capital in national balance sheets as crucial steps toward asserting economic sovereignty. The event also featured reflections from other leaders and stakeholders. Leila Mokaddem, the Bank’s Director General for Southern Africa, pointed to successes like the Kazungula Bridge and the Pandamatenga Agriculture Infrastructure Project, which transformed 40,000 hectares of farmland and boosted cereal production by 46%.

Ambassador Beatriz Morais of Angola reminded attendees of the Bank’s humble beginnings in 1964, while former employee Mothobi Matila shared a personal story about how the Bank had been both a career platform and a home. Moono Mupotola, the Bank’s Country Manager for Botswana, highlighted its 2022–2026 strategy aimed at enhancing competitiveness through better governance, private sector growth, and infrastructure development. As the celebration concluded, speakers underscored the need for a new chapter of cooperation and growth—one that harnesses Africa’s abundant resources, strong institutions, and innovative spirit to create an inclusive and self-determined future. The message was clear: the next era must be about purposeful partnerships and authentic leadership, where Africa reclaims its narrative and takes bold strides toward prosperity.