The 2025 African Development Bank Group Annual Meetings
CFA Institute Research and Policy Center Supports
The African Development Bank Group convened its Annual Meetings from May 26 to May 30, 2025, in Abidjan, Côte d'Ivoire, with the participation of more than 6,000 leaders and stakeholders. A significant feature of the event was the election of a new bank president, accompanied by discussions on optimizing Africa's capital resources—human, natural, financial, and commercial—to propel sustainable and inclusive growth. This year marked the 60th session of the AfDB Board of Governors and the 51st session of the African Development Fund Board. The conference, with the theme "Making Africa's Capital Work Better for Africa's Development," centered on enhancing economic resilience through green finance, digital innovation, robust governance, and diversified funding partnerships.
Efficient and integrated capital markets are essential for unlocking reliable, competitive financing across Africa. These developments must be inclusive, promoting local investment and strengthening intra-African financial services to ensure broad-based economic benefits for the region.
CFA Institute supports these goals through its network of societies and financial professionals across the region. As part of its engagement, CFA Institute Research and Policy Center released a new research report, “Capital Formation in Africa: A Case for Private Markets.” This research explores current barriers to capital formation in Africa and offers policy recommendations to foster private-market growth.
Capital Formation in Africa: A Case for Private Markets
This report examines barriers to capital formation in 11 sub-Saharan African jurisdictions, emphasizing private markets, policy reforms, fintech, and public–private partnerships to boost investment, infrastructure financing, and economic resilience.
Meet the Authors of the Capital Formation in Africa Report
The report is organized into market-specific chapters, each focused on a sub-Saharan jurisdiction. Meet the expert authors behind each chapter—selected for their deep, recognized expertise in the regions they represent.
Hear from the Authors of the Capital Formation in Africa Report
These short videos feature the report's authors sharing key insights and practical takeaways — straight from the experts, in their own words.
CFA Institute Roundtable at the Annual Meetings
Olivier Fines, CFA
Dr. Felix Edoh Kossi Amenounve
M. Ahmed Rashad Attout
On 29 May 2025, CFA Institute hosted a roundtable discussion to launch the report. The roundtable's goal was to help advance the dialogue on building robust, inclusive capital markets to support Africa’s long-term development. Olivier Fines, CFA, head of Advocacy and Policy Research, CFA Institute, moderated the panel.
Discussion topics included:
- The role of capital markets in Africa’s socioeconomic development
- Barriers to capital formation and policy solutions
- Regional capital market integration initiatives
- The contribution of private markets to market growth
- Collaboration between industry and public authorities
Research
African Capital Markets: Challenges and Opportunities
African markets have experienced rapid transformation but face fundamental challenges, such as illiquidity and access. To help investors, local authors share their perspectives on current developments and future trends for key markets.
Investing in Africa: Perspective from the Continent
What can Africa expect from a Biden administration? What is the outlook for the continent post-pandemic? Herman Warren, Africa Director for The Economist Corporate Network, discusses these questions and more.
Optimal Design of Life-Cycle Funds in Emerging Market Countries
This brief tailors life-cycle fund designs to emerging markets by factoring in human capital risk, market volatility, and local demographics, using case studies from Mexico, Poland, South Africa, and Turkey.
Eight Reasons Why Africa Is Primed for Impact Investing
Africa presents an almost limitless opportunity for investors looking to do well and do good.
Investing in Africa: Is Now the Time?
In this Take 15 episode, Melissa Cook, CFA, founder and managing director of African Sunrise Partners LLC, dispels some of the biggest misconceptions investors have when considering Africa and makes the case for investing in the continent.
ESG Integration and Analysis in Europe, the Middle East, and Africa
Learn about ESG integration in Europe, the Middle East, and Africa with CFA Institute. This report outlines ESG best practices in EMEA markets.
Investing in Nigeria: Exploring the Investment Potential of One of Africa's Leading Economies
Investing in Nigeria: Exploring the Investment Potential of One of Africa's Leading Economies ... What trends are driving performance or activities in Nigeria and other emerging ...
Don’t Underestimate South Africa’s Wealth Market
“People should not underestimate the South African market or write it off due to recent disappointments,” Marilize Lansdell tells April J. Rudin.