The African Development Bank (AfDB) is accelerating the implementation of the New African Financial Architecture for Development (NAFAD). The initiative is coordinated by Togolese businessman Didier Acouetey, a leading figure in Africa’s private sector. Its objective is to mobilize the continent’s savings and capital to help bridge Africa’s annual development financing gap, estimated at USD 400 billion. A major milestone was reached with the project’s operational launch in Abidjan.
The African Development Bank has stepped up the implementation of NAFAD, an initiative designed to strengthen Africa’s capacity to finance its own development. Leading the effort is Didier Acouetey, founder of AfricSearch and Senior Advisor to the AfDB President on private sector development. His mission is to contribute to closing the continent’s annual USD 400 billion development financing gap.
“For many years, Africans wanted to propose a financial architecture that reflects Africa’s needs and priorities. Today, with the New African Financial Architecture for Development initiated by the African Development Bank and its President, Dr. Sidi Ould Tah, the rest of the world sees it as a response to the fragmentation of Africa’s financial system.”
Didier Acouetey, Senior Advisor to the AfDB President for NAFAD – Togo
Founder of AfricSearch, the first international executive recruitment and human resources consulting firm specialized in Africa since 1996, Didier Acouetey is widely recognized as one of the continent’s most influential business leaders. As Senior Advisor to the President of the African Development Bank for the private sector, he has long promoted African investment and human capital development. His extensive experience working with businesses, investors, and institutions across Africa has led to his appointment as coordinator of NAFAD.
The initiative entered its operational phase in Abidjan in April 2026 and aims to mobilize nearly USD 4 trillion in African savings and institutional capital to support economic development.
“It is relatively simple. When we speak about financial architecture, we are talking about an ecosystem of actors. These include development banks, commercial banks, guarantee funds, private equity firms, deposit institutions, and central banks. Together, they form the financial architecture. Until now, each actor tended to operate independently. The goal is to improve coordination among them and make better use of the resources available across these institutions by investing them in Africa.”
Didier Acouetey, Senior Advisor to the AfDB President for NAFAD – Togo
Under Acouetey’s coordination, the initiative seeks to channel domestic savings, pension funds, insurance assets, sovereign wealth funds, foreign exchange reserves, and resources from the African diaspora into productive investments. It also includes innovative financing mechanisms aimed at improving access to funding for small and medium-sized enterprises (SMEs), which represent the backbone of Africa’s private sector and job creation.
“Today, SMEs account for between 90 and 95 percent of Africa’s private sector, yet they receive barely 20 percent of their financing needs through the traditional financial system. The SME financing gap is estimated at more than USD 300 billion. If we succeed in mobilizing domestic resources in Africa, these funds can be allocated to development banks, commercial banks, investment funds, and microfinance institutions, enabling them to better finance young entrepreneurs and SMEs.”
Didier Acouetey, Senior Advisor to the AfDB President for NAFAD – Togo
A significant step forward was achieved on April 9, 2026, with the adoption of the Abidjan Consensus. This eleven-point roadmap, developed in collaboration with African central banks, institutional investors, and financial market stakeholders, will serve as the framework for implementing NAFAD.
Recognized for his deep understanding of African markets and his extensive network within the continent’s economic circles, Didier Acouetey now finds himself at the center of an ambitious project: transforming African resources into the primary engine of development financing and contributing to the achievement of the African Union’s Agenda 2063 goals.
