The African Development Bank has appointed Richard Kwaku Ofori-Mante, a Ghanaian national, as Director of the Agricultural Finance and Rural Development Department.
He brings to the role over 22 years of experience in debt capital markets, corporate and structured finance. Ofori-Mante has demonstrated expertise in utilizing innovative financial structures and credit enhancing instruments, to mobilize capital for transformative projects. His appointment is effective 1 November 2023.
Ofori-Mante has comprehensive understanding of financial instruments administered by multilateral institutions, including their respective policies and procedures, and has successfully leveraged and optimized these instruments to scale and catalyse agribusiness transactions.
Prior to his appointment, he served as +6Acting Director of the Agricultural Finance and Rural Development Department. He led engagement with governments, development partners, and the private sector to implement Bank Group priorities under its Feed Africa Strategy for Agricultural Transformation in Africa. He oversaw the design, finance, and implementation of the flagship Special Agro- Industrial Processing Zones (SAPZ) as well as the Africa Disaster Risks Financing Programme, an initiative to support African countries in managing the risks of climate-related disasters.
While Acting Director, Ofori-Mante also served as the Manager of the Agriculture and Rural Finance Division, a position he held from November 2017. In this role, he managed the origination, structuring, and execution of Bank Group agribusiness transactions for non-sovereign guaranteed operations.
Ofori-Mante joined the Bank in 2010 as principal financial analyst; two years later he was appointed chief financial analyst in what has since been renamed the Client Solutions Division of the Syndications, Co-financing and Client Solutions Department. Here, he contributed to innovative and groundbreaking transactions in African markets including the development of strategies for local currency funding for projects utilizing domestic bond issuance and cross currency swaps.
Before joining the African Development Bank Group in 2010, Ofori-Mante served as a Manager in the Financial Transactions Group of Deloitte Financial Advisory Services in Chicago from 2004 to 2010. Prior to that, he was a senior associate in Standard & Poor's Corporate Valuation Consulting Group in Chicago. Earlier in his career, from 1995 to 1999, he held progressive mechanical engineering positions in engineering consultancy, thermal power plant installations and the fast-moving consumer goods industry.
Ofori-Mante holds a Master of Business Administration degree in finance from the Washington University in Saint Louis, (USA), and a Bachelor of Science degree with honours in Mechanical Engineering from the Kwame Nkrumah University of Science and Technology in Kumasi, Ghana.
Of his appointment, Ofori-Mante said: "I am humbled by the confidence bestowed upon me and grateful to President Adesina for this appointment. I understand the significant responsibilities that come with this role and am fully committed to working diligently and collaboratively with senior management, colleagues and all stakeholders to deliver on the Bank's Agricultural Transformation Agenda, as well as fulfill its mandate and mission."
The President of the African Development Bank Group, Dr. Akinwumi Adesina said: "I am pleased to appoint Mr. Richard Ofori-Mante as Director of the Agricultural Finance and Rural Development Department. Richard, a respected development finance banker, brings to this role extensive management experience in the fields of agricultural finance and rural development. He will help the Bank to support rural communities and link farmers to markets to improve their incomes and livelihoods, thereby helping advance the work of the Bank in support of rural economies to achieve inclusive growth."
Contact:
Olufemi Terry; African Development Bank Group, [email protected]
