Legacy is a concept every human approaches with different perspectives. Some strive to build a legacy, some work to leave behind a legacy; some want to be known for a legacy; while others want to keep up the legacy of others. To a Rwandan Economist, Donald Kaberuka, “Legacy has always to be shared. If not so it is not particularly meaningful.” This philosophy of ‘team accomplishment’ legacy has been apparent in the life, career and achievements of Donald Kaberuka, a transformational leader in the world of finance and development. This article delves into the career and feats of Rwanda’s ‘Mr Infrastructure.’

Dr Donald P. Kaberuka is a renowned Rwandan Economist and the former President of African Development Bank (AfDB). He was born and raised in Byuma, Rwanda on the 5th of October, 1951. He studied as an undergraduate at the University of Dar es Salaam, Tanzania and obtained his MPhil in Development Studies from the University of East Anglia in 1979. In further pursuit of his passion for finance, he bagged a Doctorate degree in Economics from the University of Glasgow, Scotland.

His Career

Donald Kaberuka has for over 20 years, built a fulfilling and exemplary public service career in the fields of development finance and economic development. He launched his career in banking, international trade and development, before venturing into public service. He also worked in the commodities business and served a term as Chief Economist of the Inter-African Coffee Organization.

From 1997 to 2005, Kaberuka served as the Minister of Finance and Economic Planning in Rwanda, a time during which he initiated and implemented major economic and governance reforms in the fiscal, monetary, budgetary and structural domains. These reforms helped to sustain economic growth and stabilize the country’s economy from the effects of the 1994 genocide.

While serving as the Minister of Finance, Kaberuka simultaneously served as the Governor of Rwanda for the International Monetary Fund and the World Bank where he introduced new systems of structural, monetary and fiscal governance, laying special emphasis on the independence of Rwanda's central bank.

In 2005, Kaberuka was elected the 7th President of the African Development Bank, where for 10 years; he embarked on a series of restructurings aimed at making the Bank more efficient in achieving its mission improve development and alleviate poverty in Africa. During his tenure, the bank increased its capital to $100 billion and the bank’s franchise value and stature grew significantly.

In addition, Kaberuka’s leadership at AfDB has ensured the achievement of infrastructure and regional integration, a more vibrant private sector, and institutional production as well as dissemination of knowledge about Africa. Kaberuka resigned as the President of AfDB in 2015 and was succeeded by Dr Akinwunmi Adesina – an Agricultural Economist who is the first Nigerian to hold the post. Before handing over the mantle of leadership, Kaberuka along with his team drew up a 10-year strategy agenda of economic transformation and inclusion which ends in 2022. In early 2016, he was appointed the African Union’s special envoy for financing to assist in mobilizing the AU’s resources, including its Peace Fund activities.

Present Positions

Presently, Donald Kaberuka serves as the Senior Advisor to the Public Sector, Social Impact, and Financial Institutions practices of The Boston Consulting Group (BCG) which he took up in 2016. He is also a Senior Advisor at the global private equity firm TPG/Satya and Chairman of the board of Centum Investment.

Kaberuka currently serves on the Board of Trustees of the World Economic Forum, the Mandela Institute (Minds) and the Mo Ibrahim Foundation. He is also a member of several international panels on finance and development including the Business and Sustainable Development Commission and the Centre for Global Development’s panel on the future of multilateral development banking. He is also a Hauser Senior Fellow at John F. Kennedy School of Government, Harvard University.

Dr Kaberuka however credited his vast achievements and accomplishments as a leader to the collaborative efforts of his indispensable and industrious team. He acknowledged the contribution of his team to the successful implementation of his developmental reforms and economic strategies. To Kaberuka, achieving success is the hall mark of good leadership and a good leader is one who encourages team cooperation. When asked in an interview about his legacy as a leader, Kaberuka said “I worked on leadership and vision, and together we were able to do the things we have done. It is not my legacy; it is about the quality of achievements under my leadership.” Hence to Dr Donald Kaberuka, there is no legacy without team effort.