Ex-Credit Suisse boss Tidjane Thiam is spending his time helping Africa fight coronavirus fallout. It is viewed as a test run for higher political ambitions.
Since leaving Credit Suisse less than two months ago, Tidjane Thiam has been busy: he will join the board of French luxury-maker Kering, as finews.asia reported – and he’s coming to the aid of his native Africa, which is bracing against the outbreak of the coronavirus pandemic.
The Ivory Coast-born, French-educated executive called for a moratorium on $115 billion of sovereign African debt, according to the «Financial Times» (behind paywall). «This is a global exogenous shock. This is not the result of economic mismanagement,» Thiam told the pink paper.
Prominent Group
Thiam is also part of a continent-wide group of prominent elites including fellow McKinseyite Acha Leke, the consulting firm's top executive in Africa, who are forming private sector corona response group, according to Swiss «Handelszeitung» (behind paywall, in German). The outlet didn’t report the group’s aim but said it convened with the head of the World Health Organization recently to form an action plan.
Africa, which currently has 10,000 identified cases of coronavirus, is expected to be roiled by the pandemic. The novel virus is likely to overwhelm health services already busy fighting health burdens like malnutrition, HIV, and malaria. The WHO is currently led by an African: Ethiopian microbiologist Tedros Adhanom Ghebreyesus.
Testing Waters
For Thiam, who is French-Ivorian, the public bid serves as a testing the waters to run for president in Côte d'Ivoire, according to «Africa Intelligence» (behind paywall), a news provider devoted to politics and economics in Africa. Incumbent Alassane Ouattara said last month he won’t be running for reelection in October.
Thiam previously served in its government for five years, handling negotiations with the International Monetary Fund and the World Bank and helping oversee the privatization of state-owned assets. After the government was toppled in a 1999 coup, he returned to his executive career in France and, shortly after, the U.K.
Valuable Asset
Before he was ousted at Credit Suisse over a corporate spy scandal, Thiam had put the kibosh on presidential ambitions. He isn’t the only African in business to take up the cause, which includes former Nigerian finance minister Ngozi Okonjo-Iweala, and Strive Masiyiwa, a well-known businessman.
Thiam's experience as a consultant, executive, and government official makes him a hugely valuable asset for any government. He was said to have ambitions to run the International Monetary Fund, a job which last year went to Kristalina Georgieva when Christine Lagarde took the top European Central Bank job.
