The African financial and trade communities convened over the weekend in Cairo, Egypt, to bid farewell to a leader whose tenure fundamentally reshaped the continent’s economic landscape: Professor Benedict Oramah, the outgoing President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank).
The transition, marked by the investiture of President-designate Dr. George Elombi, was attended by high-level dignitaries, including H.E. Wamkele Mene, the Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat.
Mene’s tribute underscored that Prof. Oramah’s legacy is not merely one of finance, but of strategic partnership and boosting confidence in Africa’s capacity to design and deliver its own solutions.
Pillars Reshaping Intra-African Trade
H.E. Mene lauded Prof. Oramah’s dedicated partnership with the AfCFTA Secretariat, emphasising that Afreximbank, under Oramah’s guidance, provided the critical financial tools necessary to operationalise the AfCFTA agreement.
Mene highlighted three flagship initiatives that stand as pillars for transforming intra-African trade, which include:
Pan-African Payment and Settlement System (PAPSS)
This innovative system is designed to enable instant, cross-border payments in local African currencies, eliminating reliance on hard currency (like the US Dollar) and significantly reducing the cost and time of transactions. PAPSS is a direct enabler of the AfCFTA’s objective to facilitate seamless trade across the continent.
The AfCFTA Adjustment Fund
Recognising that opening up economies to continental competition requires support, this fund is crucial for helping African countries and businesses, especially those that may initially face negative impacts, to transition, retool, and become competitive within the new free trade environment.
Intra-African Trade Fair (IATF)
The IATF, spearheaded by Afreximbank, has become the premier platform for African businesses to showcase their goods and services, sign trade deals, and build the networks necessary to drive the $3.4 trillion market potential of the AfCFTA.
Strategic Focus on Inclusion and Empowerment
Crucially, Mene commended Prof. Oramah’s visionary focus on the sectors that form the backbone of Africa’s future and its social stability, which are:
SMEs (Small and Medium-sized Enterprises) Afreximbank programs focused on financing SMEs, which account for a vast majority of jobs, ensuring they have the capital and capacity to participate in cross-border trade.
Youth
Initiatives were designed to integrate Africa’s rapidly growing youth population into the economic mainstream, moving them from unemployment to entrepreneurship within the AfCFTA framework.
The Creative Sector
Recognising the economic potential of Africa’s arts, culture, and entertainment industries, Afreximbank provided financial tools to help monetise and globalise African creativity.
Legacy of Trust and Self-Determination
Prof. Oramah’s tenure successfully elevated Afreximbank from a specialised trade finance institution to a powerful development finance pillar for the entire continent. His commitment demonstrated that African institutions can not only conceive but also successfully execute complex, multi-billion-dollar projects to serve African interests.
In his commendation, H.E. Mene paid tribute to a “visionary leader whose legacy has strengthened confidence in Africa’s capacity to design and deliver its own solutions.”
This confidence is foundational to the AfCFTA’s success, transforming the narrative from one of dependency on external aid to one of financial sovereignty and regional integration.
As Dr. George Elombi takes the reins, the expectation is clear: to build upon this robust foundation and fully realise the promise of a unified, self-reliant African economic bloc.