Outgoing President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), Professor Benedict Oramah, has reflected on his 31-year journey with the bank, highlighting the institution’s remarkable achievements in advancing Africa’s economic integration, trade, and self-reliance.
Delivering his farewell speech in Cairo before an audience of African leaders, ministers, diplomats, and financial executives, Oramah said his tenure had been “a remarkable journey” dedicated to transforming Afreximbank from a regional financial institution into a continental engine for development and integration.
“When I joined the Bank, I knew that I was not joining just another financial institution,” he said. “I was becoming part of a movement aimed at turning decades-old aspirations of Africans into reality.”
He recalled joining the Bank in 1994 as one of its pioneer staff members, inspired by the pan-African vision of Dr. Mbaka Ndiaye and Dr. Christopher Edordu, Afreximbank’s founding President. After serving in various capacities for over two decades, he assumed the presidency in September 2015, at a time he described as a “period of crisis and opportunity.”
“Upon assuming office, I outlined an agenda that many thought was too ambitious. But given the challenges facing Africa — the commodity crisis, lack of industrial transformation, and weak economic integration — I knew we could not afford to be lethargic,” Oramah said.
“Our philosophy was that Africa’s development dynamo must be powered from within. History has shown that external interests have mostly been parasitic unless engaged from a position of strength.”
Under his leadership, Afreximbank spearheaded bold initiatives such as the promotion of intra-African trade and investment, establishment of the Pan-African Payment and Settlement System (PAPSS), and support for the African Continental Free Trade Area (AfCFTA).
“Because we fought on all fronts, we can now point to tangible differences the bank has made,” he stated. “The AfCFTA implementation is ahead of schedule, the Pan-African Payment and Settlement System is operational in 13 countries, and for the first time, African currencies are becoming legal tender across borders.”
Oramah noted that Afreximbank’s $1 billion support for the AfCFTA Adjustment Fund had helped member states transition smoothly into the new trade regime. He also cited the success of the Intra-African Trade Fair, which has attracted over $170 billion in trade and investment deals and drawn more than 180,000 visitors since inception.
“We are building testing and certification centres across Africa to implement harmonised standards in pharmaceuticals, agriculture, textiles, and more,” he said. “Through our collaboration with ARISE Industrial Platforms, industrial parks are springing up across the continent, processing goods that once left Africa as raw commodities.”
Oramah further celebrated Afreximbank’s role in supporting Africa during the COVID-19 pandemic, disbursing over $10 billion in containment interventions and providing $2 billion to enable Africa and the Caribbean to procure vaccines when global supply was restricted.
“At the height of COVID-19, when Africa was left to fend for itself, we rose to the challenge,” he said. “We provided the resources that kept African economies afloat when no one else would.”
The outgoing president also acknowledged partnerships that shaped Afreximbank’s success, including collaborations with the African Union Commission, AfCFTA Secretariat, International Trade Centre, UN Economic Commission for Africa (UNECA), and the World Trade Organization led by Dr. Ngozi Okonjo-Iweala.
“The success of our collaboration with the AfCFTA Secretariat reflects the power of synergies between policy and development finance institutions,” Oramah said. “Together we are building a resilient future for our people.”
He expressed deep gratitude to mentors and colleagues who influenced his career, paying tribute to Dr. Christopher Edordu, the Bank’s pioneer president, for giving him his first opportunity; Mr. Jean-Louis Ekra, his predecessor, for his guidance; and to his family for their unwavering support.
“Sometimes, a person’s destiny, and even a continent’s destiny, can hinge on simple acts of kindness and decisions by others,” he said. “For everything you’ve done for me and for Africa, I say thank you.”
Concluding his emotional farewell, Oramah said Afreximbank’s success over the past three decades proves that Africa’s transformation is possible through unity, courage, and visionary leadership.
“We have shown that Africa can rise. We have proven that Africans can build institutions that rival any in the world,” he declared. “Our journey has just begun, and the future of this continent remains bright.”
Boluwatife Enome
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