The African Export-Import Bank (Afreximbank) in Cairo, Egypt, marked the end of the tenure of Prof. Benedict Okey Oramah as its President and Chairman of the Board of Directors, with a legacy conference.
The outgoing President announced at the conference that he made the promotion of intra-African trade and investment the arrowhead of the Bank’s strategy when he took office because of a conviction that it was the only viable path forward for Africa’s development and economic emancipation.
The Farewell Conference, attended by more than 2,000 guests, attracted heads of state, former heads of state, government leaders and representatives from across Africa and the Caribbean, top African business leaders, all former Afreximbank Presidents, the Afreximbank President Designate, members of the Bank’s Board of Directors, shareholders, staff, and friends and family of Prof. Oramah.
In his farewell address, he said:
“Our philosophy was borne out of the conviction that the only viable path forward for Africa’s development and economic emancipation was one that would aggressively reverse-engineer the colonial strategy of ‘divide-and-rule’ and ‘divide-and-conquer’ that had, for decades, pinned Africa and people of African descent down in the dustbin of despair and desperation.”
He further explained that:
“Accordingly, our philosophy was that Africa’s development dynamo must be powered from within, as hundreds of years of history had shown us that external interests had been mostly predatory and parasitic, unless engaged from a position of strength and purpose.”
Prof. Oramah added that because Afreximbank fought on all fronts,
“We can point to tangible differences the Bank has made; we can now point to those things that now exist — new institutional arrangements and interventions that have joined as formidable forces in Africa’s armoury in its fight towards true self-determination — things that we look up to today, many of which were mere hopes and aspirations 10 years ago.”
Earlier, Dr. George Elombi, President Designate of Afreximbank, described Prof. Oramah as
“one of the few in the world — the 0.8 per cent — who combines vision and execution,”
adding that under his leadership, Afreximbank and its partners built a solid foundation for enhancing intra-African trade and industrial development.
“Instruments were created to dismantle the obstacles that have hindered Africa’s progress for nearly seven decades since independence. He confronted the challenges of Africa’s industrial underdevelopment head-on, building on the work of those who came before him,” said Dr. Elombi.
He noted that Afreximbank is now one of the key multilateral financial institutions leading Africa’s development efforts, particularly in implementing the African Continental Free Trade Agreement (AfCFTA) and transforming the continent’s industrial landscape.
“Mr. Oramah has turned decades and centuries-old political wishes into tangible gains for all Africans,” he added.
Prof. Oramah’s 10-year tenure, which began in September 2015, saw Afreximbank’s balance sheet and guarantees grow almost eightfold, from US$6 billion when he took office to almost US$44 billion as at September 2025.
It also saw the introduction and implementation of far-reaching products, programmes and initiatives designed to address the challenges facing Africa’s trade and economic growth — cementing Afreximbank’s place as the continent’s foremost trade finance institution.
During his tenure, Afreximbank’s support played a significant role in advancing the implementation of the AfCFTA ahead of schedule.
The Pan-African Payment and Settlement System (PAPSS), backed with a US$3 billion clearing and settlement facility, has become operational in 20 countries, enabling African nations to trade across borders in their own local currencies.
The AfCFTA Adjustment Funds, supported by Afreximbank’s US$1 billion commitment and partnership with the AfCFTA Secretariat, are helping participating states adjust smoothly to the new trading regime.
The biennial Intra-African Trade Fair, introduced by Afreximbank in 2018, is addressing the challenge of limited access to trade and investment information across Africa. Over its four editions, it has attracted more than US$170 billion in trade and investment deals and 180,000 visitors, among others.
By TIMES REPORTER
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