Professor Benedict Oramah
African governments must avoid protectionist measures during periods of difficulty if the African Continental Free Trade Area (AfCFTA) is to succeed, Professor Benedict Oramah, President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), has said.
He noted that the collective commitment shown toward AfCFTA must be sustained and translated into concrete action to ensure the success of the continent’s largest trade initiative.
Prof. Oramah made these remarks in Accra on Thursday during a fireside chat held as part of his farewell visit to the AfCFTA Secretariat. The event was on the theme: “The Nexus between trade finance, industrial development and economic integration in Africa: the role of Afreximbank.”
He stressed that for AfCFTA to thrive, customs officials must diligently implement the agreement’s rules, and regulators must work together across borders. “Banks must extend credit to businesses across Africa, and businesses must innovate, take risks and enter new markets,” he stated.
Prof. Oramah, who succeeded Jean-Louis as the third President of Afreximbank in 2015 and is stepping down after 10 years of service, highlighted the bank’s strong support for AfCFTA over the years.
He said Afreximbank viewed AfCFTA as a key driver of regional integration and intra-African trade, and so it made significant financial commitments to help the Secretariat function effectively.
“We made substantial financial commitments towards AfCFTA. Through our grant support, which we provided quite early… we continue to support on the basis of a multi-year grant framework. We do this because an initiative of that nature, which we all look forward to as a solution to our problems, cannot be left to chance,” he said.
He added that Afreximbank had backed major AfCFTA programmes such as the Pan African Payment and Settlement System, launched in 2022, which now saves more than $5 billion annually in transfer costs. The bank has also supported the Intra-African Trade Fair, the Africa Trade and Distribution Companies initiative, and the AfCFTA Adjustment Fund designed to help countries manage the impact of implementation.
In his remarks, the Secretary-General of AfCFTA, Wamkele Mene, commended Prof. Oramah for his exemplary leadership, which has elevated Afreximbank to a position of strength.
He noted that under Prof. Oramah’s tenure, the bank’s assets grew from $5 billion in 2015 to $37 billion in 2023.
Mr Mene said Afreximbank and AfCFTA had together been positioned for long-term impact, adding that Prof. Oramah’s partnership with the Secretariat had been both enduring and transformational.
“You helped us move from vision to implementation, and our partnership has become a model of collaboration grounded in a shared commitment to Africa’s economic transformation,” he said.
He further praised Prof. Oramah for standing with Africa during challenging times when shocks affected the continent’s economies.
