Cairo: 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 where the outgoing President announced that he made the promotion of intra-African trade and investment the arrowhead of the Banks strategy when he took office because of a conviction that was the only viable path forward for Africas development and economic emancipation.
According to African Press Organization, the farewell conference was attended by more than 2,000 guests, including heads of state, former heads of state, other government leaders and representatives from across Africa and the Caribbean, top African business leaders, all former Afreximbank Presidents, Afreximbank President designate, members of the Banks Board of Directors, shareholders, serving and former staff members, friends and family of Prof. Oramah and Afreximbank as well as a host of other dignitaries.
In his farewell address, Prof. Oramah emphasized a philosophy rooted in reversing the colonial strategy of divide-and-rule, aiming to dismantle obstacles that hindered Africa’s progress. Dr. Elombi highlighted that Afreximbank has emerged as a key multilateral financial institution, pivotal in executing the African Continental Free Trade Agreement (AfCFTA) and transforming Africa’s industrial landscape.
Prof. Oramah’s decade-long term, beginning in September 2015, saw a substantial growth in Afreximbank’s balance sheet and guarantees from US$6 billion to nearly US$44 billion by September 2025. His leadership introduced initiatives addressing the challenges to Africa’s trade and economic growth, fortifying Afreximbank’s status as Africa’s premier trade finance institution.
During his tenure, Afreximbank’s backing significantly advanced the AfCFTA’s implementation. The Pan-African Payment and Settlement System (PAPSS), supported by a US$3 billion facility, became operational in 20 countries, enabling cross-border trade in local currencies. The AfCFTA Adjustment Funds, aided by Afreximbank’s US$1 billion commitment, are assisting states in transitioning to the new trading framework.
The biennial Intra-African Trade Fair, launched by Afreximbank in 2018, addressed the challenge of limited trade and investment information access, facilitating over US$170 billion in deals and attracting 180,000 visitors across its four editions. Afreximbank’s digital platform, the Africa Trade Gateway, is bridging information gaps, while Africa Trade Centres across the continent provide platforms for intra-African trade and investment.
In standardization, Afreximbank’s testing and certification centres have harmonized about 500 standards across sectors such as pharmaceuticals, agriculture, and textiles, promoting smoother trade. The Bank, in collaboration with the AfCFTA Secretariat and COMESA, initiated the African Collaborative Transit Guarantee Scheme, backed by US$1 billion, to ease transit barriers.
Afreximbank’s support extends to developing industrial parks and special economic zones, fostering new exports and industries like Nigeria’s Dangote Refinery. The Bank’s initiatives have also strengthened socio-cultural and economic ties with the CARICOM and the broader African diaspora, while the African Medical Centre of Excellence projects enhance healthcare access.
Significant achievements under Prof. Oramah include a US$10 billion COVID-19 intervention fund and a US$2 billion vaccine procurement initiative for Africa and the Caribbean. The recent launch of the African Trade and Distribution Company (ATDC) addresses logistical challenges in cross-border trade.
The legacy conference included tributes from Afreximbank staff, business leaders, political figures, and others influenced by Prof. Oramah’s work, celebrating his impactful tenure.