New Alamein:Dr. George Elombi, President and Chairman of the Board of Directors of Afreximbank, has called for the development of a sovereign African financial system to drive the continent’s economic independence.
According to News Agency of Nigeria, Elombi made this appeal during his opening remarks at the Alamein Africa Forum 2026 in New Alamein, Egypt. He emphasized the need for Africa to reduce its dependency on external financial systems that do not align with the continent’s socioeconomic realities.
Elombi addressed various leaders and delegates, stating that Africa should build a financial architecture enabling African institutions to mobilize savings, finance trade, support businesses, and invest in infrastructure. He highlighted that a continent with 1.5 billion people could not continue relying on outdated global financial institutions that overlook African priorities.
He clarified that Africa is not seeking isolation from global markets but aims to secure an equitable position within them. Elombi recalled Afreximbank’s founding during a debt crisis in 1993 and criticized current international credit rating standards that undervalue African contributions.
Citing the bank’s recent interventions during global economic disruptions, Elombi urged African member states to continuously support their financial institutions and resist external pressures. The forum, convened by Afreximbank along with the Egyptian Ministry of Foreign Affairs and AUDA-NEPAD, aims to boost economic diplomacy across Africa.