Afreximbank’s Outgoing President Calls for Bold Steps in AfCFTA Agenda

As Professor Benedict Oramah prepares to step down as President and Chairman of the African Export-Import Bank (Afreximbank) after a decade, he has emphasized the critical role the Bank plays in advancing the African Continental Free Trade Area (AfCFTA) and accelerating Africa’s economic integration.

Delivering a public lecture at the AfCFTA Secretariat in Accra, Prof. Oramah highlighted Afreximbank’s significant contributions, including:
Billions of dollars committed to support intra-African trade, financing industrial projects, and providing critical credit facilities to African banks. The Bank’s Trade Facilitation Programme (AFTRAF) has onboarded over 500 of Africa’s 600 commercial banks, providing more than $5 billion in trade credit to boost cross-border transactions.
Launch of the Pan-African Payment and Settlement System (PAPSS), which allows businesses to trade across the continent in local currencies, saving the region over $5 billion annually in transaction costs.
Intra-African Trade Fair (IATF), the Bank’s flagship initiative, has generated over $160 billion in trade and investment deals across four editions, earning it the description of “the AfCFTA marketplace.”

Industrialization and Economic Integration Efforts

Afreximbank has:
Financed over 50 industrial projects across the continent in 2024, including large industrial parks, energy infrastructure, and a petroleum refinery in Southern Africa. The Bank is committed to building a pan-African automotive value chain and supporting export-oriented industries.
Established the AfCFTA Adjustment Fund, designed to cushion governments, businesses, and private sector players against the shocks of the new trading regime, with a commitment of $1 billion in seed capital and a $10 million grant.

Key Perspectives
Professor Benedict Oramah emphasized that Africa’s journey to economic integration requires more than trade agreements; it needs financing, infrastructure, knowledge, and policy support. He noted that Afreximbank is working hand-in-hand with the AfCFTA Secretariat, the African Union, national governments, and the private sector to deliver on this agenda.

Wamkele Mene, AfCFTA Secretary-General, praised the partnership between AfCFTA and Afreximbank, describing it as “enduring and impactful.” He highlighted that their collaboration has produced tangible tools that traders across the continent now rely on, expressing a single vision of a self-reliant Africa that trades with itself, invests in its own potential, and shapes its future with purpose.

Future Directions
The AfCFTA Secretariat and Afreximbank will continue to deepen their collaboration, focusing on scaling up digital trade tools, strengthening regional value chains, addressing non-tariff barriers, and ensuring inclusivity for women, youth, and small businesses in Africa’s trading system.