Benedict Oramah Reflects on 31 Years of Transformative Leadership at Afreximbank

Outgoing President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), Professor Benedict Oramah, has concluded his transformative 31-year tenure with the institution, emphasizing the critical need for Africa’s development to be driven from within. In a farewell speech delivered in Cairo before an audience of African leaders, diplomats, and financial executives, Oramah reflected on the remarkable achievements during his leadership, which he characterized as a fulfilling journey aimed at enhancing Africa’s economic integration and self-reliance.

During his tenure, Oramah transitioned Afreximbank from a regional entity into a powerful continental force for development. “When I joined the Bank, I knew that I was not joining just another financial institution,” he stated. He recalled his beginnings in 1994 as a pioneer staff member, motivated by the pan-African vision of the bank’s founders, Dr. Mbaka Ndiaye and Dr. Christopher Edordu. Oramah became president in September 2015 during what he described as a “period of crisis and opportunity.”

“Our philosophy was that Africa’s development dynamo must be powered from within,” he emphasized, highlighting the challenges facing the continent, including the commodity crisis and weak economic integration. Under his leadership, Afreximbank initiated several bold projects, such as promoting intra-African trade and establishing the Pan-African Payment and Settlement System (PAPSS), which has now been implemented in 13 countries.

Significant Achievements in Trade and Investment

Oramah pointed to several milestones achieved during his presidency. Notably, the implementation of the African Continental Free Trade Area (AfCFTA) is ahead of schedule, and the bank’s financial support of $1 billion for the AfCFTA Adjustment Fund has facilitated a smooth transition for member states into this new trade framework. The success of the Intra-African Trade Fair stands out, having attracted over $170 billion in trade and investment deals and welcoming more than 180,000 visitors since its inception.

“Because we fought on all fronts, we can now point to tangible differences the bank has made,” Oramah said, underscoring the establishment of testing and certification centres across Africa aimed at implementing harmonized standards in critical sectors such as pharmaceuticals and textiles. Collaboration with ARISE Industrial Platforms has also led to the creation of industrial parks that process goods which previously left Africa as raw commodities.

Response to the COVID-19 Pandemic and Future Vision

Oramah also highlighted Afreximbank’s proactive response during the COVID-19 pandemic, disbursing over $10 billion in containment interventions and providing $2 billion to enable countries in Africa and the Caribbean to procure vaccines amid global supply shortages. “At the height of COVID-19, when Africa was left to fend for itself, we rose to the challenge,” he remarked, emphasizing the bank’s role in sustaining African economies during a critical time.

He expressed gratitude for the partnerships that have shaped Afreximbank’s success, including collaborations with the African Union Commission, the AfCFTA Secretariat, and the World Trade Organization led by Dr. Ngozi Okonjo-Iweala. “The success of our collaboration with the AfCFTA Secretariat reflects the power of synergies between policy and development finance institutions,” he noted.

In closing his farewell address, Oramah reflected on the journey of the past three decades, asserting that Africa’s transformation is achievable through unity, courage, and visionary leadership. “We have shown that Africa can rise. We have proven that Africans can build institutions that rival any in the world,” he declared, leaving a legacy that inspires continued progress for the continent.

As he steps down, Oramah leaves behind a strengthened Afreximbank poised to continue its role in fostering economic growth and development across Africa, echoing his belief that the continent’s future remains bright.