Cairo, Egypt — The African Export-Import Bank (Afreximbank) has marked the end of an era with the conclusion of Professor Benedict Oramah’s decade-long tenure as President and Chairman of the Board. A legacy conference held in Cairo, attended by over 2,000 dignitaries, including African heads of state, business leaders, and policymakers, celebrated his achievements.
Oramah, who took office in 2015, emphasized the importance of Africa-driven development in his farewell address. He stated that his leadership philosophy was centered on reversing the colonial strategy of divide and rule, promoting intra-African trade and industrialization. Under his leadership, Afreximbank’s assets and guarantees grew from $6 billion to nearly $44 billion by September 2025, making it a key financial engine for the African Continental Free Trade Area (AfCFTA).
Key achievements during Oramah’s tenure include the launch of the Pan-African Payment and Settlement System (PAPSS), a $3 billion clearing facility enabling cross-border transactions in local currencies across 20 countries. Afreximbank also committed $1 billion to the AfCFTA Adjustment Fund, supporting member states in adapting to the evolving trade regime. The biennial Intra-African Trade Fair, initiated in 2018, facilitated over $170 billion in trade and investment deals.
Other notable milestones include the creation of the Africa Trade Gateway, a digital platform bridging information gaps, and the launch of testing and certification centers harmonizing nearly 500 product standards. Afreximbank introduced the African Collaborative Transit Guarantee Scheme, supported by $1 billion in guarantee limits, to ease the movement of goods across borders. The bank also provided a $10 billion COVID-19 support package for African economies and a $2 billion fund to secure vaccines for the continent and the Caribbean.
Dr. George Elombi, the bank’s president-designate, praised Oramah’s leadership, stating that he built a solid foundation for intra-African trade and industrial development. Oramah’s legacy extends beyond economics, with initiatives such as strengthening socio-economic ties between Africa and the Caribbean, backing major industrial projects, and spearheading initiatives like the African Medical Centre of Excellence.
In one of his final acts as president, Oramah launched the African Trade and Distribution Company (ATDC), designed to tackle logistical hurdles in cross-border trade. As the Cairo conference closed, Oramah’s departure marked the end of a transformative chapter for Afreximbank, paving the way for a new era under Dr. Elombi’s leadership. The significance of Oramah’s legacy lies in the creation of new institutional arrangements and formidable forces in Africa’s fight towards true self-determination, setting the stage for continued growth and development in the region.