Cairo, Egypt — The African Export-Import Bank (Afreximbank) 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 in Cairo, attended by more than 2,000 dignitaries—including African heads of state, business leaders, and policymakers—celebrated his achievements.
Oramah, who took office in 2015, used his farewell address to stress the importance of Africa‑driven development. He explained that his leadership philosophy centered on reversing the colonial “divide and rule” strategy and promoting intra‑African trade and industrialisation. Under his guidance, Afreximbank’s assets and guarantees grew from $6 billion to nearly $44 billion by September 2025, establishing the bank as 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 that enables cross‑border transactions in local currencies across 20 countries. Afreximbank also committed $1 billion to the AfCFTA Adjustment Fund to help member states adapt to the evolving trade regime. The biennial Intra‑African Trade Fair, initiated in 2018, facilitated more than $170 billion in trade and investment deals.
Other notable milestones are the creation of the Africa Trade Gateway, a digital platform that bridges information gaps, and the establishment of testing and certification centres that harmonise nearly 500 product standards. The bank introduced the African Collaborative Transit Guarantee Scheme, backed by $1 billion in guarantee limits, to ease the movement of goods across borders. It 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, noting that he built a solid foundation for intra‑African trade and industrial development. Oramah’s legacy extends beyond economics, encompassing initiatives that strengthen socio‑economic ties between Africa and the Caribbean, support major industrial projects, and spearhead programmes such as the African Medical Centre of Excellence. In one of his final acts as president, he launched the African Trade and Distribution Company (ATDC) 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 and paved the way for a new era under Dr. Elombi’s leadership. His legacy lies in the creation of new institutional arrangements and formidable forces in Africa’s pursuit of true self‑determination, setting the stage for continued growth and development in the region.
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