Outgoing Afreximbank's president Oramah hailed as continental integration engine

African leaders and finance experts have united in tribute to Professor Benedict Oramah (right) at Afreximbank’s 32nd Annual Meetings, celebrating the outgoing president’s decade-long leadership for transforming the institution into a cornerstone of Africa’s economic sovereignty. [Courtesy]

African leaders and finance experts have united in tribute to Professor Benedict Oramah at Afreximbank’s 32nd Annual Meetings, celebrating the outgoing president’s decade-long leadership for transforming the institution into a cornerstone of Africa’s economic sovereignty.

Oramah, who took the helm in 2015, has expanded the Cairo-based pan African trade bank beyond its original trade finance mandate into crisis response, industrialization, and infrastructure development, growing its balance sheet to $33 billion. 

Under his command, Afreximbank became the operational backbone of Africa’s integration ambitions.

The bank pioneered the Pan-African Payment and Settlement System (PAPSS), which is targeted to save $5 billion annually in transaction fees, while establishing a $10 billion AfCFTA Adjustment Fund to ease trade liberalization costs.

Its digital trade platforms now slash border delays in pilot countries like Nigeria and Togo.

"When others retreated, Afreximbank advanced," stated Aliyu Ahmed, former Nigerian Finance Ministry permanent secretary, capturing a sentiment echoed throughout the conference. Zimbabwe’s ex-finance minister Patrick Chinamasa recalled the bank’s lifeline during sanctions: "No one gave us a chance except Afreximbank." 

Oramah’s strategy centered on financial sovereignty data shows.

He bypassed Wall Street giants to raise capital through African exchanges using local custodians. When global insurers shunned African risk, the bank created its own credit insurance arm.

"This exemplifies sovereignty," noted  board member Kee Chong Li. The impact resonates in projects like Nigeria’s Geometric Power – a defunct energy venture revived by Afreximbank that now electrifies four million people and supports industrial zones. 

The bank’s symbiotic partnership with the African Continental Free Trade Area (AfCFTA) has accelerated integration. AfCFTA Secretary-General Wamkele Mene noted 49 ratifications covering 1.4 billion people, with Nigeria now trading more with Africa than traditional partners. Yet hurdles remain according to Mene.

They include customs inefficiencies, political instability, and a $100 billion annual trade finance gap. With PAPSS linking over 150 banks and November’s Intra-African Trade Fair targeting $44 billion in deals, momentum builds. "We’re tired of potential," declared Mene. "Through Afreximbank, we’re building results." 

As Oramah prepares to step down later this year, leaders said his legacy is solid. They said he turned an institution that turned crisis into agency, proving African capital can fuel African transformation.