Celebrated Departing Afreximbank President Oramah Praised as Pivotal Fuel for African Integration
New Spin on an Extraordinary Legacy: The Groundbreaking Reign of Professor Benedict Oramah
African leaders and finance veterans showered praise on departing Afreximbank President, Professor Benedict Oramah, at the bank’s 32nd Annual Meetings, heralding the remarkable transformation he spearheaded over the past decade. Oramah steered the Cairo-based institution into a pillar of Africa's economic emancipation.
Beginning in 2015, Oramah's reign expanded Afreximbank beyond its initial focus on trade finance into crisis response, industrialization, and infrastructure development, swelling the balance sheet to an astounding $33 billion. Under his watchful gaze, the bank emerged as the operational backbone of Africa's integration ambitions.
Among his many achievements, Oramah introduced the Pan-African Payment and Settlement System (PAPSS), which aims to save $5 billion yearly in transaction fees. This innovation, combined with a $10 billion AfCFTA Adjustment Fund to alleviate trade liberalization costs, speeds up cross-border trade in countries such as Nigeria and Togo.
His strategies centered around financial sovereignty, bypassing Wall Street heavyweights to collect capital via African exchanges using local custodians. When global insurers shied away from African risks, Afreximbank took matters into its own hands by initiating its own credit insurance arm, showcasing independence.
"This exemplifies sovereignty," said board member Kee Chong Li, a testament to Oramah's relentless pursuit of African financial independence. His legacy extends to projects like Nigeria's Geometric Power, a defunct energy venture revived by Afreximbank, now illuminating four million homes and powering industrial zones.
Oramah's partnership with the African Continental Free Trade Area (AfCFTA) accelerated the integration effort. With 49 ratifications spanning 1.4 billion people and Nigeria now trading more with Africa than traditional partners, progress has been made. However, hurdles remain according to AfCFTA Secretary-General Wamkele Mene. He highlighted custom inefficiencies, political instability, and a $100 billion annual trade finance gap as formidable challenges.
The upcoming Intra-African Trade Fair in November, with aims to secure $44 billion in deals, has momentum on its side, Mene declared. "We're tired of potential," Mene emphasized, "Through Afreximbank, we're building results."
under the guidance of Oramah, Afreximbank moved from a financial institution to a pivotal agent in Africa's economic development, demonstrating that African capital can drive African change. With his departure later this year, leaders say his legacy solid and Africa's future bright.
In the sphere of African economic development, Oramah's tenure at Afreximbank demonstrated that African capital can drive change, transcending the bank's initial focus on trade finance to encompass crisis response, industrialization, and infrastructure development. His strategies, which emphasized financial sovereignty, aimed to save billions in transaction fees through initiatives like the Pan-African Payment and Settlement System (PAPSS) and the $10 billion AfCFTA Adjustment Fund. As politics and health intertwine with the economy, Oramah's efforts to foster financial independence and stimulate growth are poised to impact Africa's financial landscape in the years to come.
