Afreximbank President Oramah calls for mindset shift for AfCFTA success

Daily News Egypt

13-05-2025

ABIDJAN – Benedict Oramah, President and Chairperson of the Board of Directors of the African Export-Import Bank (Afreximbank), stated that a change in mentality, particularly among middle and lower management, is crucial for the African Continental Free Trade Area (AfCFTA) agreement to gain momentum. He made these remarks during a panel discussion moderated by Nicholas Norbrook, Managing Editor of The Africa Report, titled 'Can Africa industrialise through trade – and on its own terms?' at the Africa CEO Forum 2025 in Abidjan.
Oramah noted that despite a consensus on the AfCFTA at the leadership level across Africa, 'the middle and lower management don't share the same enthusiasm.' He emphasised that 'this has to change, and education will be important towards this goal.'
During the discussion, Oramah also highlighted Afreximbank's growth under his presidency, stating that he managed to raise the bank's total assets and guarantees to $42bn, with $5bn to $12bn of assets being generated annually.
Addressing the broader geopolitical landscape, Oramah acknowledged the current global environment, including the imposition of tariffs by figures like US President Trump, presents both opportunities and pitfalls. He suggested that such external pressures could serve as a catalyst that prompts Africa to act. 'It is indeed an opportunity that we begin to see as a catalyst. When one of these situations arises, you see that you are not prepared for it. All of us have to identify the opportunities and the challenges and position ourselves in a way that benefits Africa; basically, we are Africa, and I think Africa is in that situation.'
He stressed the need for Africa to leverage its institutions and resources to move away from dependencies on aid and grants. 'To move beyond dependencies on aid and grants. And this is what our convention is, and I believe in it,' Oramah said.
When questioned about the risk of African policymakers abandoning free trade ambitions due to trends like deindustrialisation in developed nations, Oramah argued against focusing on national economies in isolation. He pointed out the historical tactic of 'Divide and conquer,' resulting in 55 fragmented African markets. 'Fragmented, some of which we inherited,' he remarked, underscoring the need for integrated markets and resources. He suggested that a focuson national interests often leads to protectionist measures that ultimately hinder broader continental growth, noting that competition from outside Africa often stifles local industries.
Regarding the implementation of the AfCFTA and whether the enthusiasm for such coordinated efforts persists, Oramah conceded, 'There is a little bit of hesitation, and we were observing. If you are going to address the situation, I said it's a kind of disconnect.' He attributed this, in part, to educational backgrounds, suggesting it's a 'natural' tendency for officials to prioritise their own country. 'So, to address that situation, I think the one that affects government is when you [focus on] your country, and that is the only thing that makes sense.' He emphasised the need to teach 'about the value of continental integration, not just what you have to do for your own nation.'
On fostering collaboration between the public and private sectors, Oramah indicated that it requires effort to align their objectives, especially when public systems may perceive the private sector primarily as a source of tax revenue.
Reflecting on his tenure and the bank's future, Oramah highlighted the diversification of Afreximbank's activities and the establishment of a constitutional framework to ensure its continued success. 'The bank was mandated to set up a constitutional framework. I am going to visit it to start. So it has all of that coming, and these are now beginning to diversify the [bank's activities],' he explained. He expressed a desire for his legacy to be defined by the strength of the institution and its people rather than personal achievements. 'I see it like this: somebody who builds a legacy, I don't want to see the legacy as what I did. It has got to be about the people I love [and who work for the institution].' He concluded by expressing confidence in the bank's future leadership and its commitment to 'responsiveness and integrity.'