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Daily News Egypt
13-05-2025
- Business
- Daily News Egypt
Afreximbank President Oramah calls for mindset shift for AfCFTA success
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.'
Daily News Egypt
12-05-2025
- Politics
- Daily News Egypt
Kagame urges African unity, self-reliance at Africa CEO Forum panel
ABIDJAN – Rwandan President Paul Kagame on Monday called for greater cooperation among African nations and less dependence on external powers, urging the continent to set its own course during remarks at the Africa CEO Forum 2025 in Abidjan, Côte d'Ivoire. 'We can't keep depending on what others are saying or doing about us,' Kagame stated during a presidential panel discussion on the first day of the forum. 'We need to be working with each other and other countries on the global stage that offer what we need, and offer what they need.' Kagame emphasised the need for long-term planning over reactive policymaking. He argued that Africa should focus on building internal resilience rather than solely reacting to decisions made elsewhere, referencing potential policy shifts under leaders like US President Donald Trump. 'I think we have to put everything into context,' Mr Kagame elaborated. 'Whatever Trump President Trump has decided or whatever anybody else will decide in the near future there is a history to how we've been going about things for decades as Africa. So it isn't like we should just wake up one morning and uh because of what somebody has done that affects us we should have been building up the momentum in terms of what we need to do to make Africa self-dependent and resilient and also in how Africa works with other continents and other countries. So that that is the context.' He added: 'So uh in in this case it is as well that uh President Trump decided to do what uh he did. If that was only to add to many other reminders or things that should wake us up to as Africa be able to do what we ought to do and and there are many opportunities. Uh we always talk about- potential of our continent but when do we realize really what this potential uh is all about in reality? I think that has always been the question. And that comes back to us as a continent as a people of this continent to take the bull by its horns and and deal with the problem.' The presidential panel also included South African President Cyril Ramaphosa, Mauritanian President Mohamed Ould Ghazouani, and Ivorian Vice President Tiémoko Meyliet Kone. Ramaphosa echoed the theme of African agency, particularly concerning peace processes on the continent. 'But in the endwe must also remember the principle that we have adopted as Africa that African problems Or African solutions for African problems,' he said. 'In the end the end and President Kagame knows this whatever discussions are happening in the end has to be endorsed signed off and owned and appropriated by us as Africans. Because this is our continent. We are in charge of the future of this continent and we must build peace ourselves because we live on this continent and therefore we have a deep responsibility to ensure that peace does indeed prevail.' Acknowledging the role of international partners, Mr Ramaphosa added: 'And what they are doing with Qatar US or whoever is part of the peace-building process but it is inherently African. And we must thank and applaud those who are assisting because they are our partners but we are the owners of the whole process ourselves as Africans.' Addressing peace efforts specifically, including the conflict in the eastern Democratic Republic of Congo, Ramaphosa stated: 'I'd like to compliment rather than contradict what President Kagame is saying the processes that have been happening on the continent either the Nairobi Process or the Luanda Process or the AU Process have been very very essential in building a foundation of peacemaking and also confidence-building up to and including agreements that have been reached for a ceasefire between the belligerents up to and including the withdrawal of say the SADC forces as they are withdrawing now.' He also noted the cooperative relationship between himself and President Kagame, despite potential perceptions of conflict. Mauritanian President Mohamed Ould Ghazouani focused on the role of the private sector. 'It is true that in Mauritania we are in a vision that gives a capital importance of the private sector in the creation of jobs creation of uh of added valued and make the private sector a locomotive of uh economic development,' he said. Ghazouani stressed that increased pressure on governments to deliver necessitates a greater role for private enterprise. 'Indeed you know that uh the pressure has increased on the government for the accomplishment of their mission- and we are actually trying to mobilize public resources. And uh this reality is uh obliging the private sector to be a key sector that is essential for financing and also the uh provision of the of services in favor of development.' He added that state commitment is essential for the private sector to fulfil this role effectively. 'We are convinced that uh the private sector cannot uh fully uh play this role if the states is not committed and putting necessary reforms to build an environment that will be more attractive that will guarantee the legal security of the investments whether na- at the national level international level mo- modernization of infra- infrastructure promotion of human resources.' He cited Mauritania's efforts, including new electricity codes and investment laws, as confirmation of the 'willingness to favoremergence of a dynamic private sector that will bring uh more growth and also um employments as well.'
