ACCRA, GHANA – The Accra International Conference Centre was a symbol of resilience and determination as African Export-Import Bank (Afreximbank) commenced its grand 30th anniversary celebration and 30th Annual Meetings of shareholders.
Against the backdrop of persistent economic challenges faced by Africa, this milestone event showcased Afreximbank’s unwavering commitment to empowering the continent’s economic growth and fostering self-reliance. African leaders, dignitaries, and special guests gathered to reflect on the progress made, even as obstacles persist.
In his poignant opening remarks, Prof. Benedict O. Oramah, the distinguished President and Chairman of the Board of Directors of Afreximbank, acknowledged the historical significance of the institution’s birth in 1993 and the immense responsibility it undertook to shape trade on the continent, amidst a backdrop of economic hurdles.
“The history of Afreximbank serves as a powerful reminder that Africa’s development path is not without its challenges. However, we have proven that with well-resourced and professionally managed institutions under our control, we can overcome these obstacles,” he emphasized.
Oramah highlighted the pressing need for strong economic institutions, echoing the sentiments of the late Dr Babacar Ndiaye, former President of the African Development Bank, who stressed the necessity of well-capitalized and efficient trade finance institutions to drive Africa’s economic development, especially in the face of ongoing challenges.
Despite these challenges, Oramah celebrated Afreximbank’s remarkable accomplishments over the past three decades. He underscored the bank’s pivotal role in translating the aspirations of the founders of the Organisation of African Unity (OAU) into concrete progress, even as economic headwinds persisted.
“The pioneers recognized the urgency of establishing a free trade area among African countries and a Pan-African Payments and Clearing Union. Afreximbank took on the mantle and successfully accomplished these objectives,” he stated, highlighting the bank’s determination to overcome economic obstacles.
Oramah also highlighted the establishment of the Pan-African Payment and Settlement System (PAPSS) as a significant achievement. PAPSS has proven instrumental in facilitating intra-African trade by enabling transactions in local currencies and reducing the burden of transfer charges, especially amidst economic challenges.
Furthermore, Oramah discussed the successful implementation of the African Continental Free Trade Agreement (AfCFTA) and emphasized Afreximbank’s crucial role as the financial backbone supporting its realization. He acknowledged the persistent economic challenges faced by Africa but reiterated the bank’s unwavering commitment to bridging the intra-African trade finance gap, supporting large-scale projects, and facilitating trade across the continent.
In addition to financial support, Oramah highlighted Afreximbank’s initiatives to improve trade standards, establish testing and certification centers, and develop digital ecosystems like the Africa Trade Gateway. He emphasized the bank’s dedication to enhancing access to trade services and forging partnerships to strengthen Africa’s domestic economy, even in the face of ongoing economic challenges.
Moreover, Oramah acknowledged the critical role Afreximbank played during global crises, including the COVID-19 pandemic and the Ukraine crisis. Despite the economic challenges posed by these events, Afreximbank provided significant financial support to African governments, banks, and businesses, reaffirming the importance of self-reliance and continental integration for Africa’s prosperity.
As the celebrations continued, attendees expressed renewed optimism and commitment to Afreximbank’s mission of driving Africa’s economic transformation and self-reliance, even amidst persistent economic challenges. The event served as a poignant reminder of the progress made over the past three decades, highlighting Africa’s resilience in the face of economic adversity.
On a panel, Matia Kasaija, Uganda’s Minister of Finance, emphasized the need to address economic challenges by prioritizing African goods, stating, “Before importing goods from Europe or Asia, let us first explore the possibilities of sourcing them from Africa. By prioritizing African producers and ensuring quality and quantity, we can drive repeat purchases and stimulate economic growth.”
Prime Minister of Barbados, Mia Mottley, unveiled her country’s intentions to forge a strategic partnership with Rwanda for the production of mRNA vaccines. This collaboration, crucial in the face of vaccine logistical challenges, will be facilitated through a partnership with BioNTech, a renowned German biotechnology company that recently established a plant in Kigali, aiming to play a pivotal role in the development and manufacturing of mRNA-based vaccines in Africa.
Njugunu Ndungu, Kenya’s Minister of Finance, acknowledged the economic challenges faced in his country and highlighted the importance of adapting to overcome them. He stated, “In Kenya, we addressed the challenge of stagnant domestic banks. The introduction of mobile payment systems in 2007 revolutionized the landscape. However, the growth was not as fast as anticipated. We had to upgrade the legal framework and incentive mechanisms to tackle these economic challenges.”
