Outgoing Afreximbank boss roots for Africa's economic independence

Outgoing African Export-Import Bank (Afreximbank) President Benedict Oramah called for Africa to achieve full economic independence through increased trade and self-financing, as the fourth Intra-African Trade Fair (IATF) opened on Thursday in Algiers.

Addressing African and Caribbean heads of state, business leaders, and delegates, Oramah positioned the trade fair as a cornerstone of what he termed a “peaceful revolution” aimed at ending the continent’s reliance on external financing and commodity exports.

“Political independence without economic empowerment is nothing but glorified servitude,” Oramah said in a strongly worded speech. “We are now engaged in a new struggle—one fought with ideas, investments, and industrialisation, not guns.”

He emphasized that true liberation requires economic self-sufficiency: “To transform from what the great Franz Fanon referred to as the ‘wretched of the earth’ to owners and controllers of capital would require a courageous, disruptive move.”

African Union Commission Deputy Chairperson Ambassador  Selma Malika Haddadi echoed the urgency of economic integration, noting that “Africa contributes just 2.9 per cent to global trade,” while highlighting that intra-African trade—though still only 15 per cent of the continent’s total trade—is growing and increasingly dominated by manufactured goods rather than raw materials.

“Unlike our international trade, intra-African trade is mainly driven by manufactured products,” she said. “While Africa’s exports outside the continent are only constituted of 20 per cent of manufactured goods, 45 per cent of trade between African countries comprises manufactured goods.”

AfCFTA Secretary-General Wamkele Mene underscored the progress already made, noting that “intra-African trade rebounded strongly in 2024, reaching $220.3 billion, a 12.4 per cent increase from 2023.” He attributed this growth to the institutional foundations laid by the AfCFTA, including the Pan-African Payment and Settlement System (PAPSS) and the AfCFTA Adjustment Fund, which was officially launched at the trade fair.

Mene also highlighted structural challenges, stating, “Too many delegates here today had to transit through Europe to reach Algiers. That must change. We must accelerate the implementation of the Single African Air Transport Market.”

Oramah, who will soon step down from Afreximbank, following the appointment of Cameroonian national George Elombe as new President of the Bank pointed to concrete achievements linked to past IATF events, including the $2.9 billion Julius Nyerere Hydropower Project in Tanzania—a landmark deal designed, financed, and built entirely by African firms and institutions.

He also announced that the IATF would become an independent entity based in Harare, Zimbabwe, with Afreximbank providing seed funding of $28 million. He urged African governments and private investors to support the initiative.

The fair has already generated billions in deals since its launch in 2018, creating a platform for African manufacturers, fintech firms, and startups to access pan-African markets and investment with more expected this week.

Oramah’s speech struck a chord with many attendees amid growing pressure on African economies grappling with high debt, currency pressures, and heavy reliance on imports.

“We didn’t lack talent; we lacked capital and audacity,” he said. “That is changing.”

The IATF 2025, co-convened by Afreximbank, the African Union, and the AfCFTA Secretariat, has drawn more than 30,000 participants and 2,000 exhibitors to Algiers. Previous editions have facilitated over $120 billion in trade and investment deals.

Oramah received a tribute from former Nigerian President Olusegun Obasanjo, who praised his leadership and vision. “He opens difficult doors and walks through them himself,” Obasanjo said.