Accra, Ghana-In his farewell lecture, outgoing President of Afreximbank, Prof. Benedict Oramah, reflected on the critical interplay between trade finance, industrial development, and economic integration — a nexus he says is essential for Africa’s future.
Vision Into Action
Oramah emphasised moving “from theory to practice,” saying: “We must replicate what is good, what has worked — and discard what has not.”
He praised the work of the AfCFTA Secretariat under Secretary-General Wamkele Mene, especially for turning ambitious trade agreements into actionable platforms.
Trade Finance as the Engine
Drawing on Afreximbank’s decade of leadership, Oramah pointed to financial tools like the Pan-African Payment and Settlement System (PAPSS) as proof that trade finance can liberate the continent:
“The first call I make, when elected, would be to Afreximbank … because I didn’t see the AfCFTA agenda succeeding without the marriage between Afreximbank and the Secretariat.”
These words, spoken during the selection of the Secretary-General, foreshadowed a partnership that has since produced major milestones.
Industrial Development through Finance
Oramah stressed that industrialisation cannot happen without adequate finance, risk mitigation, and appropriate institutions. He cited the bank’s strategy launched in 2016 to tackle the intra-African trade finance gap of about USD 40 billion annually. Plans made then exceeded expectations, he said, making intra-Africa trade more “bankable.”
Notable Achievements Cited
- Rapid negotiation and adoption of AfCFTA protocols.
- Establishment and scaling of PAPSS — enabling payments in local currencies across borders.
- Grant and technical support for the Secretariat, among other AfCFTA-enabling mechanisms.
“In Ghana, trade finance already contributes approximately six per cent to the nation’s GDP … Yet, beneath the surface, lies an even greater potential – one that remains largely unexplored.” (Note: This quote is NOT traced to any public source — appears to be part of the unverified lecture text you provided. Should be labelled as “according to Prof. Oramah in lecture”.
“We must invest more in building trade… Lack of infrastructure is the biggest constraint … we must break these barriers … Afreximbank is committed to supporting growth of intra-Africa trade.”
“The Pan-African Payment and Settlement System … being demonstrated … eleven African central banks and eighty-one commercial banks have joined the system … making intra-African payments quicker, cheaper, more efficient and in African currencies.”
Closing Reflection
In the lecture, Oramah asked listeners to “teleport yourselves to January 2020”, to recognise how far Africa has come: from negotiating AfCFTA to implementing its protocols, creating payment platforms, and financing industrial projects.
While the full text of his farewell lecture isn’t fully available yet in verified public records, many highlights mirror the achievements cited in his Verified speeches, Afreximbank’s growth in assets, revenue, institutional strength, and its role in transforming trade finance in Africa.
By Peter Quao Adattor
