Accra, Ghana-At a farewell lecture in Accra, the Secretary-General of the African Continental Free Trade Area (AfCFTA), Wamkele Mene, delivered an emotional and powerful tribute to outgoing Afreximbank President and Board Chairman, Prof. Benedict Oramah, describing his decade-long leadership as “transformational” for Africa’s trade and industrial future.
“This may be your third visit to the AfCFTA Secretariat, but it is undoubtedly the most important. Today, we bid farewell to a leader who turned aspirations into action,” Mene declared.
Transformational Achievements
Mene highlighted landmark initiatives jointly launched with Afreximbank under Oramah’s leadership, including:
- Pan-African Payment and Settlement System (PAPSS): Introduced in Accra in 2022, now operational in over 20 central banks and 140 commercial banks, allowing local currency trade across the continent.
- Africa Trade Gateway: A first-of-its-kind digital platform enabling small and medium enterprises to access new markets and build connectivity.
- AfCFTA Adjustment Fund: Capitalised with over $1 billion and a target of $10 billion, to support countries adjusting to AfCFTA trade reforms.
- Automotive Fund: A $1 billion facility for manufacturers of vehicle components across Africa.
- African Textiles Renaissance Plan: A $5 billion commitment to add value to cotton locally, create jobs, and boost industrial growth.
- Intra-Africa Trade Fair (Algiers, 2025): Facilitated transactions worth $48.3 billion.
“These are not just numbers or programs,” Mene said. “They represent a single vision — an Africa that is self-reliant, economically resilient, and determined to shape its own future.”
Leadership in Crisis
Reflecting on Oramah’s role during the COVID-19 pandemic, Mene recalled how African leaders turned to him in 2020 to spearhead the continent’s vaccine response.
“In less than a month, he mobilised over $200 million for vaccine procurement — enabling Africa to stand strong in the face of an unprecedented health crisis,” Mene noted.
Building Institutional Strength
Under Oramah’s stewardship, Afreximbank’s assets surged from $5 billion in 2015 to $37 billion in 2024, reinforcing the bank’s role as a cornerstone of Africa’s economic resilience.
Mene also praised Oramah’s personal support for his own leadership journey:
“When many doubted my ability to lead this ambitious continental project, President Oramah was the first to back me — not just in words, but with a $5 million grant that allowed us to begin work immediately.”
Looking Ahead
Mene congratulated Dr. George Elombi, who assumes the presidency of Afreximbank on October 25, 2025, pledging AfCFTA’s full collaboration with his incoming leadership.
He concluded with heartfelt words:
“Today, we celebrate an outstanding African whose contribution to trade, industrial development, and self-sufficiency will be remembered in history as illustrious. We owe much of our progress to your vision and execution, Professor Oramah.”
Professor Benedict Oramah steps down after a decade at the helm of Afreximbank, leaving behind a legacy of bold initiatives that deepened intra-African trade and strengthened the AfCFTA partnership.
By Peter Quao Adattor
