Africa-Press – Zimbabwe. Benedict Oramah, the outgoing President of Afreximbank, has tipped his successor, George Elombi, to steer the pan-African lender to new heights, building on the achievements of the past decade.
Elombi will be sworn in on Saturday as Afreximbank’s fourth president and chairperson of the board of directors. His candidature was approved by the bank’s shareholders during the annual meetings in Abuja, Nigeria, in June.
In his farewell speech on Friday, Oramah said Elombi has the institutional memory, having spent nearly 30 years with the lender, “actively participating in our collective effort of using the Bank as an important engine for Africa’s economic transformation”.
“He comes well prepared; he steps into the role after years of defending the interests of the bank and Africa. I do not doubt that with him at the helm, and with the solid team he will inherit, the achievements in the next 10 years would make those of the past 10 years look ordinary,” Oramah said.
Oramah said that despite the successes recorded, the challenges of development remain significant.
“These challenges will intensify for both Africa and the Bank as we continue to implement policies, programmes, and initiatives that help the continent reduce its economic dependence on others,” he said.
Under Oramah’s leadership, Afreximbank grew its capital base to about US$44 billion from US$6 billion in 10 years.
The Cairo-headquartered lender has accelerated its drive for intra-African trade, partnering the AfCFTA Secretariat and the African Union Commission to hold the Intra-African Trade Fair.
The fourth edition of the fair was held in Algeria in September, where trade and investment deals worth US$48,3 billion were recorded. The four IATF editions have recorded combined trade and investment deals of over US$170 billion.
The local currency payment and settlement system, the Pan-African Payment and Settlement System (PAPSS), is now operational in 20 African countries.
The platform has been making inroads since its launch in 2021 to save the continent from transaction costs. It is estimated that PAPSS would save Africa US$5 billion annually in transaction costs.
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