The Secretary-General of the African Continental Free Trade Area (AfCFTA), Wamkele Mene, has lauded Afreximbank for playing a central role in financing Africa’s industrialisation and trade integration, as the institution prepares for a leadership transition.
Speaking at a farewell event in Accra for outgoing Afreximbank President Benedict Oramah, Mene said the Bank had become the backbone of Africa’s trade finance architecture, providing the liquidity and mechanisms required to turn the continent’s integration agenda into real economic transformation.
“Trade finance is not just about liquidity, it is about sovereignty. It gives African businesses the tools to manufacture, process and compete in global markets,” Mene said.
He highlighted initiatives developed in partnership with Afreximbank, including the Adjustment Fund to support states facing tariff revenue shortfalls, the Pan-African Payment and Settlement System which reduces cross-border transaction costs, the MANSA due diligence platform to build trust in African trade, and the Intra-African Trade Fair which has emerged as a marketplace for African goods and services.
“These are not abstract concepts. They are tools being used by small business owners, farmers, industrialists and artists to create value,” Mene added.
He noted that Afreximbank had tied financing directly to Africa’s industrialisation goals, investing in agro-processing, pharmaceuticals, logistics and creative industries to strengthen value addition. The Bank’s balance sheet expanded from $5 billion in 2015 to $37 billion in 2023, making it a key lifeline for governments and firms building productive capacity.
Mene also pointed to the Bank’s interventions during crises, including the COVID-19 pandemic and global supply chain disruptions. “When markets froze, Afreximbank stepped in to keep trade moving and factories running. That is not just finance, it is leadership,” he said.
Looking ahead, Mene said the AfCFTA Secretariat will continue to work closely with Afreximbank to expand digital trade platforms, build regional value chains and ensure women, youth and small businesses are positioned to benefit from the continent’s single market.
“The AfCFTA will not succeed without trade finance. And trade finance will not deliver its promise unless it fuels industrialisation. This nexus will define Africa’s place in the 21st century,” he said.
Oramah, who steps down after a decade at the helm, is widely credited with transforming Afreximbank into a continental powerhouse in trade and industrial finance.
