Prof. Benedict Oramah, President of the African Export-Import Bank (Afreximbank), has called on African leaders to push for better terms when negotiating with the International Monetary Fund (IMF). He emphasized that African nations should leverage their IMF membership to secure more favorable conditions.
Speaking at the launch of the Alliance of African Multilateral Financial Institutions in Accra, Prof. Oramah highlighted the need for collective action among African countries to address challenges within the continent’s financial sector.
“It’s crucial that when we engage with the IMF, we demand the same level of respect and treatment as European and Asian countries,” Prof. Oramah asserted. “Our continent, with 17% of the world’s population, should not have only a 5% quota at an institution that aims to stabilize economies. We are members, not outsiders. We should not accept any form of substandard treatment.”
Prof. Oramah also advocated for the creation of an African Credit Rating Agency, describing it as a vital step toward greater economic integration and access to global financial markets. He argued that such an agency would help reduce reliance on foreign rating agencies and enhance Africa’s financial standing on the global stage.
“It’s essential that institutions like ours push the IMF to recognize and work with an African rating agency,” he said. “Currently, when we seek to issue bonds, we rely on agencies like Fitch, which is not in our best interest. We need to establish our own rating systems and ensure that our needs are addressed.”
The Alliance of African Multilateral Financial Institutions aims to foster collaboration and share strategies to meet Africa’s development needs. It seeks to unite African institutions to advocate for the continent’s interests on global financial matters and to present a unified stance in international forums.
