As Africa confronts global uncertainties and complex development challenges, the message from this year’s African Export-Import Bank (Afreximbank) Annual General Meeting (AGM) was clear: the time has come for the continent to seize control of its own economic destiny.
Ghana’s Finance Minister, Dr. Cassiel Ato Forson, who chairs the AGM, rallied African leaders to chart a deliberate course toward economic independence, integration, and industrialisation. His call was delivered on his behalf by Deputy Minister of Finance, Thomas Nyarko Ampem, during the opening session of the four-day meeting in Abuja, Nigeria, themed “Building the Future on Decades of Resilience.”
“Africa must continue to chart its own course, one rooted in self-belief, integration of our isolation, production over dependence, and collaboration over fragmentation,” Dr. Forson emphasized.
He reminded delegates that while the continent has shown remarkable resilience in the face of external shocks—from pandemics and political unrest to climate crises—sustainable prosperity demands homegrown solutions, bolder leadership, and collective action.
Afreximbank as a Pillar of Transformation
The AGM spotlighted Afreximbank’s pivotal role in reshaping Africa’s trade ecosystem, financing critical development projects, and enabling new frontiers of commerce under the African Continental Free Trade Area (AfCFTA).
Founded in 1993, the bank has increasingly become a lifeline for African economies, particularly through initiatives such as the Pan-African Payment and Settlement System (PAPSS), which simplifies cross-border transactions by enabling real-time payments in local currencies.
“Afreximbank provides African solutions to African needs—tailored, timely, and transformational,” Dr. Forson stated, urging all stakeholders to deepen collaboration for the continent’s shared prosperity.
He commended the bank’s focus on supporting Small and Medium-sized Enterprises (SMEs), promoting industrialisation, and fostering cross-border trade—all vital levers for job creation and inclusive growth.
AfCFTA: A Framework for Unity and Economic Power
Dr. Forson highlighted the AfCFTA’s promise of uniting 1.4 billion people under one market by removing tariffs, trade restrictions, and quotas—an unprecedented opportunity to boost intra-African trade and reduce the continent’s dependency on external markets.
“This vision will not come to light by chance. It requires design, strong partnerships, and bold leadership,” he added, emphasizing the need for policy coherence and infrastructure investment to unlock AfCFTA’s full potential.
The Next Chapter: From Exporting Raw Materials to Building Value
Incoming Afreximbank President, Dr. George Elombi, spoke to journalists on the sidelines of the meeting, outlining the bank’s next phase of focus: value addition and local processing. This strategic pivot aims to reduce Africa’s reliance on raw commodity exports and build productive, job-rich economies.
“We are committed to processing-focused strategies that create jobs, grow the tax base, enhance skills, and ultimately reduce the phenomenon of importing unemployment into Africa,” Dr. Elombi said.
Global Attention, Continental Unity
This year’s AGM—the 32nd in the bank’s history—drew over 6,000 participants from more than 80 countries, including African and Caribbean heads of state, senior policymakers, global investors, and trade experts. The event underscored growing international interest in Africa’s economic future and reaffirmed the continent’s shift from aid dependence to strategic, collaborative development.
Among key discussion points were trade financing, intra-African investment, digital infrastructure, cross-border payments, and Africa-Caribbean cooperation.
As leaders left Abuja, the consensus was strong: Africa stands at a decisive moment, with the institutions, tools, and resilience needed to shape its own future. The challenge now is execution—and ensuring that political will matches the ambition of a new, integrated, and self-reliant Africa.
