Prof. Benedict Oramah, President and Chairman of the Board of Directors of African Export-Import Bank, Afreximbank, says the COVID-19 pandemic and Ukraine crisis exposed the vulnerability of Africa in many ways.
These events dramatise Africa’s over-dependence on others for its basic needs of food and healthcare, he submitted at the 30th Anniversary Celebration and 30th Annual Meetings of Afreximbank on Monday in Accra.
But the bank has brought a new kind of hope to Africa, especially with the capacity to confront global challenges without going “abegging’’.
His words: “The COVID-19 pandemic and Ukraine crisis exposed the vulnerability of Africa in many ways.
“It also exposed our inadequacies in financing these dependencies in times of emergency.
“It is to the credit of those who founded Afreximbank that the catastrophe that loomed was averted.’’
He said that from the break of the pandemic in 2020 to the Ukraine crisis in 2022, the bank had disbursed over 45 billion US dollars into the continent.
This, he said, enabled many governments, central and commercial banks, corporates, Small and Medium Enterprises to weather the combined effects of these crises by helping countries to honour maturing trade debt payment obligations.
“To pay for critical imports and to pursue strategic investments.
“The support of Afreximbank was, by far, one of the most significant investments by a single entity in the last three years.
“In an era where international banks are exiting the continent, from where will Africa have gotten 45 billion US dollars to fight a global crisis if not from within?
“We are fully aware that the dream of continental integration and self-reliance can only be built on a robust and dynamic domestic economy that produces what it consumes.
“We are fully aware that the dream of continental integration and self-reliance can only be built on a robust and dynamic domestic economy that produces what it consumes.
“We don’t produce the goods that can be traded within the continent, others will [do so] and export the jobs, wealth, and the continent’s prosperity,’’ he said.
Oramah urged Africans to be united and resilient in building the “Africa that we want’’ in the next 30 years.
Businessman Aliko Dangote, at the meeting, urged African countries to liberalise integration and allow for easy entry and exit of Africans.
The Dangote Group CEO, argued that efforts to boost inter- and intra-African trade and investment opportunities can only succeed when countries agree to grant visa on arrival.
“I think what, maybe, African countries need to do is that, why don’t you give Africans visas on arrival that will facilitate trade?” he suggested, sharing a scenario where one has to get a visa to get into “country A” as an African.
Recounting a personal experience, the industrialist decried a situation where “we go with a British guy or maybe a Nigerian holding a British passport (and) he is allowed in”.
He added, “We were arguing, debating about my visa and I am the one with the money. If you are making life difficult for me, there is no way I will go and invest.”
The Chairman of the Afreximbank Annual Meetings, Mohamed Maait noted that the continent could harness its trade and investment portfolio in order to grow its economy.
“If you look at the treaty documents that established the Organisation of African Unity, they clearly set out an objective and that objective is that we must have economic integration in Africa and that we must introduce tools to advance that objective of economic integration in Africa,” he stated.
The continent’s top business minds, government functionaries and policymakers, as well as past and present leaders were present in Accra to grace the occasion.
Also present at the event were former President Olusegun Obasanjo, Nobel laureate Wole Soyinka, and former industry, trade and investment minister Niyi Adebayo.
Over the years, Africa has continued to deal with several challenges: the COVID-19 pandemic, the Russia-Ukraine crisis, rising debt profile, and the impact of insecurity on the continent.
It therefore became imperative for African countries to find an avenue out of this state that threatens to keep the continent prostrated, despite its huge resources and investments potential.
