(Business in Cameroon) – Dr George Elombi, a Cameroonian economist and long-serving executive of Afreximbank, has been sworn in as the fourth President and Chairman of the Board of Directors of the Egypt based institutions. The investiture ceremony, held in Cairo, marked the official handover of leadership from outgoing nigerian president Professor Benedict Oramah, who served since 2015. Elombi, who has been with the institution since 1996, pledged a transformative vision centred on trade industrialisation, value addition, and intra-African integration.
Speaking at the investiture ceremony, Dr Elombi revealed that over the past decade, Afreximbank’s total assets and guarantees have grown eightfold to $43.5 billion, making it one of the continent’s most powerful financial institutions. He said revenues rose sevenfold to $3.2 billion, while net income reached $1 billion at the end of 2024, a 700% increase compared to ten years ago. Dr Elombi credited this growth to “strong shareholder support and capital generation,” with equity rising from $1 billion in 2015 to $7.5 billion and callable capital from $450 million to $4.5 billion.
Mission: Transforming African Trade
In his inaugural address, Elombi reaffirmed the bank’s-chartered mandate “to promote and facilitate Africa’s trade” but emphasised that the current structure of that trade “is skewed and unfavourable to Africa” and must change. He outlined a five-point plan for the next decade aimed at shifting the continent from raw material exportation to industrialisation.
“We will end the export of raw materials. Afreximbank will create a new high-impact financing window specifically for projects that process raw minerals into semi-finished or finished goods,” Elombi declared. He cited examples such as plans to finance factories in the Democratic Republic of Congo for lithium-ion battery production and to support bauxite processing in Guinea, mineral industries in Cameroon and South Africa, and agricultural value chains in Nigeria and Gabon.
The bank, he said, will no longer finance the export of Africa’s raw commodities. Instead, the focus will be on building regional value chains that create jobs, retain wealth, and drive growth. “To our partners: if your proposals involve exporting raw gold, manganese, cotton, or cocoa, we will not fund them,” Elombi stated.
Deepening Intra-African Trade
Afreximbank under Elombi’s leadership will prioritise intra-African trade and regional integration, aligning with the African Continental Free Trade Area (AfCFTA) framework. “The success of our value addition agenda depends on securing markets for our goods. African countries must open their borders to their own citizens,” he said.
To this end, Afreximbank plans to strengthen cross-border infrastructure and logistics systems roads, railways, ports, and power grids, to reduce the continent’s high cost of trade. “We will invest in projects that connect African markets and lower the cost of doing business,” Elombi explained, referencing partnerships with the African Finance Corporation (AFC) and the Trade and Development Bank (TDB).
Digital Leap and Diaspora Capital
Elombi highlighted the bank’s commitment to ensuring Africa is not “left behind in the digital and technological revolution.” He announced plans to expand Afreximbank’s digital platforms, including the African Trade Exchange (ATEX) and the African Trade Gateway, and explore the creation of a Pan-African digital currency. He also unveiled plans to mobilise global African capital through a Global Africa Commission. “Our goal is for global African resources, whether held by diaspora investors, sovereign wealth funds, or private businesses to work for Africa’s development,” he said.
According to Dr Elombi, Afreximbank’s shareholders have set a target to expand the bank’s balance sheet to $250 billion within ten years, while Egyptian President Abdel Fattah el-Sisi challenged the institution to aim for $350 billion. He said growth would come from strategic focus on export processing and industrialisation, the engines of wealth creation. Elombi also reaffirmed Afreximbank’s preferred creditor status, noting it “is not a privilege but an instrument to enhance our work,” and that “no member state may place a moratorium or restructure Afreximbank loans without board approval.”
Partnerships and the Road Ahead
Elombi pledged to expand the bank’s network of partnerships with institutions such as the African Development Bank, Africa50, Shelter Afrique, and the African Trade and Investment Development Insurance (ATIDI). “Africa’s success depends not on isolated efforts but on a shared vision and commitment to the continent’s development,” he stated.
Dr Elombi added that the bank’s Strategic Plan, to be released in 2026, will detail the implementation of these priorities, focusing on industrial transformation, financial sustainability, and digital innovation.
Closing his address, Elombi reaffirmed his mission in simple terms: “We will remain steadfast, confident, and united in fulfilling our mission, to build an Africa that trades with itself, adds value to its resources, and thrives on its own terms.”
Mercy Fosoh
