- New era at Afreximbank under fresh leadership
- Scrutiny rises as trade-finance institution embarks on transformation
CAIRO, EGYPT – George Elombi has been sworn in as the new president of the African Export Import Bank (Afreximbank), ushering in a new chapter for the Pan-African trade-finance institution.
At the ceremony held at the St Regis Al Masa Convention Centre in Egypt’s New Administrative Capital, attendees included African finance ministers, central bankers and senior executives from regional and global financial institutions. A Nigerian government minister framed the leadership change as both “continuity” and a “bold leap towards the future”.
Elombi, a Cameroonian lawyer who has served at Afreximbank since 1996 and most recently held the role of senior executive for governance and legal services, becomes the bank’s fourth president. He officially succeeds Benedict Oramah, who led the institution for the past decade.
In his first comments since his June appointment, Elombi said the bank’s mandate is to change “the structure of African trade so that we can face development head on.” He also paid tribute to his predecessor, saying he had taken on that task “very boldly.”
But the handover comes at a critical juncture. The institution, which has enjoyed rapid growth in recent years, has faced increased scrutiny – including rating downgrades by both Fitch Ratings and Moody’s Investors Service in 2025 over concerns about its lending approach and exposure to fragile markets.
Major challenges ahead
Analysts say Elombi’s mandate is threefold. “First, he must ensure that Afreximbank’s financial health remains solid in the face of rising debt distress across African economies,” trade-expert Emmanuel Benson told Allen Dreyfus in an earlier report.
“Second, he has to maintain the bold leadership in financing that his predecessor instituted. Third, he must continue strengthening the governance framework that has made Afreximbank the pride of Africa.”
Economist Daniel Amarteye Anim Prempeh says Elombi “does not need to replicate the style” of Oramah, “who placed Afreximbank on a proactive leadership trajectory in the urgent mission to transform and integrate Africa.” He notes: “Whoever steps into those big shoes can only move it forward.”
Elombi’s legal and governance background offers him an advantage. As the former executive vice-president in charge of governance and legal services, he intimately understands the institution’s inner workings. He has pledged to press ahead with his predecessor’s ambition to grow Afreximbank into a US$250 billion institution within the next decade.
Sustaining the bank’s resilience will be key. With global financing conditions tightening and many African states grappling with debt distress, the new president must balance developmental ambitions with prudent risk management.
One of the institution’s key tasks remains the acceleration of the African Continental Free Trade Area (AfCFTA). Despite landmark initiatives – such as the Pan-African Payment and Settlement System (PAPSS) and the Africa Trade Exchange – intra-African trade remains stubbornly low.
Elombi must deepen the bank’s support for industrialisation, cross-border trade, and digital integration, while steering the institution through a volatile global macro-economic environment. His success will be judged not just by growth but by the bank’s ability to deliver meaningful economic transformation across the continent.
As the institution turns the page, many observers say this is more than just a leadership transition. It is a moment of potential strategic recalibration for one of Africa’s most important finance institutions. The question now is whether the newly inaugurated president can deliver on a vision of a self-reliant, integrated and prosperous Africa — and whether Afreximbank’s next decade will match the ambition of its mandate.
