Dr George Elombi, a long-serv- ing Afreximbank executive, steps up as its new President, tasked with sustaining growth and credibility amid economic headwinds and ambitious goals for Af- rica’s trade transformation.

The Bank chose to stick with continu- ity as it selected Dr Elombi, a seasoned insider, to lead the continental trade bank at a critical point in Africa’s development.

The announcement that Dr Elombi has been picked as the successor to Professor Benedict Oramah was the crowning occa- sion of the Bank’s 32nd Annual Meetings. He will become the fourth President of the Bank since its establishment in 1993 when Oramah steps down in September.

Under Oramah, Afreximbank emerged as an engine of African economic trans- formation and integration. It created a new Pan-African Payment and Settlement System to boost the African Continental Free Trade Area (AfCFTA) and provided funding for projects covering a diverse range of sectors, from energy to the crea- tive industries. The Bank disbursed $20bn in trade finance in 2024 alone and is set to double the amount in one year.

Dr Elombi, who joined the Bank in 1996 as a legal officer, was part of its growth and evolution as he worked his way to the top. Prior to his current appointment, he was the Bank’s Vice-President in charge of governance, legal and corporate ser- vices. He previously worked as a Director and Executive Secretary of the Bank after emerging from the legal department into the mainstream of management.

“I have worked alongside remarkable colleagues and extraordinary leaders to help shape this institution’s vision, its mandate as well as its growth,” Dr Elom- bi said in his acceptance speech. “I see Afreximbank as a force for industrialising Africa and for regaining the dignity of Africans wherever they are. I will work to preserve this important asset.”

He emerged as the best candidate to take over at the helm just weeks after the global rating agency, Fitch, had down- graded Afreximbank to BBB- with a nega- tive outlook from BBB, leaving it just one notch above the junk grade. (See Editorial, p. 13.) The Bank has strongly challenged the basis for Fitch’s rating, but it has since been followed by a downward adjustment by Moody’s, from Baa1 with a negative outlook to Baa2 with a stable outlook.

The downgrading would translate into higher borrowing costs for the Bank and this would be passed on to its customers, including Africa’s multitude of small and medium-sized businesses. The challenge for Dr Elombi will be how to maintain the current momentum against the emerging headwinds and solve external challenges.

Dr Elombi has said that he is commit- ted to achieving the shareholders’ objec- tive of raising the value of Afreximbank to $250bn over the next decade. Its total as- sets at the end of 2024 were $40.1bn, with another $7.2bn in shareholders’ funds. It has investment-grade ratings from six international rating agencies including GCR at A, China Chengxin International Credit Rating Co. Ltd. (CCXI) at AAA, Japan Credit Rating Agency at A-, Fitch at BBB- currently, and Moody’s at Baa2.

Dr George Elombi is a 1989 gradu- ate from the University of Yaoundé in his homeland, Cameroon. He also has a master’s degree in law from the London School of Economics and a doctorate in commercial arbitration. “His appoint- ment followed a rigorous selection process initiated in January 2025,” Afreximbank said in a statement. DM

‘I see Afreximbank as a force for industrialising Africa and for regaining the dignity of Africans, wherever they are. I will work to preserve this important asset.’

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