By Vivian Ihechu
Dr George Elombi, the President and Chairman of the Board of Directors of Afreximbank, has called for a sovereign African financial system capable of driving the continent’s economic independence.
Elombi made the call on Saturday, Oct. 3, 2026, while delivering his opening remarks at the Alamein Africa Forum 2026 in New Alamein, Egypt.
Addressing heads of state, ministers, and international delegates, the Afreximbank President stressed that Africa must reduce its over-reliance on external financial frameworks that fail to account for the continent’s socioeconomic realities.
“We must build an African financial architecture in which African institutions can mobilise African savings, finance African trade, support African businesses and invest in African infrastructure at the scale our continent requires,” Elombi said.
He noted that a continent of 1.5 billion people could not indefinitely depend on legacy global financial institutions established decades ago without reflecting African priorities.
Clarifying the objective of the initiative, Elombi emphasised that Africa was not attempting to isolate itself from global markets, but is asserting its rightful place.
“We are not seeking to replace the global system. Rather we are insisting on a place within it that reflects our weight, our capital, our markets and our ambitions,” he said.
Recalling the founding of Afreximbank in Abuja in October 1993, Elombi noted that African leaders built the bank during a severe debt crisis when international correspondent banks were cutting trade lines to the continent.
He criticised external credit rating methodologies, arguing that current international standards reward mere promises from foreign entities while discounting actual paid-in capital provided by African sovereign shareholders.
“A promise from those who are retreating and who may never be called upon is being given greater weight than the money of those who have already shown up,” he stated.
Elombi cited the bank’s interventions during recent global economic shocks, including a 10 billion U.S. dollar deployment following Gulf conflict disruptions and a 4 billion U.S. dollar facility during the Ukraine conflict, as proof of the bank’s countercyclical relevance.
He urged African member states to continuously capitalise their multilateral financial institutions, uphold treaty obligations such as Preferred Creditor Status, and resist external pressures aimed at diluting regional ownership.
“This Bank is yours. Defend it as you built it—without asking for anyone’s permission!” Elombi urged.
The Alamein Africa Forum 2026 was jointly convened by Afreximbank, the Ministry of Foreign Affairs of Egypt, and the African Union Development Agency (AUDA-NEPAD) to enhance economic diplomacy across the continent. (NAN)www.nannews.ng
