The President and Chairman of the Board of Directors of Afreximbank, Dr George Elombi, has urged African countries to strengthen their financial institutions and build a financial system capable of supporting the continent’s economic independence.
Elombi made the call at the Alamein Africa Forum 2026 in New Alamein, Egypt, where he addressed African heads of state, ministers and other international delegates.
He said Africa should develop a financial architecture that can mobilise African savings, finance trade, support businesses and fund infrastructure projects on a scale that reflects the continent’s needs.
Elombi argued that African countries should take greater ownership of institutions they have created and continue to provide the capital needed to make them stronger and more resilient during economic crises.
He also criticised international financial and credit-rating frameworks that, in his view, do not adequately reflect the strength and structure of African multilateral institutions.
The Afreximbank president stressed that Africa’s objective was not to withdraw from global financial markets, but to secure a stronger and more meaningful position within them.
He called on African governments to protect regional financial institutions and uphold their commitments to institutions such as Afreximbank.
Elombi said stronger African financial institutions would help the continent reduce external vulnerabilities and provide greater capacity to finance its own development priorities.
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