Online Reporter
Kudzanai Sharara
In a ceremony rich with symbolism and strategic intent, the Republic of South Africa on Wednesday formally acceded to the African Export-Import Bank (Afreximbank), a move heralded by leaders from both sides as a decisive step towards African economic sovereignty and integration.
The signing at the Westcliff Hotel not only brings Africa’s most industrialised economy into the fold of the continent’s premier trade finance institution but also activates an ambitious US$8 billion country programme designed to reshape South Africa’s economic landscape.
The accession, following parliamentary approval last year, makes South Africa the 54th state to join Afreximbank’s Establishment Agreement. President Cyril Ramaphosa framed the moment as critical for the continent’s future.
“Today we mark a major milestone in our quest to realise the economic integration of our continent,” he declared.
He emphasised that the partnership would translate into practical support for exporters, industrial projects and regional value chains, advancing a developmental agenda rooted in “decarbonisation, diversification and digitisation.”
The centrepiece of the new alliance is the substantial US$8 billion country programme, meticulously aligned with South Africa’s National Development Plan 2030.
Dr George Elombi, President and Chairman of Afreximbank, outlined a comprehensive vision for the funds, describing the gathering as a clan reunification.
“We are here to perform the traditional rites of membership of the clan,” he said, framing the bank and South Africa as part of the “main clan called Africa.”
The programme’s scope is vast and targeted. It pledges heavy investment in local mineral processing and automotive manufacturing to retain value on the continent, alongside the development of industrial parks and special economic zones. Critical infrastructure, particularly energy generation and transmission, is a key priority. Significantly, the plan includes a dedicated US$3 billion “inclusive package” designed to support small and medium enterprises, black industrialists and women- and youth-owned businesses, a direct response to the nation’s transformative goals.
“One of those areas that we are going to focus on with immediate effect,” President Ramaphosa said, “is to give muscle to our Transformation Fund, to support black businesses who, by the way, were held back by the apartheid system from being active participants in the economy of our country.”
Dr Elombi revealed that the partnership’s foundations were already being laid, with an existing project pipeline in South Africa exceeding US$6 billion across healthcare, financial services, manufacturing, energy and mining. He highlighted past collaborations, including support for state-owned enterprises Eskom and Transnet and a joint project preparation facility with Infrastructure South Africa aimed at unlocking up to US$750 million in bankable projects.
A particularly strategic outcome of the accession is the planned evolution of South Africa’s Export Credit Insurance Corporation (ECIC) into a fully-fledged national Export-Import Bank. This institution, bolstered by Afreximbank’s expertise, is envisioned as a cornerstone for future export support and industrial financing.
The timing of South Africa’s membership was underscored as particularly acute. Against a backdrop of a fragmenting global financial architecture and rising protectionism, Dr Elombi stressed a new self-reliance. “The fate of our economy, the destiny of the African people, can no longer be tied to the benevolence of others. Today, we assume full responsibility for our economic destiny.” He pointed to the African Continental Free Trade Area (AfCFTA) and its 1,4 billion-person market as the preferred destination for the value-added goods the partnership aims to produce.
The ceremony also served as an acknowledgment of persistent advocacy. Dr Elombi paid tribute to his predecessor, Professor Benedict Oramah, and the bank’s founding presidents for their decades-long pursuit of South Africa’s membership. He also thanked South African board member Ronald Ntuli for his refusal to let the ambition lapse.
For South Africa, which accounted for 19,1 percent of intra-African trade in 2024, the accession is a strategic leveraging of Afreximbank’s pan-African reach and financial instruments. For Afreximbank, it signifies the completion of its continental coverage, uniting its vision with the economic heft of the continent’s industrial powerhouse.
As the instruments were signed, the message was clear: this was more than a bureaucratic formality. It was, as President Ramaphosa concluded, the activation of a partnership meant to “deliver growth, transformation and opportunity for our country and for our continent,” signalling a deliberate and ambitious new phase in pan-African economic collaboration.
