Address by President Cyril Ramaphosa at Afreximbank Accession Signing Ceremony, Westcliff Hotel, Johannesburg

Programme Director and Chairperson of the Export Credit Insurance Corporation, Ms Delia Ndlovu;
Minister of Trade, Industry and Competition, Mr Parks Tau;
Ministers and Deputy Ministers;
Former Deputy President Baleka Mbete;
President of the Afrexim Bank, Dr George Elombi;
Former President of Afrexim Bank, Professor Benedict Oramah;
Members of the Board and Technical Team;
Representatives of business and organised labour;
Distinguished guests;
Ladies and gentlemen;

Good Morning.

Today we mark a major milestone in our quest to realise the economic integration of our continent.

South Africa’s accession to the Africa Export‑Import Bank affirms our commitment to African industrial development and to deepening trade, investment and development across the continent.

Once finalised, the South Africa‑Afreximbank Country Programme will be operationalised with a finance package that will initially support a range of strategic projects across the trade and industrial cluster.

The programme will inject capital into priority industrial projects, export diversification, infrastructure development and transformation initiatives.

Today’s signing signals a deliberate, ambitious and more impactful phase in South Africa’s economic engagement with Africa and the world.

For South Africa, the decision to accede to Afreximbank represents a strategic alignment.

We seek to contribute to an Africa that prioritises intra‑continental trade, that builds its own industrial base, and that mobilises African financial institutions to support development.

For more than 30 years, Afreximbank has demonstrated resilience, innovation and impact. It has developed a diversified portfolio across geographies and sectors.

This partnership will strengthen South Africa’s ability to support exporters, industrial projects and regional value chains, while advancing continental development.

South Africa accedes to Afreximbank at a time of both challenge and opportunity for the continent.

Global economic uncertainties, climate risks and shifting trade patterns underscore the need for building economic resilience.

As a country, we are implementing far‑reaching reforms to restore growth, improve competitiveness and expand inclusion.

We are working to accelerate economic growth by implementing structural reforms, increasing infrastructure investment and through targeted industrial policy.

As we accede to the Establishment Agreement today, we do so with a clear understanding that membership alone is not the objective.

What matters is how this partnership is translated into practical instruments that expand productive capacity, diversify our exports and integrate more South Africans into regional and global value chains.

South Africa’s industrialisation path is anchored by three mutually‑reinforcing pillars: decarbonisation, diversification and digitisation.

We are pursuing an energy transition that balances climate imperatives with developmental realities; that builds new industrial capabilities and creates new jobs.

That is why we are investing in renewable energy, green hydrogen, sustainable fuels and climate‑resilient infrastructure.

That is why we are focused on beneficiating critical minerals for clean energy technologies.

These are sectors where African countries hold competitive advantage.

They are sectors where long‑term project finance, guarantees and blended instruments are essential to unlocking scale.

Diversifying both our export basket and our exporter base is key to our economic growth strategy.

We are shifting toward higher‑value, more complex exports in advanced manufacturing, green industries, critical minerals beneficiation, pharmaceuticals and the digital economy.

Through the African Continental Free Trade Area we are working to build African value chains that anchor production on the continent and strengthen Africa’s economic sovereignty.

Afreximbank’s instruments — from trade finance and project preparation to risk mitigation and market access support — are indispensable in turning this vision into reality.

They will help to lower barriers to entry, reduce transaction costs and support South African firms as they expand into new African markets.

Through the Afreximbank Inclusive Development Support Programme for South Africa, a dedicated facility has been set aside to address structural barriers that have historically excluded many South Africans from participating in trade and industrialisation.

As a country we are working to enable new and emerging exporters to participate meaningfully in trade – particularly small and medium enterprises, black industrialists, and women‑ and youth‑owned firms.

This programme will enable black businesses and entrepreneurs to access finance, build assets and participate in strategic sectors.

Today’s accession brings us a step closer towards the incubation of a South African Export–Import Bank.

Working closely with Afreximbank, and building on the experience of our Export Credit Insurance Corporation, we are laying the foundations for a national institution that will support exporters, crowd in investment and provide financing aligned to our industrial priorities.

This is a strategic investment in our ability to compete and to support South African firms across the export lifecycle.

It will help to ensure that our participation in African and global trade is sustained, resilient and developmental.

Allow me to conclude by acknowledging the leadership that has brought us to this moment.

We welcome Dr George Elombi, President and Chairman of the Board of Directors of Afreximbank, whose stewardship marks a new chapter in the Bank’s evolution.

We recognise Professor Benedict Oramah, former President of AfreximBank, under whose visionary leadership the process of South Africa’s accession was initiated and advanced.

Your contribution to building Afreximbank into a formidable continental institution laid much of the foundations for the partnership we formalise today.

The continuity of leadership reflects the strength and maturity of Afreximbank as a Pan‑African institution.

Finally, we thank Minister Parks Tau for his central role in advancing South Africa’s trade and industrial agenda.

Today, as we sign this Instrument of Accession, we do so with clarity of purpose and confidence.

Let this moment mark not only South Africa’s full membership of Afreximbank, but the activation of a partnership that delivers growth, transformation and opportunity for our country and for our continent.

I thank you.