Cairo, Egypt, 24 March 2025: In a strategic move that echoes both promise and progress, Somalia has officially joined the ranks of the African Export-Import Bank (Afreximbank), becoming its 53rd member state. This pivotal accession marks a step closer to Afreximbank’s vision of an integrated African financial synergy, aiming to extend its diverse suite of offerings across the continent.
With a committed signature from Hon. Hirsi Jama Gani, State Minister, Office of the Prime Minister, this accession wasn’t merely a formality but a profound declaration. It’s akin to tying the knot officially after having courted the idea of economic collaboration. Somalia confidently expressed acceptance and pledged to accelerate the ratification process. Can this be a turning point for Somalia’s economic landscape?
Indeed, Somalia’s membership marks a turning point. It signals the dawn of a new economic era—one where the promise of sustainable development meets reality. Consider this: the African Continental Free Trade Area (AfCFTA) is not just a trade agreement. It’s a gateway. A lifeline. A journey towards self-sufficiency and integration with broader markets. For Somalia, it’s about aligning infrastructure and industrial capacities with continental standards. Has the country found a golden key to its economic rebirth?
Prof. Benedict Oramah, the esteemed President and Chairman of Afreximbank’s Board of Directors, shared his enthusiasm saying, “Welcoming Somalia into the Afreximbank family marks a significant milestone. It’s an opening to resources that directly address the real needs of Somali enterprises. We stand by them, we support them—because we believe in the potential that Somalia holds. This partnership carries the promise of growth based on Somali terms, with Afreximbank as their steadfast ally.” Is such a partnership the catalyst Somalia has long awaited?
Hon. Hirsi Jama Ganni echoed gratitude from the heart of the nation, stating, “On behalf of both the Government and the people of Somalia, we extend our heartfelt thanks. This membership not only speaks of unity but of a regional and continental stride towards development. Under the AfCFTA framework, Somalia aims to harness trade as a tool of reconstruction and achieve economic diversity. It’s opening new doors—could this be the dawn of Somalia’s resurgence?”
Ganni also urged a proactive approach: “Let Afreximbank’s initiatives align with our National Development Plan. This is a call to leverage collective resources to achieve profound development goals. Think about it: Why can’t Somalia reclaim its historical position as a vibrant trade hub in East Africa?”
This exciting partnership is the culmination of determined negotiations between Afreximbank and Somali authorities. It was never just about a piece of paper—it was about foresight and strategy. By establishing a collaborative roadmap, the parties are poised to unlock Somalia’s potential. Afreximbank, in its wisdom, initiated discussions with Somalia’s business and finance sectors, acknowledging their critical roles as powerhouses of economic vitality.
At a meeting of minds in Mogadishu, Hon. Abdirahman Abdullahi, Governor of the Central Bank of Somalia, highlighted Afreximbank’s timely engagement with unique anecdotes. Remember, Somalia made strides in regional trade, joining the East African Community in 2024 and clearing the HIPC debt relief milestone. He passionately reminded the business community of their innovative legacy. Isn’t it time they maximize these unique opportunities to drive growth and forge a competitive economy?
Founding itself in Cairo, Afreximbank is no ordinary bank. With a far-reaching mandate to bolster intra- and extra-African trade, the bank, for over 30 transformative years, has been a beacon of financial ingenuity. Using creative strategies, it nurtures economic expansion, spearheading projects that transform trade’s very architecture. Afreximbank’s vision stretches beyond borders, pushing for continental connectivity unique in scope and scale.
The tale of Afreximbank is of power and purpose. Holding assets worth a staggering US$37.3 billion at the close of 2023, with shareholder funds reaching US$6.1 billion, the bank is not merely an observer. It’s an active player, supported by robust ratings from global credit titans like Moody’s and Fitch. Its commitment to the AfCFTA has also given rise to the Pan-African Payment and Settlement System (PAPSS), adopted by the African Union—a true game-changer.
As Somalia embarks on this promising journey within the Afreximbank family, one wonders what uncharted successes lie ahead. Today, each step forward is a story of resilience, possibility, and a shared vision for a more connected Africa.
Edited By Ali Musa, Axadle Times International–Monitoring.
