President Ramaphosa announces South Africa joining Afreximbank
President Cyril Ramaphosa has announced that South Africa has officially acceded to Afreximbank.
The president delivered a keynote address at a signing ceremony at the Westcliff Hotel in Johannesburg on Wednesday.
Afreximbank is a pan-African multilateral financial institution that facilitates, promotes and expands intra- and extra-African trade and plays a key role in financing Africa’s economic development and industrialisation.
Ramaphosa said the move will strengthen the country’s ability to support exporters, industrial projects, and regional value chains.
The partnership aims to diversify exports, expand participation of black, youth- and women-owned firms, and boost investment in renewable energy, critical minerals, and green industries.
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The president said Afreximbank’s instruments will lower trade barriers, reduce transaction costs, and promote industrialisation across Africa.
“South Africa’s succession to the African Export–Import Bank affirms our commitment to industrial development and to deepening trade investment and development across our continent that will initiate projects across the trade and industrial cluster.”
The president said that the current global economic uncertainties, climate risks and shifting trade patterns underscore the need to build 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.”
