BusinessDay reported that former African Export-Import Bank (Afreximbank) President Benedict Oramah called for African institutions to strengthen tools for retaining capital on the continent at a Nov. 6 Creative Africa Nexus (CANEX) event in Lagos. The official CANEX program lists a screening and Q&A for The Lion Speaks: The Rise of Global Africa that day.
BusinessDay reported that Oramah saw an imbalance: African funds held in foreign markets support those economies, yet borrowers from the continent can face country-risk reviews and compliance checks when they seek credit there. He called for financial instruments that would direct more capital toward African businesses, infrastructure and development.
He pointed to the Pan-African Payment and Settlement System (PAPSS) and the Intra-African Trade Fair as initiatives that could support regional commerce and funding. Afreximbank says PAPSS works with African central banks and connects commercial banks and licensed payment-service providers to payment and settlement services.
BusinessDay’s account did not quantify the capital Oramah said was held abroad.
