Prof. Benedict Oramah, President of the African Export-Import Bank (Afreximbank), has called on African leaders to negotiate for better conditions when engaging with the International Monetary Fund (IMF).
He emphasized the importance of African countries leveraging their membership status to secure fair treatment and beneficial terms from the IMF.
Speaking at the launch of the Alliance of African Multilateral Financial Institutions in Accra, Prof. Oramah stressed the need for African nations to collaborate in addressing financial sector challenges across the continent. “It’s either you go there or quit. Because we are members of the IMF.
The only problem is that when they go, they must make sure that they treat us the way they treat the European or Asian countries. I think that’s what we have to demand,” he said.
Prof. Oramah highlighted the need for African countries to demand a change in their IMF quota. “We cannot have a continent with 17 per cent of the world’s population and only a five percent quota in an institution that is supposed to bring stability to our micro-economies. They must know that African countries are members, not outsiders. We shouldn’t expect anyone to dictate for us,” he stressed.
He also recommended that African countries establish their own credit rating agency, describing it as long overdue.
“An African Credit Rating Agency is a crucial step towards intra-continental integration, enabling African governments to access capital and integrate the continent with global financial markets,” he explained.
Prof. Oramah pointed out that institutions like Afreximbank could compel the IMF to recognize an African rating agency.
“When we go to China and Japan, they tell us to go to their own agencies to be rated, but for us, we always have to be rated by Fitch or others. We are just doing ourselves ill. Charity begins at home, so we need to do it,” he said.
The Alliance of African Multilateral Institutions aims to foster collaboration and exchange information on progressive joint strategies and frameworks to address Africa’s development needs. It will also promote and defend unified positions on issues of common interest in international forums, advocating for Africa’s interests on global finance issues.
