Africa is losing valuable capital by keeping its money in foreign economies instead of deploying it to finance businesses, infrastructure and development at home, Benedict Oramah, former president of the African Export-Import Bank (Afreximbank), has warned.
Speaking during a fireside chat following the screening of The Lion Speaks: The Rise of Global Africa at the Creative Africa Nexus (CANEX) 2026 in Lagos, Oramah said African countries and institutions must develop stronger financial systems and instruments to retain capital and support the continent’s economic transformation.
He argued that when African countries deposit their money in foreign markets, they contribute to the wealth of those economies while limiting their own capacity to finance development.
Oramah also questioned the contradiction in the international financial system, where African funds are accepted when deposited abroad, but African borrowers face restrictions when they seek to access financing.
He said African borrowers are often confronted with country-risk assessments and compliance concerns when attempting to secure funding, despite having previously placed their money in the same foreign financial systems.
According to him, African institutions must take responsibility for strengthening their domestic financial systems rather than continuing to depend on external markets.
“If there’s a problem with your financial institution, you cannot keep your money, fix it,” he said, arguing that African countries should be prepared to retain and deploy their resources within their own economies.
Oramah called for the creation of financial instruments that would reverse the movement of capital out of Africa and make it easier for businesses and institutions to access funding within the continent.
He cited the Pan-African Payment and Settlement System (PAPSS) as an example of an African-led initiative designed to address structural challenges in the continent’s financial and trade systems.
He also pointed to the Intra-African Trade Fair as part of efforts to connect businesses, governments, investors and financial institutions, enabling African economies to mobilise resources and expand commercial activities within the continent.
Oramah said some practices that are considered acceptable in other parts of the world have historically been discouraged when African institutions attempt to adopt them, reinforcing the need for home-grown solutions.
He said Afreximbank’s role was to convene ideas, governments, partners and capital around initiatives that would improve economic opportunities for Africans.
The former bank president also linked Africa’s economic development to the restoration of the dignity of its people, describing the documentary The Lion Speaks: The Rise of Global Africa as a reflection of the movement to achieve that objective.
He said the film told the story of the work undertaken by those committed to restoring African dignity, adding that the vision must continue beyond the individuals who initiated it.
Oramah also called for stronger economic and cultural ties between Africa and the Caribbean, saying the legacy of slavery and colonialism had created divisions between Africans and their descendants in the Caribbean and the Americas.
He said colonial culture had made it difficult for Africans to recognise their historical and cultural connections with people in the Caribbean, resulting in relationships that remained underdeveloped for centuries.
On healthcare, Oramah recounted his personal experience of requiring medical treatment abroad, using it to illustrate the need for African countries to invest in quality medical facilities so that citizens would not have to leave the continent to access specialised care.
He said the experience reinforced the importance of developing local healthcare capacity and retaining the money Africans spend on medical services abroad.
His remarks underline a broader argument that Africa’s economic transformation requires more than access to external financing. It also depends on retaining domestic capital, strengthening financial institutions and building the infrastructure needed to support trade, healthcare and productive investment.
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
