SOUTH Africa has officially joined the African Export-Import Bank (Afreximbank) as its 54th member state, unlocking an initial US$8 billion Country Programme aimed at transforming the continent’s most industrialised economy and deepening intra-African trade integration.
President Cyril Ramaphosa signed the Instrument of Accession at a ceremony in Johannesburg on Wednesday, describing the partnership as “a major milestone in our quest to realise the economic integration of our continent.”
“Today’s signing signals a deliberate, ambitious and more impactful phase in South Africa’s economic engagement with Africa and the world,” Ramaphosa said at the Westcliff Hotel ceremony attended by Trade, Industry and Competition Minister Parks Tau and Afreximbank President Dr George Elombi.
The US$8 billion Country Programme will target manufacturing, energy, mining, healthcare, financial services, industrial parks, special economic zones, and regional value chains – with Afreximbank’s current project pipeline in South Africa already exceeding US$6 billion.
Strategic Alignment with Continental Integration
Ramaphosa emphasised that South Africa’s accession represents far more than symbolic membership. “What matters is how this partnership is translated into practical instruments that expand productive capacity, diversify our exports and integrate more South Africans into regional and global value chains,” he said.
The President outlined South Africa’s industrialisation strategy anchored on “three mutually-reinforcing pillars: decarbonisation, diversification and digitisation,” positioning the country to leverage competitive advantages in renewable energy, green hydrogen, sustainable fuels and critical minerals beneficiation.
“These are sectors where African countries hold a competitive advantage. They are sectors where long-term project finance, guarantees and blended instruments are essential to unlocking scale,” Ramaphosa told the gathering.
Transformation and Inclusion at the Core
A dedicated Inclusive Development Support Programme has been established to address structural barriers that have historically excluded many South Africans from participating in trade and industrialisation.
“This programme will enable black businesses and entrepreneurs to access finance, build assets and participate in strategic sectors,” Ramaphosa said, highlighting the partnership’s alignment with South Africa’s economic transformation agenda.
The President confirmed the accession will support “new and emerging exporters to participate meaningfully in trade – particularly small and medium enterprises, black industrialists, and women- and youth-owned firms.”
Building African Financial Sovereignty
Ramaphosa revealed that the partnership brings South Africa closer to establishing its own Export-Import Bank. “Working closely with Afreximbank, and building on the experience of our Export Credit Insurance Corporation, we are laying the foundations for a national institution that will support exporters, crowd in investment, and provide financing aligned to our industrial priorities,” he said.
Dr George Elombi, President and Chairman of Afreximbank, described South Africa’s accession as a decisive step toward reshaping Africa’s trade architecture and achieving full continental integration.
Leveraging AfCFTA for Regional Value Chains
The President emphasised that Afreximbank’s instruments – from trade finance and project preparation to risk mitigation and market access support – are “indispensable” in realising the vision of the African Continental Free Trade Area (AfCFTA).
“Through the African Continental Free Trade Area, we are working to build African value chains that anchor production on the continent and strengthen Africa’s economic sovereignty,” Ramaphosa said.
He noted the partnership will “help to lower barriers to entry, reduce transaction costs and support South African firms as they expand into new African markets.”
Timing and Context
South Africa joins Afreximbank at what Ramaphosa described as “a time of both challenge and opportunity for the continent,” with global economic uncertainties, climate risks and shifting trade patterns underscoring the need for building economic resilience.
The President said South Africa is “implementing far-reaching reforms to restore growth, improve competitiveness and expand inclusion” through structural reforms, increased infrastructure investment and targeted industrial policy.
Ramaphosa acknowledged both current Afreximbank President Dr George Elombi and former President Professor Benedict Oramah, “under whose visionary leadership the process of South Africa’s accession was initiated and advanced.”
“Let this moment mark not only South Africa’s full membership of Afreximbank, but the activation of a partnership that delivers growth, transformation and opportunity for our country and for our continent,” Ramaphosa concluded.
The partnership positions Africa’s most industrialised economy within the continent’s trade finance architecture, with the potential to accelerate export-led growth and regional economic integration across the continent.
