Afreximbank’s Chief Economist calls for resilience-driven growth in Africa

Afreximbank’s Chief Economist calls for resilience-driven growth in Africa
Barbara Bako, Abuja

As Africa navigates a shifting global financial terrain, Dr. Yemi Kale, Chief Economist at the African Export-Import Bank (Afreximbank), has called on African nations to invest in building economic resilience and trade integration as shields against rising global volatility.

Speaking in Abuja at the sidelines of the 32nd Annual Afreximbank Meetings themed “Building the Future on Decades of Resilience”, Dr. Kale emphasized that African economies can no longer afford to remain reactive to external shocks.

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“We must move from a position of vulnerability to one of preparedness. Resilience is not just about weathering storms, it’s about designing systems that can absorb them and still move forward,” he said.

According to him, the continent’s future lies in its ability to harness the lessons of the past including those from the COVID-19 pandemic, global supply chain disruptions, and tightening financial conditions to shape smarter policies and build stronger institutions.

Dr. Kale pointed to the Bank’s newly launched 2025 African Trade Report, which outlines strategic actions for safeguarding growth through intra-African trade, industrialisation, and regional cooperation.

“The African Continental Free Trade Area (AfCFTA) is the cornerstone of our collective resilience. But its success depends on hard investments not just in trade facilitation, but also in data, infrastructure, and coordinated fiscal policy,” he noted.

On rising debt vulnerabilities, the Afreximbank economist cautioned against over-reliance on external borrowing, urging African governments to deepen domestic capital markets and pursue value-added production to increase foreign exchange earnings sustainably.
“We must avoid the trap of short-term relief at the cost of long-term fragility,” he added.

Dr. Kale also underscored the importance of accurate, timely data in shaping effective policy, calling on national statistical systems to embrace reforms that improve economic visibility across the continent.

The 32nd Annual Meetings of Afreximbank drew participation from heads of state, ministers, business leaders, and development institutions united in their call for a more self-reliant and shock-proof Africa.