Dr George Elombi, the incoming President of the African Export-Import Bank (Afreximbank), has downplayed concerns over Fitch Ratings’ recent downgrade of the institution, attributing the negative outlook to differences in loan classification methodologies rather than fundamental weaknesses.

In his first major interview with the Ghana News Agency after securing a near-unanimous shareholder approval for his leadership role, Dr Elombi said Fitch’s assessment was based on “old methodology”, which did not align with current international banking standards.

This was ahead of his media engagement today (Saturday) to close the 32nd Annual Meetings of the Afreximbank, held in Abuja, Nigeria.

Fitch, earlier in June, downgraded Afreximbank to BBB- from BBB, largely due to non-performing loans (NPLs), flagging concerns that the Cairo-based bank’s loans to Zambia and Ghana may need to take losses in ongoing debt restructuring exercises.

However, Dr Elombi said the downgrade was “largely just a discipline” that fluctuated over time, emphasising that the rating action was not based on any fundamental problems with the bank’s operations.

“We are operating on a new methodology, which is the International Financial Standards Rule Nine,” the incoming Afreximbank President noted, explaining that those standards were what banks all over the world had adopted.

He emphasised the robustness of the bank’s fundamental financial metrics, including liquidity position, internal capital generation, reliable shareholder capital support, and capital ratios.

He noted that Fitch’s own report acknowledged that the problematic loans would likely be resolved within 18 to 24 months, suggesting the assets were not permanently impaired despite facing temporary difficulties.

Fitch calculated that the ratio of Afreximbank’s NPLs exceeded the six per cent ‘high’ risk threshold, but Dr Elombi maintained that the calculation did not reflect the bank’s true risk profile when assessed under current international standards.

Dr Elombi, a Cameroonian national, succeeds Professor Benedict Oramah, as the next President of Afreximbank, effective September 2025.

The seasoned executive has been with the bank since 1996, rising through the ranks to become Executive Vice President, Governance, Legal and Corporate Services.

The bank says Dr Elombi brings a deep understanding of the Bank’s mission and structure, having played a central role in shaping Afreximbank Group’s structure, legal and institutional frameworks, expanding its capital base, and leading crisis response efforts across Africa and the Caribbean.

“I see Afreximbank as a force for industrialising Africa and for regaining the dignity of Africans wherever they are,” Dr Elombi said during his acceptance remarks.