Category: Business

African Trade Insurance Agency (ATI) has confirmed key senior-level positions that would play an important role in steering critical support to member governments.

The appointments, which were approved by the Board of Directors, included a veteran of the World Bank’s IFC, Manuel Moses, who has been appointed as the new ATI Chief Executive Officer.

Moses would assume office on November 1, 2020.

During its recently concluded virtual 20th annual meeting, ATI’s shareholders ratified the appointment of Moses as the new Chief Executive Officer based on the board’s recommendation.

Moses is a Zimbabwean national, who brings 15 years of experience from the IFC, where he most recently held the post of Country Manager of Kenya. He holds an MBA from University of Leicester in the UK and a BSc in Civil Engineering from University of Zimbabwe.

In the interim, ATI’s Chief Financial Officer (CFO), Toavina Ramamonjiarisoa, would fill the position of Acting Chief Executive Officer.

Ramamonjiarisoa has been an integral part of ATI’s management team since she was appointed CFO in 2011, where, in this position, she has helped guide the institution towards its current eight-year record-setting growth rates along with ensuring maintenance of ATI’s investment grade ratings from both S&P and Moody’s (A/Stable and A3/Stable respectively)

While Ramamonjiarisoa would be serving as the Acting CEO, the board approved Rodgers Siachitema would serve as the Acting CFO.

In addition, Benjamin Mugisha has been confirmed as the substantive ATI Chief Underwriting Officer (CUO).

Mugisha, a Senior Underwriter, who joined ATI in 2010, has been Acting CUO for the past year. He has served various functions including as ATI’s Uganda Representative, where he was responsible for field offices in Burundi, Rwanda and Uganda; and, subsequently as Senior Underwriter, where he managed ATI’s day-to-day business and a portfolio of international financial partners.

The board also recognised the substantial contribution and 19 years of service to ATI by the General Counsel and Corporate Secretary, Cyprien Sakubu, who has recently retired from the institution.

The board has constituted a special committee to oversee the recruitment of a new General Counsel and in the interim, the current Legal Expert, Elizabeth Mutafungwa, has been appointed Acting General Counsel.

ATI is increasingly recognised by the IMF, S&P, Moody’s and others as a strategic development institution for Africa that is well-positioned to provide effective support to its member governments through the pandemic.

Specifically, with the support of ATI, governments are able to manage their growing debt levels by re-profiling their costlier and riskier debts and replacing them with longer-term, cheaper debts from international commercial lenders.

ATI is currently insuring one to two per cent of the GDP of its member countries and is expected to facilitate US$2 billion of additional investments to the continent in the next 12 to 24 months.

ATI was founded in 2001 by African states to cover the trade and investment risks of companies doing business in Africa.

ATI predominantly provides political risk, credit insurance and, surety insurance. In 2019, ATI closed the year with exposures of US$6.4 billion and continued to post record results for the eighth consecutive year with 132 per cent growth on the net profit over 2018 owing to strong demand for ATI’s insurance solutions from the international financial sector and from African governments.

Since inception, ATI has supported US$62 billion worth of investments and trade into Africa. And for over a decade, ATI has maintained an ‘A/Stable’ rating for Financial Strength and Counterparty Credit by Standard & Poor’s, and in 2019, ATI obtained an A3/Stable rating from Moody’s.

Idowu Sowunmi