The African Trade Insurance Agency (ATIDI), also known as African Trade & Investment Development Insurance, has announced the election of Professor Kelly Mua Kingsly as the new Chair of its Board of Directors. This decision was made during ATIDI’s 101st Board Meeting on October 5, 2024. Professor Kingsly will be deputized by Ms. Christina Westholm-Schröder, a seasoned expert in political risk insurance.
The election of new leadership comes as part of ATIDI’s commitment to strong corporate governance and follows the appointment of fresh board members during the organization’s recent Annual General Meeting. This newly formed Board includes ATIDI’s first-ever Independent Director and is tasked with steering the organization towards its ambitious growth plans and reinforcing its role in Africa’s economic development.
Professor Kingsly brings a wealth of experience in public finance management and economic reform from his position as the Director of Finance Operations at Cameroon’s Ministry of Finance. He has played a pivotal role in shaping strategies for monitoring public revenue and expenditure while also driving public finance reforms. His leadership extends beyond Cameroon, with roles at the Central Bank of Central African States (BEAC) and the United Nations Development Program.
In his acceptance speech, Professor Kingsly outlined his vision for ATIDI, emphasizing corporate governance and economic empowerment across the continent. “I aim to expand ATIDI’s outreach and visibility across Africa. I encourage all Central African Economic and Monetary Community (CEMAC) countries to consider joining ATIDI to enhance regional cooperation and open new avenues for economic collaboration,” he said.
Professor Kingsly’s appointment as the first Cameroonian to chair ATIDI’s Board is expected to foster stronger relationships within the CEMAC region, promoting trade and regional integration across West Africa.
Professor Kingsly succeeds Dr. Yohannes Ayalew Birru, who served as Chair for two consecutive terms. Under Dr. Birru’s leadership, ATIDI saw its member states grow from 14 to 24, and its financial performance surged, with gross exposure nearly doubling from USD 4.8 billion to USD 9.6 billion. Profits also skyrocketed from USD 12 million to USD 69.1 million, and total assets increased from USD 419 million to USD 837 million.
ATIDI now counts 24 member states, including major economies like Kenya, Nigeria, Ethiopia, and Ghana, as well as smaller economies like Burundi, Togo, and Malawi. Dr. Birru’s leadership has been credited with strengthening ATIDI’s role in mitigating political and investment risks, facilitating billions in trade and investment across Africa.
Ms. Christina Westholm-Schröder, the new Vice Chair, comes with over 35 years of experience in political risk insurance and is expected to complement the leadership of Professor Kingsly. She currently serves as Sovereign’s Chief Underwriter and Senior Vice President, where she has been responsible for managing complex transactions and leading collaborations with multilateral and export credit agencies.
ATIDI’s CEO Manuel Moses welcomed the new Board and highlighted the critical role the diverse leadership team will play in guiding the organization’s future. “With the Board’s collective expertise, we expect to drive impactful initiatives that foster sustainable trade and investment across Africa. Together, we are poised to make a significant difference in the economic landscape of the continent,” he said.
ATIDI’s robust financial health has been affirmed by recent upgrades in its credit ratings. Moody’s upgraded ATIDI from A3/Positive to A2/Stable, while Standard & Poor’s reaffirmed its A/Stable rating. These positive assessments reflect the organization’s sound financial management and strategic direction, positioning it well for its ambitious 2024-2027 growth strategy.
This strategy aims to expand ATIDI’s footprint across Africa and strengthen its impact in facilitating trade and investment. The new Board’s insights and networks will be crucial in building new partnerships and enhancing ATIDI’s investment initiatives as the organization looks to tackle Africa’s economic challenges.
Founded in 2001, ATIDI provides insurance to cover trade and investment risks for companies operating in Africa. Since its inception, ATIDI has facilitated over USD 85 billion worth of investments and cross-border trade. The agency offers political risk, credit insurance, and surety insurance, helping to mitigate risks for businesses across the continent.
As Professor Kelly Mua Kingsly steps into his role as Chair of ATIDI, the organization is well-positioned to continue its trajectory of growth and support for sustainable trade and investment across Africa. With strong leadership, enhanced governance, and a strategic focus on regional integration, ATIDI is set to play a critical role in shaping Africa’s economic future.
