Mr Charles Adu Boahene, the Minister of State for Finance has inaugurated new Board of Directors for Ghana Exim Bank. He thus, calls on the new board members to take strategic steps to develop partnership with the African Continental Free Trade Area (AfCFTA). According to the Minister, the partnership will help drive the country’s export expansion agenda.
Mr Adu Boahene, noted that the collaboration will help to build Small and Medium Enterprises’ (SMEs) capacity. He also added that, the partnership will increase access to international markets and create more employment for the youth.
“Thankfully, Ghana Exim Bank is located in the same premises as the AfCFTA secretariat. With such proximity, we expect constructive collaboration between the two institutions. We must work towards creating funding programmes that will benefit SMEs to lead the export of high-quality Ghanaian products and services to other African countries.”
Mr Charles Adu Boahene
To this end, he stated that the Ministry of Finance would expect the Ghana Exim bank to identify Ghanaian manufacturers with the potential to export. He also said, the bank must develop strategies to attract them and assist manufacturers to obtain long term financing support, specifically for export markets. In so doing, it will boost Ghana’s export base and foreign exchange earning capacity.
To build on this success, the Minister hinted that, the government is currently in the process of implementing policy actions through various institutions. This policies, he observed that are necessary to building an ecosystem that would provide support and finance to at least 100 SMEs. Also, he added that it will create jobs for the youth and citizenry in line with Phase II of the Ghana CARES Programme.
However, Mr Adu Boahene noted that, the Financial Sector Division of the Ministry of Finance was tasked to develop a performance framework for these institutions. According to him, this will enable their performances to be monitored and reported to the Minister of Finance on regular basis.
Moreover, Mr Adu Boahene added that, the establishment of the Development Bank Ghana (DBG) has opened a new opportunity for Ghana Exim Bank. To this end, he charges the Exim bank Board of Directors to also build strategic partnership with DBG. He also said the newly inaugurated Directors must do more in terms of financing and rolling out innovative pipeline projects. To him, that would drive Ghana’s import substitution initiatives and export promotion programmes for the realization of the President’s vision of a ‘Ghana beyond Aid’ and the Ghana CARES Programme.
“It is our hope that with the new board in place, and with support from the Development Bank, we will continue to see growth in private sector advances as we seek to revamp our economy.”
Mr Charles Adu Boahene
Meanwhile, Mr Kwadwo Boateng Genfi, the Board Chairman of Ghana Exim Bank, assured the Minister that the new board members would work hard to make the institution a driving forces behind the development of the country.
“Therefore, my colleagues and I will work effectively together in order to facilitate the well-being of Ghana Exim Bank. We will ensure that we achieve the objectives and the purpose for which the institution was established.”
Mr Kwadwo Boateng Genfi
He consequently, pledged to ensure that all GEXIM-funded projects will be fully completed. He noted that, these projects, when completed, will play major roles in the industrialization drive as envisioned by the President.
However, Ghana Exim Bank has been the Primary Financing Institution for the President’s Accelerated Industrialization Programme. Notably, the one district one factory. Also, the bank approved a total of GH¢2.1 billion in loan facilities for 122 projects between March 2017 and December 2020.
