The Ghana Export Promotion Authority (GEPA) has entered a partnership agreement with Access Bank Ghana to support Ghanaian exporters to maximize opportunities in the export ecosystem to scale up their businesses.
The financial assistance would include a well-structured export business plan and capacity building in financial intelligence.
Dr Afua Asabea Asare, Chief Executive Officer (CEO) of GEPA, disclosed that the Authority has been championing the growth and diversification of Ghana’s exports with a mission of reaching global markets with products proudly displaying the label “Made in Ghana.”
The GEPA CEO noted that the nation’s economic destiny was inextricably tied to its ability to increase its exports. She observed that with the African Continental Free Trade Agreement (AfCFTA) in place, the GEPA established Ghana’s Trade House in Kenya to enhance trade ties between Ghana, Kenya, and the wider East African region, and to serve as a gateway for Ghanaian businesses to access the Kenyan market and to promote cultural exchanges and diplomatic relations.
“For the Non-Traditional Export sector’s growth, GEPA has collaborated with key stakeholders such as the Ghana Standards Authority, the Food and Drugs Authority, Ghana Eximbank, AGI, the Plant Protection and Regulatory Services Department of the Ministry of Food and Agriculture, as well as research institutions, private sector entities, government organizations, and foreign missions.”Dr Afua Asabea Asare
According to Dr Asare, Ghana earned USD 3.5 billion from non-traditional exports in 2022, with the manufactured and semi- manufactured products sector contributing the most.
Dr Asare stated that the interventions are being implemented in line with Ghana’s National Export Development Strategy, which aims to generate USD 25.3 billion in income by 2029.
Platform to Reflect Ghana’s Export Capacity
Mr. K.T. Hammond, the Minister of Trade and Industry, on his part, stated that while the partnership would provide financial assistance to exporters, it should also serve as a platform to reflect and measure the country’s export capacity and potential, as well as its ability to compete at the global level.
“The World Bank estimated that AfCFTA would increase Africa’s income by $ 450 billion by 2035 and increase intra-Africa exports by more than 81 per cent. According to the United Nations Economic Commission for Africa, the single market trade African agreement would enable the African economy to reach $ 29 trillion by the year 2050.”Mr. K.T. Hammond
The Minister admonished the stakeholders in the export sector to develop new and beneficial export-oriented ideas and policies and work together for growth and development.
Mr Olumide Olatunji, Managing Director, Access Bank Ghana, also noted that the financial institution has the capacity to help the exporters drive their businesses, given its operation experience in 17 African countries.
“We are to ensure that you get your payments to expend, distribute to your out growers and at the same time protect your trade and income. We as a bank need to bring our financial muscle but most importantly our advisory techniques and competence.”Mr Olumide Olatunji
Mr Olatunji indicated that the Bank would be interested in how exporters manage their trade, payments, and value chain systems.
This was announced at the 80th National Exporters Forum organised by GEPA and Access Bank Ghana under the theme: “Growing Ghana’s Export Capacity – Catalyst for Economic Growth.”
The goal of the Forum was also to discuss key issues with stakeholders and urge them to take advantage of the opportunities the AfCFTA market presents to about 1.4 billion people with a combined GDP of $ 3.4 trillion.