Ghana’s EXIM Bank is quietly but fundamentally transforming the country’s economy into one driven by private sector led industrialization, utilizing local inputs while substituting imports and diversifying non-traditional exports.
Established less than a decade in Ghana, the EXIM Bank has become the main financial driver behind the government’s flagship Commerce program, the “One District, One Factory (1D1F) Initiative which seeks to accelerate Ghana’s industrialization and socio-economic development. It is anticipated that the program will empower entrepreneurs by giving them access to market for their output and also create jobs.
Speaking in Tamale during a stakeholders meeting, the CEO for the EXIM Bank Mr. Lawrence Agyinsam reiterated the bank’s commitment to provide Ghanaian businesses the support needed to grow and flourish with ease.
He explained that, Ultimately, the Ghana EXIM Bank seeks to support the private sector with a view to improving the country’s economic fortunes and therefore, in choosing enterprises it would support, Ghana EXIM Bank considers three key benchmarks which are derived from development instead of commercial objectives.
The CEO mentioned that, the Bank’s effort is intended towards employment creation, value addition through production efficiency and foreign exchange revenue potential, and added that, a lot of business ideas and existing businesses in Ghana suffer malfunction as a result of the lack of capital, will be a thing of the past.
Mr. Agyinsam however implored entrepreneurs in the northern region to take advantage of the existence of the EXIM Bank in growing their trades such as the smock manufacturing, Shea butter production among others.
The Ghana EXIM Bank has the vision of becoming a strong financial institution that will be a key engine in the development of Ghana’s export trade, facilitate cross border trade and make Ghana a pillar in regional and continental trade and also to facilitate the transformation of Ghana’s economy into an export one by supporting and developing trade between Ghana and other countries, overseas investments by Ghanaian Companies and eliminate critical market failures in the Ghanaian economy thereby making Ghana competitive in the global marketplace
By: Prince Kwame Tamakloe – Kesmi Fm