Mr Charles Adu Boahen
THE MINISTER of Finance, Ken Ofori-Atta, has tasked the new board of the Ghana Exim Bank to focus on outward growth strategies and steps geared towards achieving the country’s export agenda.
He said the export agenda, captured in the $25.3 billion National Export Development Strategy (NEDS), was critical for the realisation of the ‘Ghana Beyond Aid’ and the Ghana CARES programmes.
Speaking on behalf of the minister at the inauguration of the new board members, the Minister of State at the Ministry of Finance, Charles Adu Boahen, advised the bank to focus on building strategic partnerships with institutions such as the yet to be inaugurated Development Bank, which is capable of financing import substitution initiatives and export programmes.
“As you are well aware, Government has recently established the Development Bank Ghana which is expected to mobilise resources from internal and external sources and provide medium to long term funding to businesses through participating financial institutions. The Development Bank will be inaugurated toward the beginning of the fourth quarter,” he said.
The Ministry of Finance, he said, would expect the Ghana Exim Bank, to among other things, identify Ghanaian manufacturers who had the potential to export and also develop strategies to attract and assist manufacturers to obtain long term financing support, specifically for export markets.
“We also expect that Ghana Exim will collaborate with the African Continental Free Trade Area (AfCFTA) to build SME capacity, increase access to international markets and create more employment for the youth in Ghana” he added.
Members of the inaugurated board included Kwadwo Boateng Genfi, a presidential nominee and chairperson of the board; Lawrence Agyinsam, Chief Executive Officer of Ghana Exim Bank; Michael Okyere Baafi, representing the Ministry of Trade and Industry; Afua Asabea Asare from the Ghana Export Promotion Authority and Catherine Kakra Quaidoo, a presidential nominee.
The rest were Peter Kwame Abebrese, a presidential nominee; Elsie Addo Awadzi of the Bank of Ghana and Nana Sammy Osei Bonsu representing the private sector.
A representative from the Ministry of Finance was yet to be named at the time of the inauguration.
Chairman of the board, Mr Genfi, in a remark on behalf of members, expressed gratitude to the President for the trust and confidence reposed in them.
“As the leading financial institution supporting the government’s 1D1F Initiative, we pledge to ensure that all GEXIM-funded projects will be fully completed for these projects to play their expected roles in the industrialisation drive as envisioned by His Excellency, the President.
“It is our aim to make our institution one of the main driving forces behind the development of the Ghana’s economy in line with the President’s industrial transformation agenda,” he said.
By Issah Mohammed