Officials of EXIM Bank in a photograph with Osagyefuo Amoatia Ofori Panin
Ghana Export and Import (EXIM) Bank has provided GH¢750 million to finance 15 projects under the government’s flagship ‘One District, One Factory’ programme.
Deputy Chief Executive Officer (CEO) of the Ghana EXIM Bank, Nana Ama Poku disclosed this to the media on Friday, July 27, 2018 after a delegation from the bank called on the Okyenhene, Osagyefuo Amotia Ofori Panin.
The delegation earlier visited the Asantehene, Otumfuo Osei Tutu II.
The visits to the two prominent traditional rulers were aimed at informing them about their activities and seeking their advice on how to develop in future.
According to Ms. Ama Poku, the Ghana EXIM Bank is supporting the government on three key objectives, adding that “for every project we support, we look at employment generation.”
“So we know that Ghana is now riddled with unemployment, so if any project is not able to show the exact number of people that will be employed, that project is not supported by the bank.”
“Secondly, we look at foreign exchange generation. In this case, the bank is supposed to boost exports, so we look at the potential exports revenue.”
According to her, value addition would come with the industrialization initiative.
She indicated that “we have looked at the import substitution by way of poultry production. Currently, only five percent of poultry consumption in the country is local. 95 percent of what you consume is imported.
“So the bank is supporting the local poultry manufacturers or processors.”
Ms. Ama Poku explained that “we have also done avocado processing; that’s the next cash cow for the country.”
She stated that the bank was considering cultivating 5,000 acres of avocado in the Eastern Region, saying “in Ghana no one has that in commercial quantities.”
A total of eight domestic pharmaceutical, including Ernest Chemists, Tobinco Pharmaceuticals, have enjoyed the bank’s support to boost their production.
She disclosed that the bank has made substantial investments in two cashew projects, as well as fruit processing.
The next batch of credit, according to her, would focus on the production of vegetables on large scale to help control inflation and exchange rate fluctuation.
Ghana Must Change
The Okyenhene urged the bank and the country in general to take the cultivation of cassava and avocado seriously.
The revered traditional ruler bemoaned the fact the country imports 90 percent of poultry, saying the trend must stop.
CEO of Ghana Eximbank, Lawrence Agyinsam, said the bank shall continue to support the development of Ghana’s exports to make the country more competitive on the international market.
He also explained that the EXIM Bank shall invest in domestic production of raw materials to feed the country’s industries, adding that EXIM Bank, which currently has five branches, is considering opening a new branch in the Eastern Region.
The Ghana EXIM Bank was established by the previous Mahama administration in 2016 through an Act 911.
Three governmental agencies namely, Export Trade, Agricultural and Industrial Development Fund (EDAIF), Export Finance Company (EFC) and Exim Guaranty Company Limited were merged to form the Ghana EXIM Bank.
The bank is currently the principal export finance institution of the government.
Members of the board and management, as well as the Deputy Minister of Trade and Industry, Robert Ahomka-Lindsay, were part of the delegation that visited Okyenhene.
BY Melvin Tarlue & Will Tierney