Lawrence Agyinsam
PRESIDENT AKUFO-Addo has hailed the CEO of Ghana Export and Import (GEXIM) Bank, Lawrence Agyinsam and other members of his management for their respective roles in building and supporting industries to strive in the country.
The acknowledgement comes in the wake of credit support that GEXIM bank has extended to over 100 startups and ailing companies to expand and employ more youth in the country.
Mr. Agyinsam, under his watch, supported the establishment of many ‘1D1F’ companies and has helped to revamp companies that have been abandoned for so many years.
The Alliance for Development and Industrialization (ADI) believes the country can establish more companies if a strong synergy is created between the GEXIM bank and financial institutions to deepen their credit support to the private sector.
According to the convener of the think tank, Elikem Agbenyegah, “this support would bring continuity by partnering other financial institutions…if there is risk associated with the startup phase, that can be handled by GEXIM then the banks can continue with the other phases.”
“We can only sustain our industrialization drive if the banks do away with their lay back attitude. The Bank of Ghana must instruct the banks to give 50 per cent of depositors funds as loans to the private sector to augment the support from GEXIM as it is been done by Nigerians. If we fail to implement this caveat, we are killing ourselves and crippling the economy. We need the support from our banks or else whatever GEXIM has put together now will go down the drain,” he said, adding that the banks must cut down on buying government instruments and lend to the private sector which is the engine of growth.
Sectors that have received financial support from GEXIM Bank include the pharmaceutical, poultry, shea, creative arts, garments, pineapple, cassava, avocado, orange, sweet potatoes, mango, cocoa products and oil palm.
Some of the factories that have been completed include Ekumfi Fruits and Juices Factory, Amantin Cassava Processing Starch Factory, Casa de Ropa, Akro Poultry Farm, Juaben Oil Mills and Green Houses at the Kwame Nkrumah University of Science and Technology and University of Cape Coast among many others.
GEXIM’s mandate is to enhance export revenue generation, improve import-substitution, add value and create employment in the country.
A business desk report