US Exim Bank Grants $300m To 1D1F

Ken Ofori-Atta, Stephanie Sullivan (4th from left) in a pose photograph with other dignitaries

Government has signed a $300 million cooperation framework agreement with the United States of America to support the One District, One Factory (1D1F) programme.

The agreement, which was signed between the Export-Import Bank of the United States (EXIM) and the Ghana Export-Import Bank (GEXIM), will finance the export of US-produced equipment and services for government’s 1D1F programme to promote industrial development and establishment of small-scale industries in each of Ghana’s administrative districts.

The ceremony, which took place at the Export Trade House in Accra, was attended by the Minister of Finance, Ken Ofori-Atta; Deputy Minister of Trade and Industries, Ahomka Lindsay; Chief Executive Officer (CEO) of GEXIM, Lawrence Agyinsam; Board Chairman of GEXIM, Kwadwo Boateng Genfi; among others.

From the US side were Stephanie Sanders Sullivan, US Ambassador to Ghana; Bonnie Cybulko, Vice President, Industry Division of EXIM and other individuals.

Board Chairman of GEXIM Kwadwo Boateng Genfi stated that the signing of the cooperation agreement was the crystallization of serious business discussions which had taken place for the past one year between the two institutions.

The discussions, he said, focused on how GEXIM could leverage on the vast experience and instructional capacity of the EXIM US.

He disclosed that the projects earmarked under the 1D1F would receive the needed support under the agreement and expressed hope that the agreement would put private sector players in the position “to create the needed jobs, increase exports and help industrialize our rural economy.”

He gave an assurance that due diligence would be carried out in the selection of clients to ensure that government achieves “value for money” in the whole process.

Ms Sullivan remarked that one of her topmost priorities as ambassador is to increase trade and investment and deepen the commercial relationship between Ghana and United States.

“For many Ghanaian businesses and entrepreneurs, it’s difficult to obtain credit at affordable rates and with realistic repayment terms so they can expand their businesses.

“This collaboration between our respective Export-Import banks creates a welcome opportunity for companies to adopt cutting-edge US technologies and equipment and to finance them at competitive rates,” she added.

By Nii Adjei Mensahfio