Accra, 16th August, 2021 - Minister for Finance, Ken Ofori-Atta has charged the newly inaugurated Board of Ghana EXIM Bank to take strategic steps to drive the country’s export expansion agenda.
He stated that the government expected the USD 7.4 billion contraction that the nation experienced in the first half of 2020, to be reversed by outward expansion plans and strategic actions.
“Your appointments to the Ghana EXIM Board at this time is part of a well thought out plan to resource this institution with a dedicated and committed Board, whose actions would be reflective of the President’s vision and passion for the industrial transformation of this country, and the realization of “Sustained Economic Growth, Job Creation, Inclusive Prosperity for all and a Ghana Beyond Aid”.
This was in a speech read on his behalf by the Minister of State at the Ministry of Finance, Hon. Charles Adu Boahen during the swearing in of eight-member board of the Ghana EXIM Bank.
He added that, over the last four years, Ghana EXIM bank had created a niche for itself as the primary financing institution for the President’s Accelerated Industrialization Programme such as One-District-One-Factory, (1D1F) and approved a total of GHS2.1 Billion in loan facilities for 122 projects between March 2017 and December 2020.
The Ministry of Finance, the Minister noted expects the Ghana Exim Bank to identify Ghanaian manufacturers with the potential to export; develop strategies to attract them and assist manufacturers with long term financing support specifically for export markets; and thereby boosting Ghana’s export base and foreign exchange earning capacity.
“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”, Ken Ofori-Atta noted.
He urged them to put in their best in pursuing the mandate of Ghana EXIM Bank and also justify the confidence the President has reposed in them.
On his part, the Chairman of the Board of the Bank, Mr. Kwadwo Boateng Genfi, after expressing the Board’s heartfelt gratitude to the President of the Republic for the honor done them added that, it was their aim to make the institution one of the main driving forces behind the development of the Ghanaian economy in line with the President’s industrial transformation agenda.
“We owe the President of the Republic Nana Addo Dankwa Akufo-Addo and the people of Ghana a great debt of responsibility as we take office today and I am proud to say that with such an array of knowledgeable and experienced people bringing their various expertise to the Board, we shall definitely ensure that we live up to expectation and ensure success with passion and humility”, Mr. Boateng Genfi stressed.
He disclosed that, the Board was mindful of the Bank’s objectives as stated in Ghana Export-Import Bank Act 2016 (Act 911) to the effect that it supports and develops directly or indirectly trade between Ghana and other countries and build Ghana’s capacity and competitiveness in the international market place.
“As the leading financial institution supporting the government’s 1D1F Initiative, we pledge again under our leadership to ensure that all GEXIM-funded projects will be fully completed for these projects to play their expected roles in the industrialization drive as envisioned by His Excellency, the President”, the Board Chairman stated.
Other members of the board included Mr. Lawrence Agyirisam, Hon.Michael Okyere Baafi, Mrs. Elsie Addo Awadzi, Dr. Afua Asabea Asare, Nana (Sammy) Osei-Bonsu, Mr. Peter Kwame Abebrese and Mad. Catherine Kakra Quaidoo. END