The African Export-Import Bank (AFREXIMBANK) says it is ready to capitalise the proposed Ghana Exim Bank with one billion dollars when it is established.
“Funding is not a problem to AFREXIMBANK. We are not limited as to the amount of support we can provide to Ghana Exim Bank, because we have a number of partners we can pull resources from,” the President Elect of AFREXIM-BANK, Dr. Okey Oramah told Times Business in Accra on Friday.
Speaking shortly after a meeting with the Minister of Finance, Mr. Seth Terkper as part of the AFREXIMBANK Ghana Country Programme he said AFREXIM-BANK, for the past two years had supported the Ghanaian economy with more than $2 billion.
Dr. Oramah said the outfit would provide financial, advisory services and guarantee to the country when the government set up the Ghana Exim Bank.
Touching on the Country Programme, he said it was meant to assist member countries of AFREXIMBANK to deal with “a number of issues facing them”.
Dr. Oramah mentioned some of them as infrastructure, energy and raw materials for the manufacturing sector.
The President elect said the Country Programme provided opportunity for the regional bank to align its programme with that of the Ghanaian government in order to accelerate the development programmes of the country.
Dr. Oramah said the country’s quest to build an export-led economy would require improved infrastructure and reliable power and raw materials for manufacturers and players in the export sector.
Consequently, he said the AFREXIMBANK would soon engage in discussions with COCOBOD on long term funding to the Board to improve road infrastructural projects in the cocoa growing areas and provision of cocoa beans for players in the manufacturing sector.
Dr. Oramah said Exim Bank was a policy bank and was meant to support Ghana’s effort to become an export-led economy.
He said the bank would support companies to venture into value-adding to boost the country’s exports.
“The Ghana Exim Bank will assist exporters to access new market and also build their capacity to address the challenges facing them in accessing the markets in the sub-region,” Dr. Oramah said.
The government in the 2015 budget expressed its intention to set up Ghana Exim Bank to provide resources to players in the exports sector to increase their exports.
Consequently, an Exim Bank Bill had been developed and a Special Task force, which would do all the feasibility studies for the establishment of the bank, has been inaugurated by the President, John Dramani Mahama.
By Kingsley Asare