African Export-Import Bank reiterates commitment to Ghana’s economy

Dr Benedict Oramah, President Designate of the African Export-Import Bank (Afrexim-bank), has reiterated the bank’s commitment to supporting the Ghanaian economy.

“As at October 2014, Ghana was the sixth largest beneficiary of the Bank’s funding programmes,” he said.

Dr.Oramah gave the assurance when he visited the country as part of his duty tour and said the bank had approved unding totaling about $2 billion to the Ghanaian government, corporates and financial institutions since 1993, with annual approvals increasing from $6.5 million in 1994 to $280 million in 2014.

He noted that the bank’s support had been mainly directed toward the energy sector, the financial sector, the agro-processing and industrial development sectors and to the promotion of higher local value-added in Ghana’s extractive industries.

The credit facilities provided by the Bank included a $150 million loan facility to the Volta River Authority to support capacity expansion and refurbishment activities and a further $300 million facility under negotiation,$70 million to a Ghanaian company to enable it offer mining and engineering services to international mining companies, $100 million to the Bank of Ghana to address short-term liquidity challenges; and $70 million to two Ghanaian-owned cocoa processing companies.

Dr. Oramah announced that Afreximbank was considering a framework to scale up its interventions in the Ghanaian economy in recognition of the opportunities offered by the relatively stable socio-political and economic environment.

“The package shall include foreign exchange liquidity support to facilitate essential imports and deal with the transitory challenges as well as term funding to strategic sectors towards the realization of the country’s long-term development agenda,” he explained.

Dr. Oramah was accompanied on the visit by Kofi Adomakoh, Director of Afreximbank’s Project and Export Development Finance Department and Joy Albright of the Legal Department.

As part of his visit Dr. Oramah also paid a courtesy call on President John Dramani Mahama.

By David Adadevoh

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