NIB moves to boost non-traditional export trade

The National Investment Bank (NIB) is to set up an export facilitation desk to assist export trade financing.

The MD/CEO of the bank, Mr. John Kweku Asamoah, who announced this at the Exporters’ Breakfast Forum in Accra said the move was driven by the bank’s desire to boost export trade in the country.

The forum organised by NIB in collaboration with the Ghana Export Promotion Authority (GEPA) was aimed at identifying and discussing challenges facing non-traditional exporters.

Mr. Asamoah said, the decision of NIB to venture into the export sector was due to the potential the sector had in improving economic growth and development of the country.

He assured exporters of the bank’s resourcefulness to meet their demands adding that “NIB has the capability, due to diversified market target handled by the bank”.

The Director of Export Trade at the Ministry of Trade and Industry, Gerald Nyarko Mensah, who delivered a speech on behalf of the sector minister, commended NIB for taking the lead to show interest in promoting export trade.

He said the bank played a significant role in export trade, with investment of over €20 million in pineapple, oil palm, rubber and other non-traditional exports.

This he said was in tune with the ministry’s mission to contribute at least 5 billion US Dollars in revenue to the nation by 2020.

He added that the five years strategy of the ministry, would provide the needed impact on non-traditional exports.

He confirmed that the structures to enable the commencement of implementation have already been put in place.

Mr. Nyarko Mensah, urged banks to complement efforts of the government by devising new lending strategies to support export-oriented businesses.

According to Mr Nyarko Mensah, this could be done by making funding more accessible at interest rates less burdensome on export business.

The CEO of GEPA, Mr. James Tiigah challenged exporters to adopt best practices by ensuring timely and accurate record keeping.

He said eleven companies in non-traditional exports earned between $50 to 222 million in 2014, while 26 others earned between $ 10 to 46 million in 2015.

He was therefore, confident the sector would make giant strides in the foreseeable future if given the needed support.

By Times Reporter

 

 

 

 

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