Pres inaugurates GIIF Board,

President John  Dramani Mahama in a group photograph with the Task Force members.    Photo. Vincent DzatseA 14-member presidential task force on the establishment of the Ghana Exim Bank was inaugurated at the Flagstaff House yesterday by President John Mahama.

As a quasi-governmental institution, the proposed Ghana Exim Bank will act as an intermediary between government and exporters for export financing.

It will assist the country’s exporters to compete internationally by providing insurance and finance facilities to support their overseas contracts.

The taskforce, chaired by Mr. Van Lare Dosoo, a retired banker and Chairman of Ecobank Ghana, will within three months,  identify international best practices on the establishment and operation of Exim banks, examine options for the governance and legal structures for the Ghana Exim and identify potential sources of funding.

The taskforce is also to examine the impact of the establishment of the Ghana Exim on existing export promotion institutions and how the establishment of the bank will affect the operations of such institutions, and propose transitional arrangements for institutions that are likely to be significantly impacted by the Ghana Exim.

President Mahama said that Ghana had some gaps in the export value chain, resulting in the running of a destabilizing current account deficit, reflected in steep currency depreciation from time to time.

He said the trend continues, despite additional foreign exchange earnings from the petroleum sector.

The President observed that Ghana had become an active target market for several Exim and development banks including US Exim, China Exim, Turkish Exim and Korean Exim.

“I do not want to see Ghana still a loan and import-dependent country by the end of my second term in office in 2021.

In line therefore with the transformational agenda, my vision is to create a Ghana Exim that will consolidate the past efforts and become the key engine of the development of Ghana’s export sector,” President Mahama said.

He reminded the taskforce of the country’s quest to establish a Ghana Exim Bank that would act as a principal export financing institution of the country; supporting and enhancing trade and investment activities, and become the key player of cross-border trade and investment.

President Mahama implored members of the taskforce to work in the interest of Ghana and for a transformed economy.

On behalf of the task force, Mr. Dosoo thanked the President for the confidence reposed in them and pledged to do their utmost best to uplift the economy.

The taskforce has representatives from: Bank of Ghana, Ministry of Trade and Industry, Ministry of Finance, Attorney-General’s Department, Eximguaranty Company, Export Finance Company, Association of Ghana Industries, Export Promotion Authority.

Other institutions represented are: Export Development and Agricultural Investment Fund, Ghana National Chamber of Commerce and Industry, and the Federation

By Samuel Nuamah

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