Home Business GEXIM To Register US5billion Earnings From Export In 5yrs. -MD

GEXIM To Register US5billion Earnings From Export In 5yrs. -MD

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By Adu Koranteng

THE Ghana Export-Import (GEXIM) Bank has revealed that the five-year strategy put in place to meet global standards would enable it register five billion dollars worth of earnings from exports in the next five years.

Chief Executive Officer (CEO) of the Bank, Lawrence Agyinsaim, made this known at a media encounter with executives of the Private Newspapers Association of Ghana (PRINPAG), last week. He said his organization’s objective was to massively promote the country’s private sector towards greater efficiency.

“Government now wants us to branch into financing non-traditional exports (NTEs) for Ghana to become an export-led economy, from a country that is known for exporting raw materials for many years” Mr Agyinsaim stated.

He also spelt out some 10 key focal areas that GEXIM was investing into to build a robust export sector for Ghana. These included the poultry, pharmaceuticals, cassava, shea butter, garments, pineapples, mangoes, creative arts and palm oil.

He said each of these 10 areas required at least US$50 million to be able to achieve its set objectives.

In pursuit of these and other objectives, the GEXIM Bank CEO said his outfit signed a US$100 million facility in the UK in January this year.

A few of the 84 projects being pursued by GEXIM Bank include Ekumfi Fruit Juices Ltd, Juaben Oil Mills, Atlantics Lifesciences Ltd at Ningo, Dannex Ltd in Greater Accra, Asikess Ventures Ltd at Begoro, Wontumi Farms at Ashanti Mampong, Casa de Ropa at Bewadze, Ernest Chemists at Klagon, near Accra, Akwapem Gold Agro-processing, Caltech Ventures and Rhovanni Royal Ltd.

He added that most loans that GEXIM Bank gave were long term with a moratorium.

Commenting on some opportunities that the novel coronavirus pandemic has brought in its wake, he said that had taught Ghana to be self-reliant and become emboldened to venture into areas that hitherto were not given consideration by business leaders.

Mr Agyinsaim said GEXIM Bank looked to big ticket transactions in future especially when the Covid-19 pandemic subsided.

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