Business News GHANA EXIMBANK PROMOTES INDUSTRIAL GROWTH TO ENHANCE LIVELIHOOD By admin Posted on September 11, 2020 8 min read 0 0 46 Share on Facebook Share on Twitter Share on Google+ Share on Reddit Share on Pinterest Share on Linkedin Share on Tumblr BY Adu Koranteng Ghana Eximbank Line of Credit has impacted sectors as diverse as pharmaceuticals, Poultry, shea, creative Arts, Garments, Pineapple, Cassava, Avocado Orange, Fresh Sweet Potatoes, Mango Cocoa products and oil palm among others. The Ghana Export-Import Bank (GEXIM) was established by the Ghana Export-Import Bank Act 2016 (Act 911) to support government’s quest for a feasible and sustainable export led economy. It has a long term vision to become a strong financial institution that will be a key engine in the development of Ghana’s export trade, facilitate cross border trade and make Ghana a pillar in regional and continental trade Some of the factories that have been completed include Amanti Cassava Starch Processing Factory, Casa de Ropa, Akro Poultry Farm, Juaben Oil Mills, Green Houses in KNUST, CUC, amongst many others. The Bank has supported Casa De Ropa with a total amount ¢GH 14,400,000 out of which GH¢11,800,000 has been disbursed whilst Ekumfi Fruit and Juices Factory received almost GH¢60million. GEXIM also engages in Pre-shipment Credit , Post-shipment Credit, Contingent Liabilities Finance, Cross, Export Research As part of its operations, GEXIM has begun a nation-wide Campaign dubbed Made-In-Ghana 4P to encourage Ghanaians to support the growth and development of indigenous businesses. The bank’s mission is to facilitate the transformation of Ghana’s economy into an export-led one by supporting and developing trade between Ghana and other countries and also building Ghana’s capacity and competitiveness in the international marketplace. For the past three and half years, GEXIM has been the main financial institution driving the realization of the 1D1F Special Initiative aimed at the socio-economic development of the country. Part of the GEXIM’s mandate is to assist in the promotion of locally produced goods and services to enhance export revenue generation, improve import-substitution, add value, and create employment in the country. It is against this backdrop that this campaign was launched. The aim is to encourage Ghanaians to support made in Ghana products and make local industries competitive. The campaign is focusing on four thematic areas to make up the 4Ps: PRODUCE – PROMOTE – PURCHASE – PROSPER PRODUCE: To encourage entrepreneurship amongst the citizenry by investing in the production of local goods and services. PROMOTE: To encourage businesses in local production to promote their products and services for both local and foreign consumption. PURCHASE: To encourage Ghanaians to choose local over foreign goods, help local businesses grow, provide opportunities, and reduce the dependency on imported goods. The more Ghanaians patronize locally produced goods and services, the more businesses will grow and provide opportunities for others, which in effect will put the country on track to becoming self-sufficient and relying less on imports. PROSPER: To sensitize Ghanaians that as a nation, if we invest in local production, promote our products and purchase our own goods and services, the economy will grow, which ultimately make the nation Prosper. As part of the campaign and in tandem with GEXIM’s support for the Creative Industry, the Bank has contracted Brand Ambassadors and Influencers who have shown prowess in their respective fields and have interest in this campaign to help push the Made in Ghana agenda. The establishment of the GH¢10 million shea processing centres by Ghana Exim Bank in four districts in northern Ghana will impact the lives of many women. Areas like Wa, Walewale, Gushegu and the Kasena Nankana districts in the Upper West, North East, Northern and Upper West regions, will benefit from the project. About 1,600 rural women in the four districts, comprising shea nut collectors, processors and cosmetic producers, are expected to benefit from these projects. Early this year Stakeholders consisting of players in the private sector, policy makers and representatives from government agencies in the small and medium-sized enterprises (SMEs) adjudged “Tuesday Market” by the Ghana Export-Import Bank (GEXIM) as the best SME Development Initiative. They Commended GEXIM for using the “Tuesday Market” platform to create awareness for Made-In-Ghana products and harnessing their potential for exports. The “Tuesday Market” project is positioned to showcase these businesses, celebrate innovation and also serve as a revenue generation platform. The Tuesday Market is a novelty from GEXIM Bank to showcase the SMEs we are financing. For Ghana to become an export led economy, then we think the SMEs hold the future of the country. The successes and achievements are being chalked under the able leadership of Lawrence Agyinsam, Chief Executive Officer of the Ghana Export Import Bank.