[ 2014-11-20 ]

Ghana to set up EXIM Bank to drive export-led economy
The Government of Ghana is planning on setting up
an Export-Import (EXIM) Bank towards transforming
the country’s economy.

Finance Minister Seth Terkper announced the plan
in Parliament Wednesday when presented the 2015
budget and economic statement to the House.

“Mr. Speaker, the transformation agenda, which
has been articulated by His Excellency the
President clearly indicates the need to transform
our economy into an export oriented economy.

“It is necessary to adopt policies that tilt our
economy predominantly towards exports. To achieve
the desired transformation, Cabinet has approved
the creation of a Ghana Export-Import Bank to lead
in the strategic positioning of Ghana as an
export-led economy,” he explained.

The establishment of the EXIM Bank, Terkper said,
“will also enable us to take advantage of
international trade initiatives such as African
Growth and Opportunity Act (AGOA), and Economic
Partnership Agreement (EPA).”

He said: “The Cabinet approval includes the use
of 50 percent of EDAIF funds to set up the
bank.”

“Ghana Exim will be a vehicle for the
consolidation of the current export finance
activities of the EDAIF, Eximguaranty Company and
Export Finance Company.

“In this regard, Cabinet also approved the
setting up of a Presidential Committee to
implement the establishment of the Ghana EXIM
Bank.”

The Minister said as part of the export-led
development strategy, “to boost foreign exchange
earnings, in 2015 and in the medium term,
government will facilitate the expansion of
non-traditional exports from about US$2.3 billion
to US$5 billion.”

At the same time, the country will reduce its
reliance on “primary products, especially gold
and cocoa and in recent times oil as the main
export commodities.”

“The strategy will be to take advantage of the
purchasing power of consumers in the ECOWAS, BRICS
and other markets,” he said.

Also as part of the expanded export-led
development strategy, Terkper said “government
will intensify the campaign to promote
made-in-Ghana goods and services.”

Source - Starrfmonline

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