President Nana Addo Dankwa Akufo-Addo has hailed the CEO of Ghana Exim Bank, Lawrence Agyinsamm and its leadership for their respective roles in building and supporting industries to progress in the country.
The acknowledgement comes in the wake of credit support that GEXIM bank has extended to over 100 startups and ailing companies to expand and employ more youth in the country.
Under Lawrence Agyinsam’s watch support has been given for the establishment of many 1D1F companies, and also to help revamp companies which had been abandoned for many years.
The private sector has considered him as the driver of 1D1F – which is the government’s flagship programme – upon assumption of office in 2017.
But the Alliance for Development and Industrialisation (ADI) believes the country can establish more companies if a strong synergy is created between the GEXIM bank and financial institutions to deepen their credit support for the private sector.
According to the Convener of the think-tank, Elikem Agbnyegah, this support would bring continuity by partnering other financial institutions…if there is risk associated with the start-up phase it can be handled by GEXIM, then the banks can continue with other phases.
“We can only sustain our industrialisation drive if banks do away with their laid back attitude. The Bank of Ghana must instruct banks to give 50 percent of depositors’ funds as loans for the private sector to augment the support from GEXIM, as is being done by our peers like the Nigerians
“If we fail to implement this caveat, we are killing ourselves as well as crippling the economy. We need the support from our banks, or else whatever GEXIM has put together now will go down the drain,” he said, adding that banks must cut down on buying government instruments and lend to the private sector – which is the engine of growth.
Sectors that have received financial support from Ghana Export-Import Bank include Pharmaceutical, Poultry, Shea, Creative Arts, Garments, Pineapple, Cassava, Avocado, Orange fresh sweet potatoes, Mango, Cocoa products and Oil Palm.
Some of the factories that have been completed include Ekumfi Fruits and Juices Factory, Amantin Cassava Processing Starch Factory, Casa de Ropa, Akro Poultry Farm, Juaben Oil Mills, and Green Houses at the Kwame Nkrumah University of Science and Technology, University of Cape Coast, among many others.
GEXIM’s mandate is to enhance export revenue generation, improve import-substitution, add value, and create employment in the country.