Since the inception of the African Continental Free Trade Agreement (AfCFTA) in 2018, Bank of Africa Ghana has made deliberate efforts to drive the AfCFTA agenda of accelerating intra-African Trade and boosting Africa’s trading position in the global market.
The Bank’s strategic intent labelled as The Trade Bank of Africa, which is reinforced by its presence in over 20 countries in Africa, makes it a trustworthy partner for all Cross Border Trade Businesses, especially those along the Francophone West African Corridor or WAEMU region and the Moroccan Corridor.
The Bank has created an avenue for customers to comfortably and confidently transact with trade partners by using its presence and relationship with its sister Banks in the other African countries with BANK OF AFRICA presence as a guarantee. This, coupled with its deep knowledge and understanding of the nature of business of its customers, position BOA Ghana as the Trade Bank of choice.
Generic Trade services such as letters of credit, documentary bills for collection and specialized services like discounting of avalised bills among many others contributed to the Bank being adjudged the Trade Finance Bank of the year in 2021.
In the SME space, the Bank acknowledges the difficulties most SMEs face in raising adequate and affordable credit to be able to produce and take advantage of the AfCFTA. To this end, BANK OF AFRICA has taken deliberate steps to bridge this gap through its flagship product; the SME Support Facility (SSF) targeted at SMEs in the informal sector. Beneficiaries of this product enjoy capital injection from the bank without providing collaterals or audited financials. This product is assisting most of the SME customers upscale their enterprises into large local Corporates who are now able to increase and diversify production, giving them a competitive advantage in the global market and also creating more job opportunities for the youth.
With an array of digital solutions, BANK OF AFRICA, and its sister banks, offer payment & settlement platforms that digitalize trade cash flows among partners.
As the 2021 Trade Finance Bank of the year, Bank of Africa is available to provide strategic business and operational support to businesses to assist them capitalize on the benefits of the African Continental Free Trade Agreement.
