Ecobank is strategically positioning itself to become the preferred financial partner for businesses engaged in international trade, particularly exports.
This focus was evident at a recent Ecobank Export Forum, where Abena Osei-Poku, Ecobank’s Managing Director, highlighted the export sector’s critical role in the country’s economic well-being.
“The export sector has been the backbone of our economy,” Mrs. Osei-Poku emphasised, acknowledging its contribution to the country’s prosperity, stability and security.
The forum served as a platform to discuss solutions that would empower export businesses and equip them to seize opportunities presented by initiatives like the African Continental Free Trade Area (AfCFTA).
Despite the export sector’s potential, domestic exporters – both traditional and non-traditional – grapple with various challenges.
Limited access to finance hindering their ability to scale up production, inadequate collateral and stringent international trade restrictions are some of the roadblocks they encounter.
Limited access to innovative technology further restricts their growth potential. However, domestic businesses have continued to persevere.
“Our export businesses in Ghana continue to work with determination and perseverance to make positive impact on the national economy,” said Mrs. Osei-Poku.
Ghana’s export revenue reached US$20billion in 2022, with the United Arab Emirates, Switzerland, the United States, India and China being the primary destinations. Notably, most of this trade occurred outside the African continent.
The bank pledged to support domestic exporters by offering a comprehensive suite of products, services and technology platforms.
The Ecobank Single Market Trade Hub stands out as a game-changer. This unique platform connects businesses across Africa, creating a vast marketplace of over 1.4 billion people.
“That is one single platform which gives your business endless opportunities,” Mrs. Osei-Poku remarked, urging exporters to leverage the hub’s potential.
Ecobank Ghana’s commitment, she added, extends to continuously tailoring its services to meet the evolving needs of exporters.
The global trade landscape, particularly the export sector, is undergoing significant shifts, the Ecobank MD stressed.
She noted that her outfit recognises this and is determined to partner with Ghanaian exporters to expand their operations across Africa. The bank’s strategic positioning aligns perfectly with the opportunities unlocked by the AfCFTA.
By providing convenient, reliable and accessible trade solutions, Ecobank Ghana aims to become a strategic partner for Ghanaian exporters, propelling them toward continental and global success. The bank’s commitment to fostering mutually beneficial partnerships positions it as a key driver of not only Ghanaian export growth, but also the overall economic development of the continent.
“This is how we can all contribute toward growing our businesses and helping build a better Africa for all,” she added.
