Ghana to establish Exim bank to drive economic growth

Ghana will establish an Export-Import (EXIM) Bank as part of efforts to transform the economy.

The Minister for Finance, Mr  Seth Terkper, announced this Wednesday when he presented the 2015 budget and economic statement to Parliament.

 “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,” Mr Terkper told the House.

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

The Minister said cabinet had already accepted that 50 percent of EDAIF funds should be used to set up the bank, stressing:  “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,” he added.