Ghana EXIM Bank kicks off
The EXIM Bank will mobilise capital to support export oriented enterprisesAfter a 2-year preparatory work which led to
the merger of three institutions (Export Trade, Agricultural and Industrial Development Fund (EDAIF), the Export Finance Company Limited (EFCL) and the Eximguaranty Company Limited (ECL)), the Ghana Export-Import Bank has been launched in Accra last Wednesday. With the mandate to stimulate economic growth through trade and investment credits, expert advice and grants for export-import businesses, Ghana EXIM will mobilize capital which will be instrumental in supporting private and state-owned export businesses. The Finance Minister, Mr Seth Terkper who represented the Ghanaian President at the opening of the bank stated that, "the Ghana EXIM Bank is indispensable to the transformation agenda for the ensuing years and will help in consolidating several of the gains that we have been making on the macroeconomic front. It will support and develop, directly or indirectly, trade between Ghana and other countries, and Ghana's capacity and competitiveness in the global marketplace." Export is a major revenue source for Ghana. In Q2 of 2016, Ghana's export increased to $2 525.50 million from $2 514.80 in Q1 of 2016. Exports in Ghana reached an all-time high of $4 118.30 in 2016 from an average of $1 922.34 from 2013. The bank will operate as a commercial institution with collaboration with relevant bodies.