The President, Nana Addo Dankwa Akufo-Addo has hailed the CEO of Ghana Exim Bank, Lawrence Agyinsam, and the leadership for their respective roles in building and supporting industries to strive in the country.
The acknowledgement comes in the wake of credit support that GEXIM bank extended to over 100 start-ups and ailing companies to expand and employ more youth in the country.
Lawrence Agyinsam, under his watch, supported the establishment of many One District One Factory (1D1F) companies and helped to revamp companies that have been abandoned for so many years.
The private sector has considered Lawrence Agyinsam as the driver of 1D1F which is the government’s flagship programme upon assumption into office in 2017.
But the Alliance for Development and Industrialization (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 to the private sector.
“We can only sustain our industrialization drive if the banks do away with their laid back attitude. The Bank of Ghana must instruct the banks to give 50 percent of depositors funds as loans to the private sector to augment the support from GEXIM as has been done by our peers like the Nigerians,“ says the convener of ADI.
“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 the 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 the Pharmaceutical, Poultry, Shea, Creative Arts, Garments, Pineapple, Cassava, Avocado, Orange fresh sweet potatoes, Mango, Cocoa products, and Oil Palm.
Some 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, Green Houses at the Kwame Nkrumah University of Science and Technology, University of Cape Coast, amongst many others.
GEXIM Bank’s mandate is to enhance export revenue generation, improve import-substitution, add value, and create employment in the country.