Akufo-Addo praises GEXIM Bank’s leadership | Characteristics

Chairman Nana Addo Dankwa Akufo Addo praised Ghana Exim Bank CEO Lawrence Agyinsam and leadership for their respective roles in building and supporting industries to fight in the country.

The recognition comes as a result of the credit support that the GEXIM bank has extended to more than 100 emerging companies and in difficulties to expand and employ more young people in the country.

Lawrence Agyinsam, under his supervision, supported the establishment of many 1D1F companies and helped renovate companies that have been abandoned for so many years.

The private sector has regarded Lawrence Agyinsam as the driving force behind 1D1F, which is the government’s flagship program upon taking office in 2017.

But the Alliance for Development and Industrialization (ADI) believes that 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.

According to the coordinator of the expert group, Elikem Agbnyegah, this support would provide continuity by partnering with other financial institutions. . . If there is risk associated with the start-up phase, which can be handled by GEXIM, banks can continue with the other phases.

“We can only maintain our industrialization momentum if the banks end their lax attitude. The Bank of Ghana should instruct banks to make 50 percent of depositors’ funds as loans to the private sector to increase support for GEXIM as our peers such as Nigerians have done.

“If we don’t implement this warning, we are killing ourselves and paralyzing the economy. We need the support of our banks or else whatever GEXIM has put together now would go down the drain,” he said, adding that banks must reduce the purchase of government instruments and lend to the private sector, which is the engine of growth.

Sectors that have received financial support from the Export-Import Bank of Ghana include Pharmaceuticals, Poultry, Shea, Creative Arts, Apparel, Pineapple, Cassava, Avocado, Fresh Orange Sweet Potatoes, Mango, Cocoa Products, and Oil Palm .

Some of the factories that have been completed include Ekumfi Fruits and Juices Factory, Amantin Cassava ProcessingStarch 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, among much others.

GEXIM’s mandate is to improve the generation of income from exports, improve import substitution, add value and create employment in the country.