The National Investment Bank (NIB) is to set up an Export Facilitation Desk to assist export trade financing. This is driven by the Bank’s desire to boost export trade in the country.
The MD/CEO of the bank, John Kweku Asamoah, announced this at the Exporters’ Breakfast Forum in Accra on Tuesday August 23, 2016.
The Forum was organized by (NIB in collaboration with Ghana Export Promotion Authority (GEPA).
The aim was to identify and discuss challenges facing non-traditional exporters.
Mr. Asamoah said, the decision of NIB, to venture into the export sector is due to the potential the sector has in improving economic growth and development of the country.
He assured Exporters of the bank’s resourcefulness to meet their demands. He added that NIB has the capability, due to diversified market target handled by the bank. The MD of NIB further assured that the bank’s branch network expansion across the country will better serve Exporters needs.
The Director of Export Trade at the Ministry of Trade and Industry, Gerald Nyarko Mensah, who delivered a speech on behalf of the sector Minister, commended NIB, for taken the lead to show interest in promoting export trade.
He said, the bank plays a significant role in export trade, with investment of over €20 million in pineapple, oil palm, rubber and other non-traditional exports. This he said is in tune with the ministry’s mission to contribute at least 5 billion US Dollars in revenue to the Nation by 2020.
He added that the five years strategy of the ministry, would provide the needed impact on non-traditional Exports. He confirmed that the structures to enable commencement of implementation have already been put in place.
Mr Nyarko Mensah, charged banks to complement efforts of the government, by devising new lending strategies to support export-oriented businesses.
According to him, this can be done by making funding more accessible at interest rates less burdensome on export business.
The CEO of GEPA, Mr. James Tiigah, challenged exporters to adopt best practices by ensuring timely and accurate record keeping. He said eleven (11) companies in non-traditional exports earned between 50 to 222 million US Dollars in 2014, while twenty-six (26) others earned between 10 to 46 million US Dollars in 2015.
He was, therefore confident the sector will make giant strides in the foreseeable future if given the needed support.
The Board Chairman of GEPA, Mr. Kobina Ade-Coker, said NIB, has the track record and expertise to help exporters and therefore encouraged them to open accounts with NIB. He also urged NIB to be flexible in giving loans to exporters.
Participants at the forum shared their experiences and challenges, these challenges were addressed by invited resource personsfrom NIB, GEPA and Ghana Revenue Authority (GRA).
Also present at the forum were; Dr. Kofi Mbiah, Chief Executive of Ghana Shippers’ Authority and Dr. George Crentsil, Executive Director of Ghana Standard Authority who contributed to addressing some questions from exporters.