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 organised 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 taking 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 US$5 billion in revenue to the nation by 2020.
He added that the five-year strategy of the ministry will 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 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 11 companies in non-traditional exports earned between 50 and US$222 million in 2014 while 26 others earned between 10 and US$46 million 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 persons from 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.