NIB to assist Non-Traditional Export Trade

By Kwamina Tandoh, GNA 

Accra, Aug. 31, GNA
– 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.

Mr John Kweku
Asamoah, the MD/CEO of the Bank announced this at the Exporters’ Breakfast
Forum in Accra.

The forum was
organised by NIB in collaboration with Ghana Export Promotion Authority (GEPA)
aimed 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.

He gave the
assurance that the bank’s branch network expansion across the country would
better serve Exporters needs.

Mr Gerald Nyarko
Mensah, the Director of Export Trade at the Ministry of Trade and Industry, 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 more than € 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 five billion 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 Mensah charged
banks to complement efforts of government by devising new lending strategies to
support export-oriented businesses.

According to him,
this could be done by making funding more accessible at interest rates less
burdensome on export business.  

Mr James Tiigah the
CEO of GEPA challenged exporters to adopt best practices by ensuring timely and
accurate record keeping.

He said 11
companies in non-traditional exports earned from 50 to 222 million Dollars in
2014, while 26 others earned from 10 to 46 million Dollars in 2015. 

He was therefore
confident the sector would make giant strides in the foreseeable future if
given the needed support.

Mr Kobina
Ade-Coker, the Board Chairman of GEPA 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.

GNA

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