NIB Assists Non-Traditional Export Trade

John Kweku Asamoah – MD NIB

The National Investment Bank (NIB) is to set up an Export Facilitation Desk to support export trade financing to boost export trade in the country.

Managing Director (MD) 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).

It was aimed at identifying and discussing challenges facing non-traditional exporters.

Mr. Asamoah said the decision of NIB to venture into the export sector was informed by the potential of the sector in improving economic growth and development of the country.

He assured exporters of the bank’s resourcefulness to meet their needs.

The MD added that NIB has the capability due to diversified market target handled by the bank.

Mr Asamoah further noted that the bank’s branch network expansion across the country will better serve exporters’ needs.

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 in showing interest in the promotion of 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, according to him, is in tune with the ministry’s mission to contribute at least $5 billion in revenue to the nation by 2020.

CEO of GEPA, James Tiigah, tasked exporters to adopt best practices by ensuring timely and accurate record keeping.

He said 11 companies in non-traditional exports earned between 50 and $222 million in 2014, while 26 others earned between $10 and $46 million in 2015.

Board Chairman of GEPA, 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.

Other attendees were Dr. Kofi Mbiah, Chief Executive of Ghana Shippers’ Authority and Dr. George Crentsil, Executive Director of Ghana Standard Authority, who helped to answer some questions posed by exporters.

 A business desk report

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