Business News of Wednesday, 2 August 2017
An astute businessman, Kwadwo Boateng Genfi has been named as the Board Chairman of Ghana’s Exim bank.
He is among eight others on the board.
Speaking at the inauguration of Board on Tuesday the Deputy Finance Minister, Kweku Kwarteng charged them to pursue pragmatic policies and programs to boost Ghana’s competitiveness on the international market.
He also admonished the bank to help Ghana become an export-led economy.
The Exim Bank is among others expected to support local producers with the necessary financial and technical expertise to position them to compete favourably with foreign companies.
“The Ghana Export-Import Bank was set up by an Act of Parliament. Act 911, 2016 to: Support and develop directly or indirectly trade between Ghana and other countries and build Ghana’s capacity and competitiveness in the international market-place. In order to operationalize and implement its core mandate, a competent Board has been constituted to provide broad policy framework and guidelines for the effective and efficient management of the Bank,” Kwaku Kwarteng said.
According to him, the focus of the bank should also be geared at assisting Small and Medium Businesses to expand their production levels to meet both local and foreign demand.
“Explicitly, the President is charging this Board and the Bank to specifically focus on the non-traditional export products such as poultry, cassava, cashew, oil palm and pharmaceuticals which have the potential to facilitate our export trade and enhance socio-economic development. His Excellency therefore expects this Board to come out with prudent policies and programs that will ensure that the exporters are well resourced; be it financing exportable products and services so that the nation can reap an appreciable Foreign Exchange from the sector.”
The Deputy Minister is also optimistic the move should help government attain its targets under the top priority areas such as the one factory one district policy as well as the planting for food and jobs program.
“As you may be aware, the vision of President Nana Addo Dankwa Akufo- Addo is to make Ghana an export- led economy and thereby change the structure of the economy, hence, the President’s Flagship program dubbed: One District-One-Factory….This concept is geared towards providing social economic development at the local level; provide the needed jobs for the rural folks and also stem the rural- urban drift, amongst others,” he noted.
Others members of the Board include; CEO of Eximbank, Mr. Lawrence Agyinsam; Mr. Ofosu A. Tetteh Kujorjie of the Ministry of Finance; Deputy Trade and Industry Minister – Robert Ahomka Lindsay.
The rest are; second Deputy Governor of the Bank of Ghana – Dr. Johnson P. Asiama; Mr. Akilu Sayibu of the Ghana Export and Promotion Authority; Nana Appiagyei Dankawoso I representing Private sector Industry associations.
The remaining members are Mr. Peter Kwame Abrebese (President’s Nominee) as well as Madam Catherine Quaidoo – President’s Nominee.
On behalf of the board, the Chairman, Mr. Genfi, an astute businessman, said they would as a matter of policy explore, maintain and deepen business relationships with other EXIM banks for mutual benefit.
“Mr. Minister, it is significant to inform you that my board will as a matter of policy explore, maintain and deepen business relationship with other Exim Banks including, Indian Exim Bank, Africa Export Import Bank, China Exim Bank to mentioned but a few. We promise to ensure strict corporate governance practices to be embedded in the Bank’s operations and will work closely with the management to deliver on its corporate programs and targets,” he added.