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Wednesday, July 24, 2024

Ghana Seeks $1.7bn AFREXIM Bank Facility

Abena Osei Asare


Ghana aims to secure $1.7 billion in loans and other support from the African Export-Import Bank (AFREXIM) before the end of the year, Minister of State at the Ministry of Finance, Abena Osei Asare, has disclosed.

These funds, according to Ms Asare, will be directed towards programmes supporting Small and Medium-Sized Enterprises (SMEs) and ongoing infrastructure projects in the country.

Speaking with the media on the sidelines of the AFREXIM Annual Meetings and Africaribbean Trade and Investment Forum she noted that the government is exploring innovative ways to support SMEs, and this funding will help address the challenges facing small businesses in the country.

She added, “The President will next month launch the SME Growth and Opportunity Fund, and this support, if we can finalise it at this meeting, will help a lot going forward and the larger economy.”

The Minister also revealed the government’s plan to use some of this support to finance infrastructure projects in the country.

“The government wants to assist SMEs in several sectors, and meetings like the AFREXIM Bank Annual Gathering offer us an opportunity to engage with other multilateral institutions and development partners,” she added.

The African Export-Import Bank has played a significant role in supporting Ghana’s economy, especially in recent times.

In 2022, the Bank provided $750 million to Ghana to finance capital growth-related expenditures.

This support came at a critical time when Ghana was struggling to secure funding from the international capital market and donors following an announcement of debt restructuring with bilateral creditors and commercial bondholders.


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