The Ghana Export-Import Bank (GEXIM) and the Africa Finance Corporation (AFC) have deepened collaboration and signalled the resolve to partner on some key projects to be undertaken by the Bank.
The meeting which took place on Wednesday on the sidelines of the ongoing 32nd Afrexim Annual Meetings in Abuja, Nigeria, explored avenues for mutual interest.
Deputy Chief Executive for Banking at GEXIM, Moses Klu Mensah said the Bank’s renewed focus under its new Chief Executive, Sylvester Mensah, includes mobilising investment support for local SMEs and aggressively driving export expansion.
According to him, the Bank’s priorities are in alignment with the policy direction of the government of Ghana in the areas of “accelerated export trade, increased food production, support for agroprocessing that will generate job opportunities for the nation’s young people.”
The discussion also delved into how the AFC can provide funds to GEXIM for onward lending to SMEs.
He called for the AFC’s partnership for the garment sub-sector which he said promises to deliver results within a short period and tipped to provide mass employment.
On his part, President and Chief Executive Officer of the AFC, Samaila Zubairu congratulated Ghana for the “tremendous effort at economic recovery” and called for deepened cooperation between the two institutions. He also praised Ghana for the recent credit upgrade by Fitch Ratings from restricted default to B- with a stable outlook.
He urged GEXIM to work to secure its own credit rating as that will enhance the Banks ability to raise funds for its projects.
Mr Zubeiru was upbeat about the AFC’s partnership with GEXIM and expressed the Corporation’s willingness to provide support that creates value for African people.
He opined that, Africa will be best developed by funds from the continent.
“Let’s create value for our people. Why won’t we raise funds from Africa to support our development? he queried.”
The meeting will be followed by other specific steps to build on the areas identified for cooperation.
GEXIM has a mandate to support export-led growth by providing financial assistance and other support to the private sector, with a focus on increasing export revenue, creating jobs and adding value to domestic production and facilitate cross border trade. The AFC is a multilateral financial institution created by African sovereign states to provide pragmatic solutions to Africa’s infrastructure deficit. Established in 2007, it has worked to become a catalyst for pragmatic infrastructure and industrial investments across Africa.
The AFC team comprised its President and CEO, Samaila Zubeiru, Senior Vice President and head of Treasury Client Solutions, James Maduekeh, and Vice President for Treasury and Financial Institutions, Samson Vese. The GEXIM team was made up of Moses Klu Mensah, Deputy Chief Executive for Banking and Selorm Adonoo, Head of Corporate Affairs and International Cooperation.