The Ghana Export-Import Bank (GEXIM) has welcomed the three-year extension of the African Growth and Opportunity Act (AGOA), describing it as a strategic boost for Africa’s trade and industrialisation efforts.
The extension, overwhelmingly approved by the US House of Representatives and awaiting Senate endorsement, restores duty-free access to the US market for eligible Ghanaian products.
It is expected to strengthen export-oriented manufacturing, particularly in the garments and apparel sub-sector, while supporting job creation, industrial capacity utilisation, and foreign exchange inflows.
Speaking to the media on the sidelines of the GEXIM@10 press launch, GEXIM CEO Sylvester Mensah highlighted AGOA’s significance for Africa’s integration into the global economy.
“AGOA is a very important policy program, particularly for the African region, particularly for those of us who are more engaged in agriculture and who intend to process agriculture. You will realise that the geopolitical situation seems to be shifting some particular businesses to the African region, particularly when it comes to garments and apparel.
“Most of the big brands that we wear, whether it is Nike… most of them are produced in the Far East. Today most of these big brands are moving closer to Africa and, in particular, Ghana.
“You will be surprised to hear some of the brands that are currently being produced in Ghana, which you and I would travel to the UK, Dubai, and other places to procure, only to realize that the ones we are buying are produced here in Ghana.
“Ours is to take advantage of this geopolitical shift and at least ensure that we are able to maximize it to the effect of creating jobs for the mass of our people.
“The whole idea of resetting this country, the whole idea of a 24-hour economy, all come together in generating the kind of impact and the Ghana that we want, as proudly espoused by our President, His Excellency John Dramani Mahama in his reset agenda,” he said.
Meanwhile, GEXIM Board Chairman Dr. Joseph Nyarkotei Dorh said the Bank will consolidate gains made over the years and intensify efforts to drive export growth while strategically leveraging opportunities under the African Continental Free Trade Area (AfCFTA).
“You can even see that for what we are, GEXIM and AfCFTA are in the same building. We want Ghana to be the focus and the frontier for export-led goods in the world, and we have positioned ourselves in such a way that we are going to make sure that we export more, build capacity, and also be focused on certain strategic areas. That will help the country to be known and to be seen as a country for certain projects,” he remarked.
“For GEXIM, we are focusing on poultry, rice, and garment and apparel. These are the main focus for GEXIM,” Dr. Dorh added.