President John Mahama has stated that the establishment of a Ghana Export and Import Bank (EXIM) will move the country from import-dependent to a large-scale exporter.
He said it will also bridge the imbalances between trade and infrastructural development.
[contextly_sidebar id=”FlNLxRHMEzCZkCX4MZPQs08cn69lTmTB”]President Mahama was receiving a report of a Special Task Force tasked to carry out feasibility studies for the establishment of the Bank four months ago.
The Task Force, which was inaugurated on February 11, was given three months to present its report for the establishment of the bank.
President Mahama commended them for diligently sticking to the road map for the establishment of the bank, adding that its establishment will take advantage of international trading partnerships, such as the African Growth and Opportunity Act, with the United States of America.
According to the President, the bank which would be independent would, however, be supervised by the Ministry of Finance and Economic Planning, to undertake its funding processes to function accordingly.
He said Ghana EXIM bank will become the principal financing institution for both imports and exports when well harnessed.
The leader of the Task Force, Steve Williams, commended President Mahama for giving them the opportunity to serve the country in that capacity.
He gave the assurance that their recommendations would be useful for the establishment of the bank which will support the export sector.
The members of the Task Force were: Lionel Van Lare Dosoo, (who died before the conclusion of the report) Chairman; Steve Williams, Banker; and Simon Dornooo, Managing Director of Ghana Commercial Bank.
Other institutions represented on the Task Force were: Bank of Ghana, Ministry of Trade and Industry, Ministry of Finance, Attorney Generals Department, Eximguaranty Company, Export Finance Company and Association of Ghana Industries.
The rest are Export Promotion Authority, Export Development and Agricultural Investment Fund, Ghana National Chamber of Commerce and Industry and Federation of Ghanaian Exporters.
Source: GNA