EXIM Bank Committee working on EXIM bank modalities

The bank will support exporters to compete globally by providing insurance and finance facilities to support their overseas activities.

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A technical committee is working on the integration of EDAIF, Eximguaranty and Export Finance Company into the new Ghana EXIM, Felix Ntrakwah, Board Chairman of EximGuaranty Ghana, has said.

Speaking at the company's annual general meeting in Accra, Nkrakwah added that: “We are reliably informed that the Exim Bank Board has been constituted, and we await the announcement soon."

President Mahama during his State of the Nation address to parliament said the EXIM Bank would move the country from import-dependent to a large-scale exporter, adding that "The primary purpose [of the bill] is to finance exports, notably light industrial products."

He said the establishment of the bank is "part of our agenda to achieve a value-added and export-led economy."

The bank will support exporters to compete globally by providing insurance and finance facilities to support their overseas activities.

In addition, the bank will improve the capacity of the country to produce goods and services in the competitive international marketspace.

Ntrakwah said all legal requirement for the smooth integration have been met.

He added: “The law has been passed and I understand a board has been constituted. The transition committee is working on the integration process. If that happens, Exim will assume a different shape in terms of what can be done by bringing the three institutions together."

In addition, Ntrakwah said the policy direction of the EXIM bank will be determined by the directors once all the modalities are worked out.  

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