President Mahama 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."
The Export and Import Bank bill (EXIM Bank) is before parliament, President John Dramani Mahama has disclosed in this State of the Nation address.
Addressing law makers yesterday, president Mahama 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."
President Mahama said the establishment of the bank is "part of our agenda to achieve a value-added and export-led economy."
According to him, slump in commodity prices has had a significant effect on the country’s balance of payments and revenue.
He said: "As part of our agenda to achieve a value-added and export-led economy, the Ghana Export and Import Bank bill has been laid before parliament. The primary purpose is to finance exports, notably light industrial products…The operations of the bank will support nurturing and growth of the private sector in Ghana, and address the long-standing problem of access to credit for expanding value-added exports. I intend to sign this bill into law as soon as it is passes, because it will underscore Ghana’s story of transformation."
He also said his administration plans to invest in transformative infrastructure which will form the basis for "a new growth trajectory in the economy, generate jobs and increase incomes."
“Our second strategy has been to invest heavily into transformative infrastructure. As an emerging middle-income country with a growing middle-class, this will form the basis for a new growth trajectory in the economy, generate jobs and increase incomes. In furtherance of this, it was decided to create strong institutions that will help us to achieve our goals. As with the EXIM Bank, the Ghana Infrastructure Investment Fund was established for a similar purpose," he said.
“These institutions combined will serve as buffers for managing the economy while providing the space for spending on socio-economic infrastructure. The Ghana EXIM Bank and the Ghana Infrastructure Investment Fund are some of the more enduring and independent mechanisms for addressing the root causes of our particular macroeconomic challenges," the president added.