The Chief Executive Officer of the Ghana Export-Import Bank (Ghana Exim Bank), Sylvester Adinam Mensah, has pledged the Bank’s support for efforts to establish a free zone in the Volta Region, with garment and apparel manufacturing expected to serve as a major anchor industry.
Mr Mensah said Ghana Exim Bank had completed a feasibility study for the proposed free zone in collaboration with the Volta Regional Minister and the Regional Coordinating Council.
Speaking at the Volta Economic Forum – Te Za Edition in Ho, he said the project could provide a platform for value addition, industrialisation and job creation if stakeholders moved swiftly from planning to implementation.
The forum was held on the theme, “From Opportunity Showcase to Investment Execution.”
Mr Mensah said the garment and apparel sector was being considered as an anchor tenant for the free zone, pointing to the Bank’s support for a similar factory in the Northern Region as evidence of the employment potential of the industry.
He expressed the hope that the next major garment and apparel factory would be located in the Volta Region to create jobs for residents of Southern Volta and neighbouring communities.
According to him, traditional authorities had also made substantial tracts of land available for the proposed development, and he commended them and the Regional Minister for their cooperation.
Mr Mensah said the establishment of the free zone was part of broader efforts to position the Volta Region to take advantage of its agricultural, coastal, cultural and tourism resources for industrial and export-led growth.
He said the region had the resources needed to attract investment but stressed that stakeholders must now identify specific projects and develop them to a stage where financiers could confidently commit capital.
“The difference between an opportunity and an investment is focused action,” he said, noting that every proposed project must have a clearly identified sponsor, financing plan, market and implementation timeline.
He said investors would also require certainty over land ownership, off-taker arrangements, regulatory approvals and mechanisms for resolving disputes before committing funds.
Mr Mensah further urged entrepreneurs in the region seeking financing to strengthen their businesses by maintaining proper financial records, separating personal and business finances, establishing sound governance systems and obtaining the required licences.
He cautioned that businesses must demonstrate genuine market demand and reliable access to raw materials, saying factories without adequate inputs and products without customers could not remain sustainable.
The Ghana Exim Bank CEO said the country needed to move away from exporting raw materials and importing finished products if it was to achieve sustainable economic transformation.
He cited cassava and mango production in the Volta Region as examples of resources that could support industrial ventures, including starch, flour, animal feed, ethanol, juice, concentrates and dried-fruit processing.
He also disclosed that Ghana Exim Bank had dedicated its 10th anniversary project to the Anlo area, where it constructed an astroturf as part of its development interventions.
Mr Mensah urged organisers of the Economic Forum to ensure that its outcome went beyond speeches and a communiqué by developing a credible pipeline of investment-ready projects.
He said each selected project should state its sponsor, outstanding preparatory requirements, capital requirements, prospective financiers and partners, and a realistic implementation schedule.
He pledged Ghana Exim Bank’s collaboration through financing, technical assistance, feasibility studies and support for the structuring of public-private partnerships.
Mr Mensah expressed optimism that the proposed body announced by the organisers to steer investment proposals to completion would help sustain momentum and ensure that identified opportunities were translated into viable businesses.
He said the Volta Region had productive land, a hardworking population and significant economic and tourism assets, but required coordinated investment and disciplined follow-through to convert those resources into jobs and sustained prosperity.
