The Ghana Export-Import Bank (Ghana Exim Bank) has shifted its lending strategy towards projects with the potential to deliver significant economic benefits, as the institution seeks to play a stronger role in Ghana’s industrial transformation.
The bank’s Chief Executive Officer, Sylvester Mensah, said the new approach was intended to ensure that its limited financial resources were channelled into businesses capable of generating jobs, expanding production and strengthening Ghana’s position in international markets.
Speaking at the opening of the Northshore Apparel Hub, a project under the Government’s 24-Hour Economy initiative, on Friday, August 28, Mr Mensah said the bank had “reset and redefined” its lending scope to support the government’s broader economic transformation agenda.
He explained that financing decisions would increasingly be guided by the measurable impact projects could have on the economy rather than by sentiments or other considerations.
“It does not lend based on sentiments. Behind every facility we extend is placing scarce resources where their impact can be significant,” he said.
Mr Mensah identified the Northshore Apparel Hub as an example of the type of enterprise Ghana Exim Bank was seeking to finance under its revised strategy.
According to him, the facility demonstrates the capacity of Ghanaian-owned businesses to undertake large-scale industrial ventures capable of competing in international markets.
He said supporting such enterprises would help strengthen domestic production while creating opportunities for Ghana to increase its presence in export markets.
Mr Mensah further noted that the apparel hub was strategically positioned to expand Ghana’s garment exports by taking advantage of opportunities under the African Growth and Opportunity Act (AGOA) and other trade arrangements.
He said the bank’s new lending focus was therefore intended to ensure that financing translated into tangible economic outcomes, particularly through productive businesses with the capacity to contribute to industrialisation and export growth.
The CEO’s comments underline Ghana Exim Bank’s renewed emphasis on using development finance to support enterprises that can contribute meaningfully to the country’s economic transformation.
The Northshore Apparel Hub, he said, represents the kind of investment that could demonstrate how targeted financing for local businesses can support Ghana’s ambition to develop competitive industries and expand its participation in global trade.
