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EDAIF Act repealed as Exim Bank comes into force

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Seth Terkper - Finance Minister
Seth Terkper – Finance Minister

The Export Trade, Agricultural and Industrial Development Fund (EDAIF) Act 2013 (Act 872)  has been repealed following the coming into force of the Ghana Export-Import Bank (EXIM) Act, 2016 (Act 911).

A statement signed on behalf of the Minister of Finance, informed the general public that, despite the repeal of the EDAIF Act, the EXIM Act had made provision for any orders, directions, appointments or any other acts, which were lawfully made or done by the EDAIF Board.

These actions were to be considered as made or done under the EXIM Act and shall continue to have effect until reviewed, cancelled or terminated.

The transitional provisions of the new Act further provide that a contract subsisting between EDAIF and another person and immediately before the commencement of the EXIM Act, is deemed to exist between the EXIM Bank and the other person, the statement said.

“However, it is important to note that, as a result of the repeal of the EDAIF Act, the EXIM Bank will not be in a position to consider applications for funding in line with the old EDAIF guidelines,” it added.

The Finance Ministry said all fresh applications for funding under the EXIM Act may only be made in line with approved guidelines consistent with the EXIM Bank Act.

These guidelines, which are currently being drafted, will be published in due course.

The statement also urged the public to contact the various offices of EDAIF for any information.

Source: GNA

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