Companies in non-traditional export trade earn $222m in 2014 – NIB
Some 11 companies in non-traditional exports earned from $50 million to $222 million in 2014, while 26 others earned from $10 million to 446 million in 2015, according to the CEO of the National Investment Bank (NIB).
The NIB is therefore setting up an Export Facilitation Desk to assist export trade financing.
This is driven by the Bank’s desire to boost export trade in the country.
Mr John Kweku Asamoah, the MD/CEO of the Bank announced this at the Exporters’ Breakfast Forum in Accra.
The forum was organised by NIB in collaboration with Ghana Export Promotion Authority (GEPA) aimed to identify and discuss challenges facing non-traditional exporters.
Mr Asamoah said the decision of NIB to venture into the export sector is due to the potential the sector has in improving economic growth and development of the country.
He assured Exporters of the bank’s resourcefulness to meet their demands.
He added that NIB has the capability, due to diversified market target handled by the bank.
He gave the assurance that the bank’s branch network expansion across the country would better serve Exporters needs.
Mr Gerald Nyarko Mensah, the Director of Export Trade at the Ministry of Trade and Industry, who delivered a speech on behalf of the sector Minister, commended NIB for taken the lead to show interest in promoting export trade.
He said the Bank plays a significant role in export trade, with investment of more than € 20 million in pineapple, oil palm, rubber and other non-traditional exports.
This he said is in tune with the Ministry’s mission to contribute at least $5 billion in revenue to the nation by 2020.
He added that the five years strategy of the Ministry would provide the needed impact on non-traditional exports.
He confirmed that the structures to enable commencement of implementation have already been put in place.
Mr Mensah charged banks to complement efforts of government by devising new lending strategies to support export-oriented businesses.
According to him, this could be done by making funding more accessible at interest rates less burdensome on export business.
Mr James Tiigah the CEO of GEPA challenged exporters to adopt best practices by ensuring timely and accurate record keeping.
He said 11 companies in non-traditional exports earned from $50 million to $222 million in 2014, while 26 others earned from $10 million to $46 million in 2015.
He was therefore confident the sector would make giant strides in the foreseeable future if given the needed support.
Mr Kobina Ade-Coker, the Board Chairman of GEPA said NIB has the track record and expertise to help exporters and therefore encouraged them to open accounts with NIB.
He also urged NIB to be flexible in giving loans to exporters.
Participants at the forum shared their experiences and challenges, these challenges were addressed by invited resource persons from NIB, GEPA and Ghana Revenue Authority (GRA).
Also present at the forum were Dr Kofi Mbiah, Chief Executive of Ghana Shippers’ Authority and Dr George Crentsil, Executive Director of Ghana Standard Authority who contributed to addressing some questions from exporters.
Source: GNA