All Ghana Export and Import Bank (GEXIM) funded factories in the central region are in dire need of constant raw materials to produce at full capacity so that the nation can reap their full benefits.
“It is interesting to believe that the Ekumfi fruit and juice factory which sells in Ivory Coast and the United States only produces between eight and ten days a month due to the lack of raw materials,” said Mr. Bright Evans Darkoh, Head of Small and Medium Enterprises. Companies at GEXIM said so.
Furthermore, he pointed out that GEXIM has invested more than GH¢100 million in 12 companies under the One-District, One-Factory (1D1F) program since its inception in the central region.
Mr Darkoh revealed this on Wednesday, during an engagement with the 22 Metropolitan, Municipal and District Assemblies (MMDAs) with GEXIM as part of the 2022 Central Regional Trade, Tourism and Investment Exhibition.
The forum which was themed: “Time with Ghana EXIM Bank”, gave the various Metropolitan, Municipal and District Assemblies (MMDAs) an opportunity to make presentations on economic resources in their districts with potential for support .
MMDA exposures have not only focused on gray areas, but have approached companies in financial difficulty for capital injection.
Nonetheless, Mr. Darkoh gave assurances that the Bank had initiated a commodity development project based on strong collaboration between the bank and stakeholders to develop adequate commodities for the base of the six value chains.
This includes; pineapple, coconut, watermelon, oil palm, lemon and avocado.
Under the initiative, he said, farmers would be supported through an outgrower system to grow the crops and prepare the market for their produce while also providing them with technical assistance in good agronomic practices1qq1
Mr. Donkoh also encouraged businesses and others to take advantage of the Bank’s support for exports through the export trade facility, receivables and export guarantee to expand their operations.
Financial products aim to provide medium and long-term financing to exporters to set up new export projects, revitalization, acquisition of additional assets for expansion and/or expansion of production companies existing for exports.
Also, give a strong impetus to the acquisition, rehabilitation and expansion of farms or plantations to produce and process exportable products, the acquisition of spare parts for machinery and packaging materials for the manufacture of exportable products and other activities that may be acceptable to GEXIM.
Building on the Government of Ghana’s vision “Beyond Aid”, Mr. Darkoh reiterated the Bank’s commitment to unearthing unique platforms that add value to the non-traditional raw material resources of the country. central region to earn foreign exchange for development.
This reinforces GEXIM Bank’s mandate to become a sound financial institution that will be a key driver in the development of Ghana’s export trade, facilitate cross-border trade and establish Ghana as a mainstay of regional and continental trade.
The move is expected to increase the number of factories and will in turn boost the country’s export earnings, while reducing imports to boost industrialization.
“By doing so, jobs will be created, living standards will be improved and poverty will be alleviated in our various communities,” Mr. Darkoh noted.
Ms. Justina Marigold Assan, the Central Regional Minister called on all 22 MMDAs to monitor the various 1D1F businesses in their jurisdiction and support them in their growth.
This will open up partnerships leading to the transformation and development of the region’s non-traditional trading economy to improve people’s livelihoods.