Ghana International Bank, AfDB sign trade finance agreement to boost businesses

Ghana International Bank (GHIB) has signed a Confirming Bank Agreement with the African Development Bank (AfDB) under the Bank's Transaction Guarantee Instrument, in a move aimed at strengthening trade finance and supporting cross-border commerce across Africa.

The agreement, signed in Abidjan, Côte d’Ivoire, is expected to enhance GHIB’s ability to support importers, exporters and financial institutions engaged in international trade while helping to bridge Africa’s trade finance gap.

Under the arrangement, GHIB joins a select group of financial institutions approved under the African Development Bank’s eligibility framework, further strengthening its position as a key partner in facilitating trade and investment across the continent.

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The facility will enable the bank to provide greater support for businesses seeking access to international markets, strengthen supply chains and contribute to sustainable economic growth.

Chief Executive Officer of GHIB, Ian Greenstreet, described the agreement as a major milestone for the bank and its clients.

“This agreement with the African Development Bank represents a significant milestone for Ghana International Bank and our clients. It strengthens our ability to support businesses engaged in international trade and reinforces our commitment to facilitating economic growth and investment across Africa,” he said.

Greenstreet noted that GHIB's unique position as a UK-regulated bank with strong African roots enables it to serve as a bridge between African markets and global capital.

“We are delighted to partner with the African Development Bank in support of increased trade, investment and economic opportunity across the continent,” he added.

Vice President for Private Sector, Infrastructure and Industrialisation at the African Development Bank Group, Solomon Quaynor, said the partnership aligns with the Bank’s objective of promoting regional integration and supporting trade across the continent.

“AfDB is delighted to partner with GHIB to support trade across Africa, especially in low-income countries and transition states such as Sierra Leone, The Gambia, Guinea and Liberia,” he said.

Quaynor noted that GHIB’s expertise in providing confirming bank support to local banks across Africa complements the AfDB’s efforts to strengthen regional trade and economic integration.

“With the increasing implementation of the African Continental Free Trade Area (AfCFTA), AfDB has the strategic objective of reducing Africa's trade finance gap by enhancing the confirming bank capacity of African financial institutions such as GHIB,” he said.

The agreement is expected to expand access to trade finance, support cross-border transactions and strengthen GHIB’s role in facilitating trade and investment between Africa, the United Kingdom and global markets.

GHIB said it will continue investing in strategic partnerships and financial solutions as it pursues its vision of becoming a leading banking partner for businesses operating across the Africa-international markets corridor.