Financial restraints stifling exports drive — GEPA

Chief Executive Officer of GEPA, Dr. Afua Asabea Asare, has indicated that inadequate funding for young entrepreneurs wanting to venture into the exports business remains a drawback to the quest to shift towards an export-led economy.

Speaking as a panelist on the GPHA’s Eye on Port programme over the weekend, she said the Ghana Exim Bank, which is mandated to push the trade, has become overwhelmed with demand from their target market.

“EXIM is the bank that supports exports and imports. Sometimes they support us but everybody goes to EXIM so they are overwhelmed. They can’t do everything but they try as much as possible to support the export industry as we do our bits as well,” she explained.

She said her outfit has been worked closely with EXIM and other private banks to grow the export base of the country, but inadequate financing within the export sector still remain a major bane.

Dr. Asabea Asare however applauded government’s responsive measures to the negative impact of the coronavirus pandemic on businesses, singling out the stimulus package to SMEs.

“The President in his own wisdom has released some funds to help SMEs where most of our people are in. So hopefully they’re all going to be cushioned a bit. We are working with NBSSI to ensure that our small businesses enjoy from this,” she indicated.