Ghana ready to set up Export and Import Bank

President John Dramani Mahama on Monday stated that the establishment of a Ghana Export and Import Bank (EXIM) would move the country from import-dependent to a large-scale exporter.

He said it would also bridge the imbalances that had over the years, been registered in the trade and infrastructural development.

President Mahama was receiving a report of a Special Task Force tasked to carry out feasibility studies for the establishment of the Bank four months ago.

The Task Force, which was inaugurated on February 11, was given three months to present its report for the establishment of the bank.

President Mahama commended them for diligently carrying out the road map for the establishment of the bank, adding that its establishment would take advantage of international trading partnerships, such as the African Growth and Opportunity Act, with the United States of America.

The President said the bank which would be independent would, however, be supervised by the Ministry of Finance and Economic Planning, to undertake its funding processes to function accordingly.

He said Ghana EXIM bank would become the principal financing institution for both imports and exports when well harnessed.

Mr Steve Williams, Leader of the Task Force, commended President Mahama for giving them the opportunity to serve the country in that capacity.

He gave the assurance that their recommendations would be useful for the establishment of the bank, to propel the export sector.

The members of the Task Force were: Lionel Van Lare Dosoo, (who died before the conclusion of the report) Chairman; Steve Williams, Banker; and Simon Dornooo, Managing Director of Ghana Commercial Bank.

Other institutions represented on the Task Force were: Bank of Ghana, Ministry of Trade and Industry, Ministry of Finance, Attorney Generals Department, Eximguaranty Company, Export Finance Company and Association of Ghana Industries.

The rest are Export Promotion Authority, Export Development and Agricultural Investment Fund, Ghana National Chamber of Commerce and Industry and Federation of Ghanaian Exporters.