Bank of Ghana (BoG) Governor Dr Ernest Addison has disclosed that the African Export and Import Bank has played a significant role in supporting the country’s economy over the years.

The Governor noted how Afreximbank had come through for Ghana, especially in challenging times for the economy.

Dr Ernest Addison disclosed this when he gave his welcome address at the ongoing Afreximbank Annual Meetings in Accra.

“Ghana has also benefited from a cordial and productive relationship with Afreximbank over the years,” he noted.

Details of Financial Support to Ghana from Afreximbank

The Governor disclosed that during the recent economic challenge that hit the economy, “Afreximbank agreed to extend a $750 million loan facility to the country to finance capital growth-related expenditures in the 2022 Budget.”

Dr Ernest Addison also revealed that over the years Afreximbank has also worked to support other sectors of the economy.

He stated that “this has resulted in the disbursement of over $2 billion to support various development and trade-related initiatives in Ghana.”

The Governor also highlighted the role Afreximbank has played in supporting the Bank of Ghana.

Dr Addison said it has, “facilitated foreign exchange swap arrangements with banks in Ghana to boost foreign exchange liquidity support for Ghana’s international trade”

Participation in the Cocoa and Power Sectors
The Governor also disclosed that Ghana also benefited from a cordial and productive relationship with Afreximbank which resulted in the Bank participating in a syndicated loan to the Ghana Cocoa Board.

“The Afreximbank also provided support to Ghana’s Volta River Authority in 2014 to enhance energy generation and helped resolve the energy crises the country experienced during that time,” he added.

Afreximbank and Projects in Africa

The Governor noted that collaborating with the AU Commission and the AfCFTA Secretariat to implement the biennial Intra-African Trade Fairs, which may become the premier marketplace for the promotion of intra-African trade and investments.

“Afreximbank is providing the funding of $10 billion, which could help African countries effectively adjust to AfCFTA tariff removals and prepare them to participate in the new trading regime,” Dr Ernest Addison said.

Afreximbank has also Trade Finance Facility (AFTRAF) has supported the continent's 600 regulated commercial banks have been provided with Trade Credit Confirmation lines to support intra-African trade and the total amount earmarked for this project is about $8 billion, he added.

The institution funding “aimed at ensuring that every country on our Continent has at least one bank that has a dedicated credit line to support intra-African trade” the Governor said.

Annual Meetings of the Afreximbank

Afreximbank Annual Meetings is bringing together business and political leaders, banking industry professionals, trade and trade finance practitioners and other parties involved in economic development from across Africa and beyond.

The Meetings, which have been ranked among the most important gatherings of economic decision-makers in Africa, are covered by the African and international media.

The four-day AAM2023, being held under the overarching theme, Delivering the vision: Building prosperity for Africans, will feature keynote addresses, panel discussions, plenaries and fireside-type conversations focusing on African trade, trade finance and development issues, including the implementation of the AfCFTA.