President John Dramani Mahama has assured the Chief Executive Officer of the Ghana Export-Import Bank (GEXIM), Sylvester Adinam Mensah, of his continued support in its efforts to recover funds from individuals and businesses that have defaulted on loans secured from the bank.

According to the President, the recovery of the funds is necessary to ensure that Ghana Exim Bank has the resources to finance viable businesses and industrial projects capable of contributing to the country’s economic development.

Speaking at the commissioning of the Northshore Apparel on August 28, funded by Exim Bank and Germany’s KfW Development Bank, President Mahama said the institution was established to provide financing for projects that promote value addition, exports, employment and sustainable development.

He, however, expressed concern that after his previous administration left office, access to financing from Ghana Exim Bank was allegedly dominated by politically connected individuals who, he claimed, had no intention of repaying the loans.

“It was the politically well-connected who had access to the financing without any intention to pay back the money,” President Mahama said.

He said this had resulted in the bank pursuing several beneficiaries who had failed to honour their repayment obligations.

“That is why today Sylvester Adinam [Mensah] and his group, the Board Chairman, Dr Joseph Nyarkotei Dorh, are running after so many people who took the money and have not paid. And I will continue to support them to take the money back from those who have taken our money,” he stated.

His comments come amid the ongoing case of Bernard Antwi Boasiako, aka Wontumi, the former Ashanti Regional New Patriotic Party Chairman accused of fraudulently obtaining a GH¢19 million loan facility from EXIM Bank for a maize farming project on 100 acres of land. The loan facility is alleged to have increased to about GH¢30 million.  He's currently in court over the matter.

On Thursday, August 2028, the Accra High Court ordered the prosecution to file disclosures within 14 days after plea bargain negotiations ended without an agreement. Bernard Antwi-Boasiako, who's already serving jail time for a mining-related offence, had been engaged in plea bargain discussions with the State for about a month, but the negotiations did not result in an agreement.

The development means the case is now expected to proceed to trial. The negotiations ended after the State rejected a proposal put forward by Wontumi’s legal team.

President Mahama said the recovery of the funds would help strengthen Ghana Exim Bank’s capacity to support genuine industrialists and investors whose projects have the potential to create jobs and expand Ghana’s export base.

He added that the bank would continue to identify and finance viable projects that promote local value addition and strengthen Ghana’s competitiveness in Africa and the global market.

“GEXIM will continue to identify and support viable projects that promote value addition, exports, employment and sustainable development,” he said.

The President expressed confidence that Ghana could build a stronger industrial base and position itself as a competitive producer for Africa and the wider world.

For its part, Ghana Exim Bank said it had reset and redefined its lending scope in line with the President’s vision for industrial development.

The bank stressed that its lending decisions would not be based on sentiments but on the potential impact of projects on the economy.

“Behind every facility we extend is placing scarce resources where their impact could be significant,” the bank said.

The bank further noted that the Northshore proposal was among several projects presented for consideration but said few had made as compelling a case for financing as the Northshore project.