The Chief Executive Officer of the Ghana Export-Import Bank (GEXIM), Sylvester Adinam Mensah, has described the newly signed partnership between GEXIM and Ghana International Bank PLC (GHIB) as a strategic step towards strengthening Ghana's export sector, improving access to international banking services and driving sustainable economic growth.

Speaking to journalists shortly after the signing of a Memorandum of Understanding (MoU) between the two institutions in Accra on Wednesday, Mr Mensah said the collaboration would deepen trade finance opportunities for Ghanaian businesses, particularly small and medium-sized enterprises (SMEs), while enhancing the country's export competitiveness.

The agreement seeks to combine the strengths of both financial institutions to improve access to international banking services, trade finance, correspondent banking, market intelligence and export development support for Ghanaian exporters.

GEXIM, Ghana's national export-import development bank established under the Ghana Export-Import Bank Act, 2016 (Act 911), plays a key role in supporting export-led industrialisation through financing, guarantees, trade facilitation and advisory services.

Its new partner, Ghana International Bank PLC (GHIB), is a United Kingdom-based international bank regulated by UK financial authorities and provides correspondent banking, trade finance, treasury, foreign exchange services, syndicated lending and commodity finance to clients across Africa and international markets.

According to Mr Mensah, the partnership goes beyond a conventional banking relationship and is designed to support Ghana's broader economic transformation agenda.

"It's more of an international bank, even though it operates locally. The whole idea is to facilitate export and import, and this is in a way that would facilitate economic growth," he said.

He explained that the collaboration aligns with Ghana's efforts to promote import substitution while expanding exports through value addition and agro-processing.

"The whole idea is to look at imports within the space of import substitution and also to look at export as a way of agri-processing, generating foreign exchange and having our products out there while creating jobs," he added.

Mr Mensah noted that one of the key objectives of the agreement is to strengthen GEXIM's access to global banking services through an enhanced correspondent banking relationship with GHIB.

He said the partnership would also open opportunities for syndicated financing, enabling larger transactions that would otherwise be difficult for a single institution to undertake.

"We are looking forward to this collaboration with Ghana International Bank as a way of having syndicated finance opportunities. But importantly, we are looking at global banking services through a correspondent banking relationship with Ghana International Bank," he stated.

Although GEXIM already maintains correspondent banking relationships with several financial institutions, Mr Mensah stressed the importance of leveraging a bank with strong Ghanaian roots and a deep understanding of the country's business environment.

"We have correspondent banking relationships with other banks. It's important that we look inward, look into what we have as Ghana and leverage the relationship, culture and understanding as a way of facilitating and enhancing business growth."

He described the agreement as a significant milestone that would allow both institutions to combine their expertise for mutual benefit.

"This particular engagement is so important and so significant. We are going to dig very deep into this relationship. We are going to leverage our individual strengths and ensure effective collaboration in a way that provides mutual benefit to both parties."

A major focus of the partnership, according to the GEXIM CEO, is to improve market access for Ghanaian exporters, especially SMEs seeking to enter regional and international markets.

Mr Mensah said the collaboration would help local businesses understand the quality standards and regulatory requirements of foreign markets, enabling them to compete more effectively.

"Essentially, we are looking at collaboration in the area of market access. That will generate increased sales and provide opportunities for SMEs to get their products into international markets."

He explained that beyond financing, Ghanaian businesses require technical support to meet international standards.

"This partnership will also provide us with quality standards and a better understanding of these markets in a way that will assist our SMEs to meet the required standards in terms of quality."

Mr Mensah said the ultimate objective of the partnership is to contribute to national economic development by increasing exports, creating employment and generating foreign exchange earnings.

"And so we are looking at, one, generating more jobs. We are looking at, two, generating more foreign exchange. We are looking at, three, improving the general well-being of our business environment and our business ecosystem," he said.

Under the Memorandum of Understanding, GEXIM and GHIB will collaborate to improve access to trade finance and working capital, letters of credit, guarantees, international payment and settlement systems, foreign exchange and treasury services, syndicated and commodity finance, as well as export-readiness programmes and market intelligence.