The Ghana Export-Import Bank (GEXIM) and Ghana International Bank PLC (GHIB) have entered into a landmark strategic partnership aimed at strengthening Ghana's export sector through improved access to international banking services, trade finance and global markets.

The two institutions formalised the collaboration by signing a Memorandum of Understanding (MoU) in Accra on Wednesday, July 22, with officials describing the agreement as a significant step towards enhancing Ghana's export competitiveness, increasing foreign exchange earnings and supporting the country's industrialisation agenda.

Speaking during the signing ceremony, Chief Executive Officer of GEXIM, Sylvester Adinam Mensah, said the partnership represents a major milestone in the Bank's efforts to strengthen its international banking network and provide Ghanaian exporters with the financial tools needed to compete effectively on the global stage.

His counterpart at Ghana International Bank, Ian Greenstreet, also welcomed the agreement, describing it as the beginning of a long-term strategic relationship that will create opportunities for businesses, generate employment and position Ghana among Africa's leading export economies.

Mr Mensah said one of the immediate priorities under the agreement would be the expansion of correspondent banking relationships between GEXIM and Ghana International Bank, particularly through closer collaboration between the treasury departments of the two institutions.

According to him, correspondent banking remains fundamental to facilitating international trade by enabling cross-border payments, foreign exchange transactions, trade finance and settlement services.

"For both Ghana International Bank and EXIM Bank, particularly for our Treasury Department, we are looking at correspondent banks and correspondent banking," Mr Mensah told journalists.

He explained that stronger correspondent banking relationships would significantly improve GEXIM's capacity to support Ghanaian exporters by providing quicker and more efficient international banking solutions.

The partnership, he added, is expected to strengthen the bank's ability to facilitate international transactions while expanding opportunities for businesses seeking to trade beyond Ghana's borders.

Beyond banking services, Mr Mensah said the collaboration would serve as a platform for identifying new commercial opportunities and expanding market access for Ghanaian products.

"We are also trying to have a way of having them as collaborators in the search for business opportunities or marketing opportunities for our products," he said.

He noted that Ghana International Bank's extensive international network and experience in global financial markets would enable Ghanaian exporters to establish stronger commercial relationships with buyers and investors across Europe, Africa and other international markets.

• READ ALSO: GEXIM-GHIB partnership to unlock global finance for Ghanaian exporters – GEXIM CEO

The collaboration is expected to improve market intelligence, strengthen export promotion initiatives and increase the visibility of Ghanaian products internationally.

Mr Mensah expressed satisfaction that months of discussions had culminated in a formal agreement.

"I'm happy to say that today, we are crystallising these discussions," he remarked.

He described the Memorandum of Understanding as the beginning of a deeper institutional partnership that would allow both organisations to combine their expertise and comparative strengths for the benefit of Ghanaian businesses.

For his part, Chief Executive Officer of Ghana International Bank, Ian Greenstreet, described the signing ceremony as the start of what he believes will become a transformational partnership for Ghana's export sector.

"This memorandum of understanding is the beginning of a strategic relationship between Ghana EXIM Bank and Ghana International Bank," he said.

Mr Greenstreet explained that both institutions share a common vision of helping Ghanaian businesses expand internationally by providing greater access to finance, banking services and international markets.

"Together, we will build a relationship which will support Ghanaian businesses and make Ghana one of the leading export countries in Africa."

He emphasised that the partnership extends beyond conventional banking services, describing it as a platform for supporting businesses to compete successfully in international markets.

Mr Greenstreet stressed that collaboration between the two institutions is essential because no single organisation can independently overcome the financing and market access constraints facing exporters.

"We can't do this alone. Therefore, this joint partnership is a pathway for Ghanaian businesses to exploit opportunities and be very successful on the international stage," he said.

• READ ALSO: GHIB CEO hails GEXIM partnership as catalyst for export growth and job creation

The agreement also seeks to strengthen market intelligence, export-readiness programmes and capacity-building initiatives designed to help exporters meet international standards and compete more effectively in overseas markets.

Mr Greenstreet said the partnership has the potential to make a significant contribution to Ghana's economic development by increasing exports, generating foreign exchange and creating employment opportunities.

"This is going to create more foreign exchange for Ghana. It is going to create more exports; it is going to create more jobs."

According to him, expanding exports will encourage greater investment in value-added production, improve Ghana's balance of trade and strengthen the country's position within regional and global value chains.

He noted that the collaboration aligns with the government's broader agenda of export diversification, industrialisation and sustainable economic growth.

A major focus of the Memorandum of Understanding is supporting small and medium-sized enterprises (SMEs), which play a central role in Ghana's economy but often face challenges in accessing international finance and overseas markets.

The partnership will explore initiatives aimed at improving SMEs' access to finance, strengthening their export readiness and helping them comply with international quality standards.

Both institutions will also collaborate on market intelligence, technical support and capacity-building programmes to enable Ghanaian businesses to identify and exploit new commercial opportunities abroad.

GEXIM, established under the Ghana Export-Import Bank Act, 2016 (Act 911), is Ghana's national export-import development bank. It supports export-led industrialisation through financing, guarantees, advisory services, trade facilitation and export development programmes.

Ghana International Bank PLC, incorporated in the United Kingdom and regulated by the relevant UK financial authorities, provides correspondent banking, trade finance, treasury and foreign exchange services, syndicated lending, commodity finance and other international banking solutions to clients across Africa and global markets.