Government has announced it is working with other relevant institutions and organizations to review current regulation, covering export financing institutions.
This is to enable them to establish Special Financing Windows for products of strategic sector and special programmes such as the One District One Factory initiative and the Strategic Industry initiatives.
Minister of Trade and Industry Alan Kyeremanteng disclosed this through a speech read on his behalf at the FBN Bank National Trade Forum which was on the theme “Promoting Trade between Ghana and the rest of the world”.
According to the Minister, President Akufo-Addo led government has since 2017 implemented a number of programme interventions aimed at supporting the business community with improved access to finance as well as reduce the cost of credit.
He noted that the time has come to ensure that the necessary funding are provided for the all these initiatives established by government
FBN Bank and the National Trade Forum
The National Trade Forum organized by FBN is being used as catalyst for an improvement in Ghana’s trade as well as deepen relations with the multilaterals.
It is also to ensure that bilateral and regional partners deliver more benefits, hence the topic, “Promoting trade between Ghana and the rest of the world.” FBN argued that the platform provided is aimed at bringing to the fore the ‘banana peels’ which have kept Ghana from achieving its full potential or anything close to that of international trade.
According to Alan Kyeremanten, FBN Bank couldn’t have selected a more suitable theme for this National Trade Forum for the year 2021 than putting the spotlight on promoting international trade for socio-economic development.
Ghana’s Trade Challenges
Addressing the forum, the Trade Minister noted that despite the tremendous benefits that international trade has brought to some developed and developing countries, the same cannot be said for Ghana, especially in the cost of production and service.
The Minister attributed the lack of production capacities and the trade related infrastructure to the integration into the global trade system despite increased market access.
“These have impacts on Ghana and the developing countries such as decline in commodity terms of trade, non-diversified economies, unstable exports markets, limited market access and protectionism” the Minister added.
Government industrialization Agenda
According to government, it has made great progress in positioning the country as a trade hub with all the various policy measures that has been implemented over the years.
The Trade Minister added that the continuous implementation of the priority programmes in the government’s current Industrial Development Agenda complemented with the comprehensive Coronavirus Alleviation Programme (CAP) will shore up and expand industrial output for domestic consumption and exports.
FBN and financing Ghana’s trade needs
Speaking at the same programme, Managing Director of FBN Ghana, Victor Yaw Asante noted that “as a bank, we are not merely providers of funds and credit but also enablers and drivers of progress in more ways than one.”
It is therefore its conviction that by bringing to the fore the key issues, it will help identify ways through which these challenges can be addressed, he added.
Mr. Asante also revealed that over the past few months “we have deepened our engagement with SMEs by assisting them to appreciate the Integrated Customs Management System (ICUMS) in order to be able to derive more value from AfCFTA”
He also assured as a bank it is committed to provide the necessary funding for firms that are in the export business. “Promoting Ghana’s trade with the rest of the world is
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