by Mark-Anthony Vinorkor
Parliament Wednesday passed the Ghana Export/Import Bank (EXIM) Bill into law.
The passage of the bill grants the government the power and authority to establish an EXIM Bank which will be a quasi-government institution that will act as an intermediary between national governments and exporters to issue export financing.
The bank, which is envisaged to be a non-deposit-taking institution, will assist exporters to compete internationally by providing insurance and finance facilities to support their overseas activities.
The proposed bank is also aimed at promoting the acceleration of Ghana's drive towards achieving a more diversified economy to help the country become resilient to external shocks.
It is also to improve the capacity of the country to produce goods and services in the competitive global marketplace.
Background
The Ghana export sector has evolved significantly over recent decades.
In line with the country's industrialisation process, its exports have gradually included non-traditional products to the largely indigenous export products.
Although there is an impressive development in the export sector, the perceived idea of transforming Ghana's economy into an export-led one has made it necessary to adopt a policy to drive the laudable idea.
In that regard, the government, in the 2015 budget statement, announced its intention to establish an EXIM Bank to lead in the strategic positioning of Ghana as an export-led economy.
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