President John Dramani Mahama has expressed deep concern over the misallocation of credit facilities from the Ghana Export-Import Bank (Ghana EximBank), lamenting that funds intended to empower genuine exporters have been diverted to individuals for personal luxury purchases, including high-end sports cars.
Speaking during a courtesy visit by the Federation of Ghanaian Exporters (FAGE) on Tuesday, President Mahama underscored the vital importance of affordable credit in driving production and expanding Ghana’s export capacity.
He highlighted that the establishment of Ghana EximBank in 2016 was a strategic move aimed at providing targeted financial support to businesses within the export sector.
President Mahama stated “You mentioned the issue of credit it’s important. To be able to give your affordable credit so that you are able to increase your production and thereby be able to export.
“It’s because you that in 2016 I set up the Ghana Exim bank. We converted Export Development and Investment Fund (EDIF) to Ghana Exim.”
However, he expressed disappointment at the way credit disbursements have been handled over the past eight years.
He asserted “Unfortunately, I have looked at the portfolio of the credit that has been given and you are the people that money should be going to, not to people who just take it buy sports cars and things like that.
“If you look at the list of some of those who took that money you wonder really that not why we set up the bank, he lamented.
The President emphasized that exporters are those who contribute directly to Ghana’s economic growth through trade and should be the primary beneficiaries of such financial support.
In response to these challenges, President Mahama announced immediate measures to rectify the situation.
He revealed that he has already engaged the Chief Executive Officer of Ghana EximBank to initiate direct consultations with exporters.
“The CEO will be meeting with you, visiting your businesses, and assessing your credit needs to ensure that the bank provides the necessary financial support tailored to your demands,” he assured members of FAGE.
