Accra , Nov 19, GNA -Cabinet has approved the creation of a Ghana Export-Import Bank to lead in the strategic positioning of Ghana as an export-led economy, Finance Minister Seth Terkper announced in Parliament on Thursday.
Presenting the 2015 budget to Parliament on Wednesday, Mr Terkper said the establishment of the EXIM, will also enable Ghana to take advantage of international trade initiatives such as African Growth and Opportunity Act (AGOA) and Economic Partnership Agreement (EPA).
He said the transformation agenda, which had been articulated by President John Mahama clearly indicated the need to transform the economy into an export oriented economy.
“It is necessary to adopt policies that tilt our economy predominantly towards exports. To achieve the desired transformation,” he said.
The Minister said the Cabinet approval included the use of 50 percent of Export Development and Aagriculrural Investment Fund (EDAIF) funds to set up the bank.
He said the Ghana Exim would be a vehicle for the consolidation of the current export finance activities of the EDAIF, Eximguaranty Company and Export Finance company.
In this regard, Mr Terpker said Cabinet also approved the setting up of a Presidential Committee to implement the scheme.
Over the years, Ghana has been relying on a few primary products, especially gold and cocoa and in recent times oil as the main export commodities, he said.
The Minister said as part of the strategies to boost foreign exchange earnings, in 2015 and the medium term government would focus on expanding non- traditional exports from about US$2.3 billion to US$5 billion.
The strategy will be to take advantage of the purchasing power of consumers in the ECOWAS, BRICS and global market.
The Minister said as part of the expanded export-led development strategy, government would intensify the campaign to promote made-in-Ghana goods and services.