Banks are an integral part of the financial system. They provide checking accounts, savings accounts, credit cards, loans, mortgages, and other financial services. Banks also act as intermediaries between savers and borrowers. And just like any other part of the world, Ghana is also home to various financial institutions. One of such institutions is EXIM Bank Ghana.
You should know some obvious things about your bank or before deciding which bank to go for. These include their objectives, products, branches, history and so forth. You don't want to bank in an institution that doesn't have products related to your line of work or even branches near you.
Everything you need to know about EXIM Bank Ghana
Are you currently considering banking with Ghana EXIM Bank? Do you know the products it offers, its objectives and branch distribution across the country? Well, the following information will help you understand more about EXIM Bank Ghana.
EXIM Bank Ghana background
EXIM has a long background that dates back to 1989. Its history also involves three different financial entities. The bank is as a result of a merger between the following:
1. Export Trade, Agricultural and Industrial Development Fund (EDAIF)
Established in 2002 under Act No 582, EDIF (Export Trade Agriculture and Industrial Development Fund) main aim was to provide financial resources to export-oriented activities, especially those related to non-traditional products.
In 2011, a new act was established to add a few mandates to the institution. Its new aim was to provide funding to agriculture-related ventures such as agro-processing industries.
In 2013, the previous was replaced with Act 873, which added financial resources for Industrial Development to its mandate. With more appointments, EDAIF became one of the essential development finance institutions in Ghana at the time.
2. Export Finance Company (EFC)
EFC was founded in 1989 as SPV (Special Purpose Vehicle) to give financial aid to the Non-Traditional Export of the Ghanaian economy. Later it was rebranded to Export Finance Company (EFC). Just like the name suggests, it dealt with export funding.
3. EXIM-Guaranty Company Limited
EXIM- Guaranty Company Limited (ECL) was founded in 1994 to provide risk management and guarantee solutions to Small-Medium Enterprises.
The above three institutions were all merged to one big institution on 29th March 2016 by Act 911. This saw the creation of The Ghana Export-Import Bank (GEXIM). The bank is now popularly known as EXIM and not GEXIM.
As of now, the merger has been successful. All the employees from the founding three institutions have been fully integrated into the daily operation of EXIM bank.
Export-Import Bank Ghana objectives
Every entity formed by the government of Ghana has its unique mandate to the country. EXIM being one of the entities, thus has been assigned its responsibilities.
The financial institution main aim is to expedite the transformation of the country's economy through supporting and developing export and import industry. This is done by overseeing and promoting trade between Ghana and other countries. The institution also manages overseas investments owned by the Ghanaian government.
By facilitating the export and import sectors, the bank eliminates any critical market failure in the country's economy. This makes Ghana more competitive in the international marketplace.
EXIM bank's vision is to become the strongest financial institution in Ghana that will be the most critical engine in the economic development of Ghana and enhancement of export trade. The bank also wants to make Ghana one of the most crucial pillars in Africa's trade.
EXIM Ghana management structure
EXIM Ghana management structure is divided into two:
1. Executive Management
This division oversees the entire operations of the organization. It consists of the following members:
- Executive Director - They oversee the organization's day-to-day operations and reports directly to the Board of Directors. The current EXIM Ghana CEO is Lawrence Agyinsam.
- Deputy Executive Director -Banking: This position is responsible for overseeing the activities related to banking. The current Banking Deputy Executive Director is Nana Ama Poku.
- Deputy Executive Director - Financial and Administration: Responsible for managing the company's finances and overseeing various departments. Kwame Adu-Darkwa currently holds this position.
2. EXIM Ghana Board of Directors
The EXIM Bank Board of Directors is made up of individuals who represent different stakeholders within the society. They ensure that the interests of these groups are represented at every level of the decision making process. These include; Government officials, private sector representatives, civil servants and so forth.
The current EXIM Bank Board members include:
- Mr Kwadwo Boateng Genfi - Board Chairman
- Robert Ahomka-Lindsay - Representative Ministry of Trade & Industry
- Nana Dr Appiagyei Dankwawoso 1 - Representative Private Sector
- Madam Catherine Quaidoo - Representative Private Sector
- Rev. Peter Kwame Abrebrese - Representative Private Sector
- Lawrence Agyinsam - Chief Executive Officer
- Ernest D. Akore - Representative Ministry of Finance. Mr Kwabena Adjei Mensah formerly held this position
- Mrs. Elsie Addo Awadzi - Representative Bank of Ghana
- Dr Afua Asabea Asare - Representative Ghana Export Promotion Authority
EXIM Bank Ghana products
In addition to providing financing services, EXIM bank offers a wide range of products. They include the following:
1. Pre Shipment credit facility: Provides investors with access to finances to purchase their raw material or other inputs. This facility also offers importation of inputs that will be used to produce goods for export. The following are provided under this facility:
- Import Finance
- Warehouse Financing
- Short-term loans
- Bridge Finance
2. Post Shipment Credit: Bridges the gap between export sales and production costs. This allows investors to have cash flow and reduce their operating cycles. The following are offered here:
- Export Receivables Finance
- Bills Discounting
- Buyer's Credit
3. Contingent Liabilities: Allows companies to borrow funds against future exports. This helps them manage risks associated with uncertain markets. The following are offered as contingent liabilities:
- Supplier Credit Guarantee
- Letters of Credit
- Loan Guarantee
4. Export Development Finance: Offers long term finance facilities to small businesses to help them expand into new markets. It also assists exporters in accessing international trade opportunities.
5. Cross-Border Investments: Encourages Ghanaian investors to invest abroad. This service provides investors with:
- Working capital
- Equity investments in other companies
- Money to acquire business assets
- Acquisition of any brands or rights
- Acquisition of other companies
- Any other activity that is eligible for funding by EXIM
6. Project Exports: Provides funding to exporters to help them develop their projects. Projects can involve anything from developing an idea to building factories.
7. Research & Advisory: Helps clients identify market trends and provide advice on how best to exploit those trends. Services provided include:
- Market research
- Business plan development
- Strategic planning
- Marketing strategy
EXIM Bank Branches and contacts
1. Head Office
- Physical location: Africa Trade House, Ambassadorial Enclave, Liberia Road, Accra, Ghana.
- Phone 1: 0302-234668
- Phone 2: 0302-234669
- Phone 3: 0302-234664
- EXIM Bank Ghana website: www.eximbankghana.com
2. Kumasi Branch
- Physical location: 116 Dr. Addo Kuffour Avenue, Danyame, opposite. Friends gardens
- Phone 1: 057-8594352
- Phone 2: 057-8594351
3. Tamale Branch
- Physical location: 2nd Floor SSNIT Pension Tower, Dagomba Street
- GPS Address: NT-0010-5301,
- Postal Address: P.O. BOX 2314, Tamale
- Phone 1: 0372-028053
- Phone 2: 0302-234664
4. Ho Branch
- Physical location: 2nd Floor, Atsu Briggar’s Plaza, Muvie Street, Ho
- Phone 1: 0362 027773
- Phone 2: 0362 028392
5. Takoradi Branch
- Physical location: 1st Floor Arccu House 4/10 Lorna Avenue, Top Ten
- Phone 1: 0312 002262
- Phone 2: 0312 002263
EXIM Bank Ghana recruitment and latest news
EXIM Bank advertises vacancies from time to time. These vacancies are listed on their website under the "News" tab. On this tab, you will also get a list of all the tenders up for grabs.
Alternatively, you can follow EXIM bank on social media to stay in the loop with all their latest news about tenders, recruitments and much more. Make sure you follow the proper social media accounts to avoid scammers.
EXIM Bank Ghana mainly offers export and import related services. Since this is a government entity, their interest rates are much lower than other unspecialized financial institutions. If you need any clarifications or consultation regarding the services offered by this bank, use the contacts listed above to reach out.
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