The nation’s economic prospects could receive a significant boost as the African Export-Import Bank (Afreximbank) considers an additional US$1.706 billion in transactions, according to the Ministry of Finance.
This potential financing pledge is in addition to Afreximbank’s current support for Ghana’s public and private sectors, which already totals an impressive US$1.761 billion, highlighting the multilateral trade finance institution’s steadfast commitment to enhancing the country’s economic growth.
Afreximbank’s possible US$1.7 billion investment in Ghana’s economy is set to provide a vital boost to various sectors, from infrastructure to trade facilitation, as the country charts its course toward economic recovery and sustainable growth.
The bank’s strong backing for Ghana’s development agenda was recently demonstrated by a landmark initiative dubbed ‘Project Shiprite’.
Earlier this month, a coalition consisting of Afreximbank, the African Development Bank (AfDB), Eastern and Southern African Trade and Development Bank (TDB), and Petra Pension Schemes collectively signed an agreement to provide senior debt funding of US$94 million to PMD Assetco Limited (PMD).
This financial support will aid in the establishment and operation of an advanced floating dock ship-repair facility at the port of Takoradi, positioning Ghana as a regional maritime center.
With the complete commitment of US$13 million in capital secured, Project Shiprite will include a 13,500-tonne lift-capacity floating drydock, 30,000 square meters of reclaimed land, a 200-meter jetty, modern workshops, offices, and heavy marine equipment upon its completion.
Afreximbank Annual Meetings
The firm support of Afreximbank for Ghana’s economic ambitions was further highlighted by the recent trip of Abena Osei-Asare, Minister of State, who will head Ghana’s delegation to the 2024 Afreximbank Annual Meetings and the 3rd African-Caribbean Trade and Investment Forum (ACTIF2024) in Nassau, Bahamas.
The high-profile event, themed ‘Owning Our Destiny: Economic Prosperity on the Platform of Global Africa’, brought together over a thousand delegates including African and Caribbean leaders, policymakers, business leaders and thought-leaders to chart a course for sustainable economic transformation on the continent.
Ms. Osei-Asare will deliver keynote remarks at the opening ceremony and a plenary session focused on ‘Economic Transformation for Global Africa in a Polycrisis World’. She also participated in a high-level policy dialogue on ‘An Emergent Global Africa: A Platform for Sustainable Economic Transformation’.
Ghana’s robust connection with Afreximbank traces its roots to the bank’s inception, with the country being a founding member and shareholder, possessing 3,645 Class ‘A’ shares – equivalent to 2.41 percent of the bank’s overall shareholding.