US EXIM Bank supports Ghana’s industrialization with US$300 million

Ghana’s industrialization through the One-District One-Factory (1D1F) program; have received a support of US$300 million from The Export-Import Bank of the United States (US EXIM).

The Export-Import Bank of the United States (US EXIM) and Ghana Export-Import Bank (GEXIM); recently signed a cooperative framework agreement to finance exports of U.S. goods and services that will be needed for Ghana’s industrial development. Meanwhile, this industrial development will become possible via the 1D1F program; which entails the establishment of small-scale industries in each of Ghana’s administrative districts.

In the agreement, US EXIM is approving US$300m; which will be disbursed in transactions of US$10m as guarantees for clients of GEXIM. These clients are however, Ghanaian businesses under the 1D1F program who wish to source and procure machinery and equipment for their factories from the United States of America (USA).

According to EXIM chairman and (acting) president, Ambassador Jeffrey D. Gerrish; this cooperative framework agreement also confirms EXIM’s dedication to President Trump‘s Prosper Africa initiative. US EXIM also seeks to partner with GEXIM in creating jobs and opportunities in both Ghana and the United States.

This funding opportunity will definitely increase manufacturing production in Ghana; as local industries can now take advantage cutting-edge USA technologies and equipment and also finance their busnesses at competitive rates.

The nonbinding cooperative framework agreement remains valid  from April 4, 2019 through April 3, 2022.

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