Exim Bank commits US$10m to yam export

The Ghana Export-Import Bank (GEXIM) has announced a package of US$10 million to support yam export as part of the bank’s effort to develop the sector, and ensure Ghana remains the world’s largest exporter of yam.

The announcement was made by the Chief Executive Officer of GEXIM, Lawrence Agyinsam, at a Stakeholder Consultative Forum on Yam Export organised by the bank in Accra. It was under the theme: ‘Facilitating International Trade: The Role of Ghana Exim Bank in Yam Exports’.

According to Mr. Agyinsam, the bank, as part of its mandate, is to support and develop – directly or indirectly – trade between Ghana and other countries, and build Ghana’s capacity and competitiveness in the international marketplace; and approved by its Board, is ready to extend this financial support to this sector.

“The Ghana Export-Import Bank Act, 2016 (Act 911) mandates us to plan, promote, develop and finance export-oriented concerns, as well as provide support for Small and Medium Enterprises engaged in agro-processing and export trade.

In 2020, export of yam tubers reached a record high of US$48million according to data from the Ghana Export Promotion Authority (GEPA), making the country the world’s largest exporter of yam. With this financial package, we are optimistic to improve on the figures and also entrench our position as global leader when it comes to yam export,” he added.

The GEXIM CEO further highlighted the bank’s support for the sector at various levels over the years to enhance their productivity, as well as build their capacity through technical assistance to boost international trade.

Mr. Agyinsam urged all stakeholders within the yam value chain to be abreast with global trends in the production and export of yam, and ensure they conform to the required processes and meet the globally defined standards and certification for yam export.

The Executive Secretary of Ghana Root Crops and Tubers Exporters Union (GROCTEU), Robert Taylor, called for more support from state agencies and regulators to enable their members to scale up in their operations and increase their productivity. He further urged yam exporters to strategically position themselves to take advantage of GEXIM’s financial package to increase their exports.

Representatives from other organisations were given the opportunity to make a presentation on their contribution in the value chain. They included the Ghana Standard Authority, Council for Scientific and Industrial Research (Food Research Institute) CSIR, Ministry of Food and Agriculture, Ghana Shippers’ Council and Ghana Export Promotion Authority (GEPA).