The Ghana Export-Import Bank (GEXIM) has welcomed the three-year extension of the African Growth and Opportunity Act (AGOA), describing it as a strategic boost to Africa’s trade and industrialisation efforts.
The extension, which was overwhelmingly approved by the US House of Representatives and is awaiting endorsement by the Senate, restores duty-free access to the US market for eligible Ghanaian products.
It is expected to strengthen export-oriented manufacturing, particularly in the garments and apparel sub-sector, while supporting job creation, improved industrial capacity utilisation, and increased foreign exchange inflows.
Speaking to the media on the sidelines of the GEXIM@10 press launch, GEXIM Chief Executive Officer, Sylvester Mensah, highlighted the significance of AGOA in integrating Africa into the global economy.
“AGOA is a very important policy programme, particularly for the African region and for countries that are heavily engaged in agriculture and agro-processing. You will realise that the geopolitical landscape is shifting, with some businesses relocating to Africa, especially in the garments and apparel sector.
“Most of the major brands we wear, including Nike, are traditionally produced in the Far East. Today, however, many of these brands are moving closer to Africa, and particularly to Ghana.
“You would be surprised to learn that some of the products we travel to the UK, Dubai, and other destinations to purchase are actually produced here in Ghana.
“Our responsibility is to take advantage of this geopolitical shift and ensure that it translates into job creation for the majority of our people.
“The vision of resetting the country and implementing a 24-hour economy all come together in delivering the kind of impact and Ghana we desire, as articulated by President John Dramani Mahama under his reset agenda,” he said.
Meanwhile, GEXIM Board Chairman, Dr. Joseph Nyarkotei Dorh, said the Bank will consolidate the gains made over the years and intensify efforts to drive export growth, while strategically leveraging opportunities under the African Continental Free Trade Area (AfCFTA).
“GEXIM and the AfCFTA Secretariat are housed in the same building, which symbolises our shared vision. We want Ghana to be the focal point and frontier for export-led growth, and we have positioned ourselves to ensure increased exports, capacity building, and a strategic focus on priority sectors that will enhance Ghana’s global competitiveness,” he stated.
“For GEXIM, our key focus areas include poultry, rice, and garments and apparel,” Dr. Dorh added.