Ghana Exim Bank resets lending strategy, prioritizing high-impact industrial projects

The Ghana Export-Import Bank (Ghana Exim Bank) has announced a strategic reset of its lending framework, shifting its focus towards financing projects with a demonstrable high impact on the national economy. The disclosure was made by the bank’s Chief Executive Officer, Sylvester Mensah, during the official commissioning of the Northshore Apparel Hub in Savelugu on Friday, August 28 .

Speaking on the sidelines of the event, which marks a significant milestone under the government’s 24-Hour Economy initiative, Mr. Mensah stated that the bank’s financing decisions are now strictly anchored on the potential of projects to drive economic transformation, rather than on sentiment. The bank is committed to directing its scarce financial resources towards businesses capable of generating significant economic value and contributing to the country’s industrialisation agenda .

Aligning with National Transformation Goals

“It does not lend based on sentiments. Behind every facility we extend is placing scarce resources where their impact can be significant,” Mr. Mensah emphasised, highlighting the bank’s new institutional philosophy .

This redefined scope is aligned with the government’s vision, prioritising sectors that promise high employment, export potential, and local value addition. The strategy forms part of a broader plan unveiled earlier in the year, which focuses on enhancing the competitiveness of Micro, Small, and Medium-sized Enterprises (MSMEs) and strengthening market access for Ghanaian exporters .

The Northshore Apparel Hub: A Case Study in Impact

Mr. Mensah cited the Northshore Apparel Hub as a quintessential example of the kind of enterprise the bank is now prepared to back. The facility, which was inaugurated by President John Dramani Mahama, is a wholly Ghanaian-owned venture funded through a blend of international partnership financing and nearly US$12 million from the Ghana Exim Bank .

The CEO described the project’s financing case as “particularly compelling,” noting that it demonstrates the ability of local firms to execute large-scale industrial projects capable of competing on the global stage . The hub is strategically positioned to expand Ghana’s apparel exports, leveraging trade preferences under the African Growth and Opportunity Act (AGOA) and other international arrangements .

Expanding the Industrial Frontier

The Northshore project represents a significant move to decentralise industrial development. President Mahama noted that the hub has already created thousands of jobs, with the bulk of its products destined for export. The facility operates under Ghana’s Free Zones programme and is expected to become the anchor for a larger industrial hub with a long-term employment potential of up to 30,000 people .

“Northshore has made nonsense of all the arguments about factors of production,” President Mahama stated, referring to the historical perception that Northern Ghana was not conducive for industry. The President reiterated the government’s commitment to the 24-Hour Economy agenda, which seeks to expand productive activity and keep young people gainfully employed within their communities .

A Measurable Approach to Growth

The shift in strategy comes as the bank reports significant growth in its financial position. Speaking at the bank’s 10th-anniversary conference earlier this year, Mr. Mensah revealed that income collections had more than doubled, and the loan book expanded considerably, positioning the bank to support more businesses .

Mr. Mensah affirmed that Ghana Exim Bank intends to play a central role in linking production and market access, ensuring that Ghanaian businesses have the support needed to fully participate in global value chains .