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Ghana Exim Bank commits USD10 Million to yam export
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• Mr. Lawrence Agyinsam, CEO of Ghana Exim
The Ghana Export-Import Bank (GEXIM) has announced a package of 10 million dollars (USD10 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 on Tuesday, July 26, 2022, 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 market place 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$48 million 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), Mr. 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).
The Ghana Gold Board (GoldBod) has announced changes to how the purity of gold will be tested for local purchases, with the new rules taking effect from October 1, 2026.
The notice was issued today by the Compliance Directorate of the Ghana Gold Board.
Under the new arrangement, the Water Density method will only be used to give an indication of the purity of gold and will no longer serve as the final basis for determining its purity, price or payment.
In a compliance notice issued on September 28, GoldBod said X-Ray Fluorescence (XRF) testing would become the definitive method for determining the purity of gold doré purchased by the Board and its licensed buyers.
It explained that the applicable payment for gold would therefore be based on the purity determined through the XRF method.
However, GoldBod said where a licensed buyer is unable to use XRF due to genuine operational or logistical challenges, or where both the buyer and seller voluntarily agree to use the Water Density method, the gold would be purchased at a 0.7 percent purity discount.
The Board introduced a tolerance level for differences between successive XRF test results for the same gold or transaction.
According to the notice, the permissible difference between one XRF report and another must remain within plus or minus 0.1 percent.
GoldBod said any difference beyond that range would have to be verified before the transaction is completed or reported to the Board.
The new requirements apply to all aggregators and licensed gold buyers, who have been directed to ensure that they are fully prepared to comply with the changes by October 1.
GoldBod said the notice forms part of the terms and conditions of licences issued to aggregators and licensed gold buyers.
It warned that failure to comply with the new requirements would constitute a breach of the applicable licence conditions and could result in regulatory or enforcement action under the Ghana Gold Board Act, 2025 (Act 1140).
By: Jacob Aggrey
Investigative journalist Manasseh Azure Awuni has waded into the debate over government support for Ghanaian evacuees, describing complaints over the amount given as “nauseating entitlement.”
In a strongly worded post shared on Facebook, Manasseh argued that Ghanaians who were airlifted from South Africa after xenophobic threats should show gratitude rather than discontent.
“Some countries abandoned their people because they either did not care enough or they did not think it was economically wise to spend huge sums of money chartering planes and evacuating their people. Your country did not abandon you. It chartered aircraft and lifted you,” he wrote.
According to him, government spent huge sums to bring citizens home at a time when the country has pressing needs that could have been addressed with that money, but no one complained because “your life as a citizen is just as pressing.”
Manasseh said it was therefore worrying that after the evacuation and subsequent financial support from the state, some beneficiaries are complaining that the amount is not enough.
“Sir, some people need only 2000 cedis to start a business, but the state has not given them anything. Others worked and paid taxes while you were away, but have not received a pesewa from the state. Think about that,” he stated.
He added that while the frustration of losing opportunities abroad is understandable, the evacuation was not forced but was done to save lives.
He added that “We can sympathise with whatever opportunities you may have lost by returning home, but note that the government did not forcibly evacuate you. Your safety was paramount. You could have lost your life if the government had abandoned you.”
Manasseh warned that such complaints only fuel negativity in the political space.
“Your complaints will please a section of our society that lives in perpetual search of negativity with which to score cheap political points. But to the discerning people, it is a nauseating sense of entitlement,” he stressed.
He concluded with a call for appreciation “And whatever you have been given to ease your return is an added bonus. Appreciate it and pray for more. There’s a vast difference between a favour and an entitlement.”
By Edem Mensah-Tsotorme
