Industrialisation critical for competitiveness – Veep

March 27, 2026

2 minutes read

Vice President, Prof Opoku-Agyemang (middle) inspecting some exhibits on display. With her is Mr Mensah (second from right) and other dignitaries Photo: Victor A. Buxton

The Vice-President, Prof. Naana Jane Opoku-Agyemang, has called for a renewed push for industrial growth and export competitiveness as Ghana marked 10 years of the Ghana Export-Import Bank (GEXIM).

According to her, the country must move faster to reduce its dependence on raw exports and imports.

Speaking at an international conference to commemorate the anniversary, she described the milestone as a moment for reflection and action, noting that the bank was established under President John Dramani Mahama to support production, value addition, and export development.

She said while the bank had contributed to the growth of non-traditional exports, supported businesses, and strengthened key sectors such as agriculture, manufacturing, and services, global economic shifts now demand a more strategic and urgent response.

According to her, rising trade tensions, supply chain disruptions, climate pressures, and rapid technological changes are reshaping global commerce, making it risky for countries like Ghana to depend on a narrow range of exports.

“Diversification is no longer optional,” she stressed, adding that stronger industrial capacity and access to finance would determine how competitive Ghana becomes in the years ahead.

She also pointed to opportunities under the African Continental Free Trade Area (AfCFTA), saying African countries must act in unity to build regional value chains and strengthen their bargaining power globally.

The Vice-President said Ghana was well-positioned to benefit from shifting global supply chains due to its stability, location, and growing entrepreneurial base, but warned that this potential must be backed by clear policies and strong institutions.

She called on GEXIM to deepen support for value addition, expand assistance to small and medium enterprises (SMEs), and strengthen trade finance, guarantees, and risk management systems.

She also urged stronger partnerships with international financial institutions and private investors, as well as greater use of innovation and technology to improve efficiency and impact.

The Chief Executive Officer of GEXIM, Mr Sylvester Adinam Mensah, mentioned that the anniversary was not only a time to celebrate progress but also to confront gaps and improve delivery.

He revealed that the bank’s loan portfolio had grown significantly over the past decade, supporting over 140 businesses, while export-related collections had more than doubled.

However, he noted that finance alone was not enough to drive export growth, as many businesses struggled with high costs, weak logistics, limited market information, and an inability to manage risks.

“Businesses need a complete support system, not just funding. Export competitiveness starts with productivity, quality standards, and efficient production systems long before goods reach international markets,” he stated.

He announced that GEXIM would shift to a more focused and results-driven strategy, targeting key sectors

BY AGNES OPOKU SARPONG

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