Mahama pledges support for GEXIM Bank to pursue loan defaulters

President John Dramani Mahama has pledged his ongoing support for the Ghana Export-Import Bank (GEXIM) as it seeks to recover funds from those who have defaulted on loans obtained from the institution. Mahama stated that recovering these funds will ensure GEXIM has the necessary resources to finance viable businesses and industrial projects that contribute to Ghana's economic development.

Speaking at the commissioning of the Northshore Apparel facility, which is funded by GEXIM and Germany's KfW Development Bank, the President highlighted that the bank was established to provide financing for projects that foster value addition, exports, employment, and sustainable development. However, Mahama expressed concern that after his previous administration left office, loans from GEXIM were largely awarded to politically connected individuals without the intention of repaying the money.

As a result, GEXIM is currently pursuing several borrowers who have failed to make their repayment obligations. The President emphasized his commitment to supporting GEXIM in its efforts to recover these funds. He mentioned a prominent case involving former Ashanti Regional New Patriotic Party Chairman Bernard Antwi-Boasiako, who is accused of fraudulently obtaining a GH¢19 million loan from GEXIM for a maize farming project that allegedly ballooned to about GH¢30 million.

Antwi-Boasiako, known as Chairman Wontumi, is currently facing a trial in the Accra High Court. Mahama stated that GEXIM's ability to support genuine industrialists and investors whose projects can create jobs and expand Ghana's export base would be strengthened if the defaulted funds are recovered. He reiterated that the bank will continue to identify and finance viable projects that promote local value addition and enhance Ghana's competitiveness in Africa and the global market.

The President expressed confidence in Ghana's potential to build a stronger industrial base and position itself as a competitive producer for Africa and the wider world.