December 10, 2019

EXIM Bank invests GH¢40 million into shea production

The Ghana EXIM Bank says it has invested an amount of GH¢40 million into shea production activities including exportation of the commodity.

This, according to the bank is to enhance chances of exporting the commodity to rake in more revenue for the state.

President of the EXIM Bank, Lawrence Agyinsam, reiterated that the huge investment was in line with Akufo-Addo’s industrialization agenda after successive governments had failed attempts to develop Ghana’s competitiveness and capacity of shea production in the country.

“Literature has proven that Ghana wants to become an export led economy. Successive governments have made an attempt to make sure that Ghana becomes an export led. However, two key components failed us. One is access to finance and two long term financing.”

Lawrence Agyinsam however, highlighted some shortfalls in exportation noting, access to finances, as a main problem of previous governments.

In line with boosting Ghana’s export proficiencies, he stated that, “It is in that direction that the Ghana EXIM Bank decided to then fill in the gap to make sure that we provide long-term financing to the shea industry as I speak 40 million has been sunk into the shea production.” He added

He indicated that the investment would cover, aggregators to collectors to processing and also to traders and manufacturing.

Meanwhile, the bank in June this year invested 10 million was invested to boost shea production in the North and provided some jobs for women in the region.

The pledge, according to the EXIM Bank, further shows the bank’s commitment to support women in the shea business.

Shea nuts are very common in West Africa with Nigeria being the main producer producing 450,000 metric tons of shea nuts per year. However, the largest West African country lacks in exportation which according to reports, is due to the lack of processing facilities.

Ghana and Burkina Faso, which produces 6.8% and 5.0% less than Nigeria respectively, have, in recent times, been exporting more shea butter, which is way more valuable than the raw shea nuts.

Source:ghanaweb.com

 

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