By Edward Dankwah, GNA
Accra, June 18, GNA – Ghana International Bank Plc (GHIB) has signed a Confirming Bank Agreement with the African Development Bank Group (AfDB) under the Transaction Guarantee Instrument.
The signing marks an important milestone in the Bank’s strategy to expand support for African trade, investment and economic development.
The facility will enhance GHIB’s capacity to support importers, exporters and financial institutions engaged in cross-border commerce across Africa and beyond.
A statement issued in Accra by Mr. Kofi Safo Akyea, the Marketing and Communications Manager, GHIB said it further reinforced the Bank’s commitment to providing trade finance solutions that enabled businesses to access international markets, strengthen supply chains and contribute to sustainable economic growth.
It said GHIB joined a select list of financial institutions, approved based on the AfDB eligibility criteria, reinforcing its standing as a trusted partner in facilitating cross-border trade and finance across the continent.
The statement said the partnerships reflected the shared commitment of both institutions to promoting intra-African trade, supporting private sector development and helping to address the significant trade finance gap that continued to constrain economic growth across Africa.
Mr Ian Greenstreet, the Chief Executive Officer of GHIB, commenting on the agreement, said: “This agreement with the AfDB represents a significant milestone for Ghana International Bank and our clients.”
He said it strengthened their ability to support businesses engaged in international trade and reinforced their commitment to facilitating economic growth and investment across Africa.
“As a UK-regulated bank with deep roots in Africa and strong international connections, GHIB is uniquely positioned to serve as a bridge between African markets and global capital,” he added.
The CEO said they were delighted to partner with the AfDB in support of increased trade, investment and economic opportunities across the continent.
Mr. Solomon Quaynor, Vice President, Private Sector, Infrastructure and Industrialisation of AfBD Group, said: “AfDB is delighted to partner with GHIB to support trade across Africa, especially in low-income countries and transition states such as Sierra Leone, The Gambia, Guinea and Liberia, among others.”
He said GHIB’s strength in providing confirming bank support to local banks in these and other African countries was perfectly aligned with AfDB’s mandate of promoting regional integration.
He said with the increasing implementation of the Africa Continental Free Trade Agreement (AfCFTA), AfDB had the strategic objective of reducing Africa’s trade finance gap by enhancing the confirming bank capacity of African financial institutions.
Mr. Quaynor said it was to ensure that institutions such as GHIB played an even bigger role in promoting intra-Africa trade.
He said GHIB had a long-standing history of supporting trade, investment and financial flows between Africa, the United Kingdom and the wider international community.
“The Bank continues to invest in its capabilities, strategic partnerships and customer proposition as it pursues its vision of becoming the leading banking partner for businesses operating across the Africa–international markets corridor,” he said.
The agreement is expected to expand access to trade finance, increase support for cross-border transactions and further strengthen GHIB’s role as a trusted banking partner for businesses operating across Africa and international markets.
GNA
Edited by Benjamin Mensah