President John Dramani Mahama has criticized the misuse of Ghana EximBank funds, stating that money meant for exporters has been diverted to fund personal luxuries, including the purchase of sports cars.
Speaking at a meeting with the Federation of Ghanaian Exporters (FAGE) on June 3, Mahama emphasized that the EximBank was established to empower local exporters, not finance extravagant lifestyles.
“It’s because of you that in 2016, we converted EDIF into the Ghana EximBank,” he told FAGE members. “But if you look at the loan portfolio over the last eight years, you’d wonder why people who aren’t even in the export business received credit for personal use.”
Mahama assured exporters that his government will reprioritize the bank’s mission to focus on export-led growth. He announced plans to collaborate directly with the EximBank CEO to assess exporters’ credit needs and deliver tailored financial support.
“You are the people the money should have gone to—not those buying sports cars,” he stated.
He also highlighted the importance of affordable credit in increasing local production, stabilizing the cedi, and reducing import dependency.
FAGE President, Mr. Davies Korboe, praised government efforts to stabilise the cedi and called for stronger public-private cooperation to boost export volumes.
Both sides agreed on the need for long-term strategies to grow the export sector, support local businesses, and promote industrialization through value addition.
