EXIM bank engaged in blatant abuse of funds – Mahama claims

Former President John Mahama has accused EXIM bank of abusing funds under President Akufo-Addo

According to him, the next National Democratic Congress government will redirect the focus of the bank.

“I will re-focus the operations of the EXIM bank, back to its core mandate of promoting businesses. The EXIM Bank under my watch, will in addition to other funding streams support agriculture and agribusinesses for both the domestic and export markets through the creation of agro-production and processing zones in all major crop producing areas across Ghana,” he said.

EXIM Bank was created in 2016 to promote made in Ghana goods,  export and to create jobs.

“When I established the Ghana EXIM Bank in 2016, my dream was for the bank to promote exports and create jobs. I did not envisage the current lack of transparency in the disbursement and flagrant abuse of the funds of the bank on non-core activities to the neglect of many its core and legitimate viable business plans; some from many hardworking young Ghanaians” he told a group of small business operators in Accra.

He further stated that e-commerce would also be prioritized on a government-supported platform that will promote Made in Ghana goods.

“We intend to run a 24-hour economy, which will be three shifts of eight hours each. This means more employment and even more important, greater productivity and growth for the economy. We shall make it seamless so that it will become a norm, just like it pertains in advanced countries.

In September this year, the Public Accounts Committee (PAC)  raised red flags over claims that the Ghana Export-Import Bank (GEXIM) paid  GH₵2 million to dancehall musician Shatta Wale, known in private life as Charles Nii Armah Mensah Jnr, for a brand-ambassador role.

Shatta Wale and others in the entertainment industry were reported to have been contracted to promote made in Ghana products.

Kumawood actor, Kofi Adu, known in showbiz as Agya Koo, is also alleged to have received GHC 250, 000.

Exim Bank is a state entity established by an Act of Parliament to support the development of Ghana’s export trade, facilitate cross border trade and make Ghana a pillar in regional and continental trade.

At a PAC hearing on Wednesday, September 9, members of the committee sought answers over the payments.

In his response, the Deputy Chief Executive Officer of Exim Bank with oversight of the Finance and Administration Division, Kwame Adu-Darkwa, said it was a “media campaign we are running with a consultant”.

The bank, however, denied the amount involved.

A day after the disclosures at the Public Account Committee generated a huge storm, the bank said the figures have been highly exaggerated.

But it declined to state how much it had paid members of the creative industry to champion the made-in-Ghana goods campaign.

In a statement, the bank said it had not paid any amount of ” such magnitude to any ambassador or influencer.”