The Minister for Trade, Industry and Agribusiness, Elizabeth Ofosu Agyare, has outlined major interventions by her ministry and its agencies to strengthen Ghana’s economy, as she took her turn on the Government Accountability Series.

She disclosed that in 2025, the Ghana Export-Import Bank (Ghana Exim Bank) disbursed a total of GH¢304 million under what she described as a stringent credit evaluation policy aimed at safeguarding public funds and improving credit quality.

According to the minister, the funds are not handouts but repayable loans issued strictly to businesses that demonstrate clear economic value, the capacity to repay, and the potential to support import substitution and export growth. “This is not money for free. It is meant to grow businesses, strengthen the economy and improve macroeconomic stability,” she stressed.

On loan recovery, the minister said the bank has retrieved GH¢170 million from outstanding loans, with recovery efforts on legacy debts ongoing. Some cases are before the courts, while others have been referred to security agencies. She added that questionable loan disbursements inherited from the past have also been referred to the appropriate authorities for urgent action.

To boost its project financing capacity, Ghana Exim Bank is exploring options to raise up to US$200 million from the capital markets. The funds will be used to complete partially funded projects, protect existing investments, and prevent losses to taxpayers. The Minister explained that incomplete disbursements often leave investors servicing loans without enjoying full project benefits, a situation the new funding strategy seeks to correct.

She emphasised that the approach is non-partisan, noting that any investor who accessed Exim Bank funding for genuine business purposes would be supported to succeed. She cited the watermelon processing factory at Pwalugu as an example of productive investment.

The minister also highlighted the government’s Rapid Industrialisation for Jobs initiative, which seeks to accelerate industrial growth through value addition, revive defunct factories, and create sustainable employment while boosting Ghana’s global competitiveness.

As part of efforts to attract investment, she announced the completion of draft policies for key sectors, including textiles and garments, pharmaceutical manufacturing, special economic zones, and automotive component manufacturing. She added that the Ghana Automotive Development Policy is being reviewed to include electric vehicles (EVs), as well as two- and three-wheeler transport systems.

“Policy drives investment,” the minister noted, adding that Ghana aims to position itself as a pharmaceutical manufacturing hub for West Africa and to pioneer automotive component manufacturing in the sub-region.

She further revealed that the Ministry has signed a Memorandum of Understanding with Shenzhen New Geco of China to establish an EV assembly plant in Ghana. The company has acquired land and development of the factory is far advanced. Discussions are also underway with Chery International for another EV assembly plant, following recent engagements with Chinese companies.

The Minister said these initiatives form part of a broader strategy to drive industrial transformation, create jobs and ensure sustainable economic growth.