Ghana International Bank (GHIB), a fully incorporated bank in the United Kingdom, has facilitated a trade finance training programme for over 60 bankers from across six West African countries.
The four-day trade finance training seminar in Ghana concentrated on the various international trade finance products that banks can use to better serve their customers.
Baafuor Ohene Abankwah, the Country Representative for Ghana and Head of Client Coverage Africa, told the media at the training’s conclusion that the training is part of GHIB’s efforts to provide quality banking services and a bridge to Ghana’s banking institutions.
“As a wholly Ghanaian bank incorporated in the UK, we have been the heart of trade finance in Africa for many years, dating back to the 1950s.” We believe that we have a role to play in building trade finance capacity so we are passionate about organising such training programmes. This is the eighth session, and we have over 60 bankers from across six countries in West Africa present to be equipped on how to facilitate trade between the countries they represent and the rest of the world”.
He also added that there are huge opportunities for trade finance on the African continent. Here in Ghana, there are several products that are required in West Africa, and banks and financial institutions can do more to facilitate that. Some of the ways in which banks can do that are to provide the financing that allows factories to expand and businessmen to make and receive payments.
“Banks have an important role to play, and intentional efforts such as this training to make sure we work together to promote trade in Africa will really help,”, he added.
On his part, John Awuah, Chief Executive Officer of the Ghana Association of Banks, said the training is timely for banks in West Africa to further understand trade finance instruments that can help in the African Continental Free Trade Area (AfCFTA).
He concluded by adding that the good thing about trade finance is that it makes transaction costs a bit manageable because it is cheaper compared to conventional financing, so trade finance products provide that bridge that enables businesses to access financing in a more cost-effective manner.
GHIB has contributed immensely to Ghana’s economy since its inception by working very closely with some banks in the Ghanaian space. The bank has facilitated the import of goods and the export of some of the commodities that Ghana produces. GHIB has been at the heart of some of the biggest syndicated transactions that Ghana has been engaged in and has been involved with remittance flows in Ghana and west Africa.
