EXIMGUARANTY Company (Ghana) Limited has opened a new business office in Kumasi to cater for the northern part of the country with a call on the company to continue to play a leading role in the economic development of the country.
The First Deputy Governor of the Bank of Ghana, Dr Henry Kofi Wampah, who made the call, noted that Exim Guaranty Bank had since its establishment positioned itself as a risk mitigating finance house that supports the growth of the productive and export sectors of the economy through credit promotion programmes for exporters, small and medium enterprise operators.
The Kumasi office of the company will serve Ashanti, Brong Ahafo, Northern, Upper East and Upper West regions.
The opening of the office forms part of Exim’s plan to bring financial solutions closer to customers across the entire country and further promotes the objective of improving private sector access to credit for economic expansion and job creation.
Dr Wampah said with the current position of Exim, there was every indication that businesses in the northern sector of the country now had a true partner in development.
Exim, with the application of its 14 products, is now strategically positioned to play an increasing and influential role in Ghana’s financial services sector.
The company had grown its operational capacity by an average of 800 per cent since inception.
Their clientele portfolio turnover had grown by over 1,472 per cent, while shareholders’ funds had grown by 1, 969 per cent since 2002, and operational revenues also increased by 4,500 per cent within the same period.
Besides, its guarantee fund and net worth had grown by 2,166 per cent since its inception and six new products have been designed and added to its product line.
Officials of the company said there was an enhanced visibility of its image and widespread acceptance of its role in the economy.
They envisaged that Exim’s presence in the northern sector of the country would provide further opportunities to advance its role in the economy.
Organised private sector leaders, contractors, entrepreneurs, heads of financial institutions and traditional leaders attended the opening ceremony of the Kumasi office.
The Asantehene, Otumfuo Osei Tutu II, who was represented at the ceremony by the Mawerehene of Asante, Baffour Osei Hyeaman Brentuo VI, gave his blessing to the operations of Exim, emphasising that all the support needed by the company would be accorded.
The Chairman for the occasion, Mr Samuel M. Akrong, a Director of the Board of Eximguaranty, in his remarks, said that Exim planned to design new products to suit clients’ requirements in the new location and expressed the hope that the goodwill exhibited would be fairly reciprocated with good performance on the credit guarantees issued.
Exim also plans to increase operational capacity in the northern sector by an additional 20 per cent by the end 2011.
Mr Akrong, therefore, urged the business community to do business with the company to enable them benefit from the laudable services.
He took the occasion to extend a warm gratitude to the Central Bank for granting the approval needed to establish the regional office for Exim in Kumasi.
He went on to assure the banking supervision unit that the company would comply with the non-bank financial institution’s business rules and regulation.
The Managing Director of Exim, Mrs Felicity Acquah, was happy that the Kumasi office had been established in line with the strategic plan of the company.
She believed having grown the clientele base of the company for the past five years, it was important to attract new clients to grow the business of Exim and also to create deeper understanding of Exim’s products and services.
She, therefore, wished that the banks and other financial institutions would patronise Exim’s Credit Guarantees.
“We at Exim recognise the banks and other financial institutions as our core clients in advancing credit to SMEs in the productive sector.
“We also hope with our presence in the five specified regions, banks and other non-bank financial institutions would embrace our credit guarantee products in detail and forward recommendations and applications forms on Exim’s interventions appropriately to their Head Offices in Accra,” she said.