African Export–Import Bank, also referred to as Afreximbank, is a pan-African multilateral trade finance institution created in 1993 under the auspices of the African Development Bank. It is headquartered in Cairo, Egypt.
The $750 million facility is the first batch of the $1 billion loan target, Which will be borrowed from AFRIMIXBANK. $250 facility is expected to be borrowed from other international lenders. The loan was approved by the Lawmakers of Ghana.
The loan was loaned to help Ghana to cut down on domestic borrowing. It would also help the West African country's currency, the cedi, which has lost as much as 25.6% of its value in 2022 alone.
Member of Parliament for Ablekuma Central Constituency in the Greater Accra Region on the ticket of the New Patriotic Party “Ebenezer Gilbert Nii Narh Nartey,” has been speaking about the loan on Assase radio and here is what he had to say.
“I do however believe that if we manage this loan well then it will go some way to alleviate the pressure on our sectors and ministries, If you look at our debt ratio and the type of projects that we are currently doing … We will need to be wise in the use of these monies loaned us.”
According to the Mp,There is confidence in this governments and the Presidents ability to move the country unto better grounds. He continued by saying “I do not believe that the challenges we are facing will be for the long while. There is a will by this government to navigate our people out of this economic crisis.”
He concluded by saying he believe that the $750m is a welcome call and even though there is much that needs doing … It will help the govt in ensuring the success of some of the developmental projects.
Source Ghanatrendingnews.com
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