The Role Of Banks In Promoting Export

The role of export to the development of every Country cannot be over-emphasized.  For a Country to have a trade surplus,

it must export more than it imports. In Ghana however, statistics clearly indicate that the country imports more and export less leaving a trade deficit of about $20 billion. What is even more is that the exported products are usually sent in their raw state without adding value to obtain maximum benefits.

To move Ghana’s export forward, it will take a concerted effort from all stakeholders, policy makers, banks and other financiers and exporters.

Traditionally, bank support has been in the areas of export credit, Facilitation of international trade (export LCs, invoice discounting, bank guarantees and Advisory services.

Fidelity Bank was established on the principle of empowering Ghanaian businesses to grow. To this end, the Bank has over the years rolled out products and services tailor made to suit the various needs of Ghanaian businesses.

The latest addition to the Fidelity brand is the Fidelity Export Bonus Account aimed at reducing transaction costs for exporters.

The Director of Corporate Banking for Local and Multinational Corporates, Mr.  Anthony Benin says the Export Bonus Account holders will enjoy benefits such as quick credit inflows into accounts, Free COT, access to credit facilities, a dedicated relationship manager, free monthly statements among others.

The Bank has also set aside an Export desk to attend to export clients only and is also raising US$ 60m long-term debt to support exporters.

He noted further that Fidelity is partnering with the Export Development and Agricultural Investment Fund EDAIF to support exporter’s credit delivery.

He disclosed that another initiative by the Bank to support the export sector is the Fidelity Exporter’s Summit to be held in Kumasi, Takoradi and Tamale in the 3rd quarter of 2014.

The Export summit in Kumasi will be held on 31st August, Takoradi on 7th August and the Tamale edition will be held on 14th August 2014.

The summit will bring together exporters in the respective regions to meet with other stakeholders to among other things educate and build the capacity of exporters on managing their finances.