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GEXIM affirms support to garment, textile & apparel industry players
The Acting Chief Executive of the Ghana Export – Import Bank (GEXIM), Sylvester Mensah, has affirmed the Bank’s support for players in the garden, textile and apparel industry in line with the government’s agenda to generate growth in job opportunities through the twenty – four (24) hour economy policy.
Sylvester Mensah made this commitment when he accompanied the Minister of Trade, Agribusiness & Industry, Elizabeth Ofosu Adjare on a working visit to the manufacturing units of Dignity DTRT Limited and Tex Styles Ghana Ltd, manufacturers of Vlisco, GTP, and Woodin in Accra and Tema on Tuesday 10th February 2025.
“In line with the President’s assurance to encourage exports and generate employment, we consider the garment sub-sector as an area that can generate very quick jobs and foreign exchange to reduce the burden on the cedi. We are here today with the Honorable Minister to familiarize with the operations of these companies, explore ways of addressing their challenges and provide the needed assistance to help them scale up and create the needed jobs for Ghanaians,’’ he emphasized.
Elizabeth Ofosu Adjare indicated the government’s desire to collaborate with the private sector to industrialize the country and create jobs in addition to creating an ideal business environment for industries to thrive and increase exports.
“We are willing to assist the garment sector as much as we can to enable them to create the needed jobs and to export. We commend your efforts and we are going to support you to replicate this business model in other regions to create more jobs,” she added.
Mr. Kodwo Agyenim-Boateng, the Managing Director of Tex Styles and Mr. Skip Richmond, the Founder and Co-CEO, DTRT Group, thanked the Minister and Acting Chief Executive of GEXIM for the working visit and suggested a closer collaboration with the Ministry and GEXIM to help in addressing challenges facing the garment, textile and apparel industry.
Prior to the working visit, Hon. Elizabeth Ofosu Adjare and Management of GEXIM on Monday February 10, 2025 held meetings with selected industry players, including Volta Star Textiles Ltd (VSTL), Akosombo Industrial Company Limited (AICL), Tex Styles Ghana Ltd (TSGL) and Dignity DTRT Limited at the Ministry in Accra.
The meetings were to discuss ways of strategically positioning the garment sub-sector for job creation.
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We have built enough buffers to pay all DDEP obligations – Finance Minister Ato Forson
Finance Minister Dr Cassiel Ato Forson has assured banks that the government has built sufficient financial buffers to meet all Domestic Debt Exchange Programme (DDEP) obligations this year.
Speaking at a high-level meeting with over 22 Managing Directors of banks, he reaffirmed the government’s commitment to fiscal responsibility and restoring confidence in the financial sector.
“We do not intend to default,” Dr. Forson declared.
“All outstanding holdouts have been paid, and we have put in place the necessary buffers to ensure that every single DDEP obligation for this year will be met.”
The Minister explained that these buffers were created through fiscal discipline, strategic investment cuts, and prudent resource allocation.
As part of this approach, the government has reset goods and services expenditure to 2023 levels and is working to achieve a primary surplus of 1.5% to sustain economic stability.
He also announced plans to submit a fiscal responsibility rule to Parliament, which will set a debt ceiling that the Ministry of Finance cannot exceed.
This measure aims to prevent excessive borrowing and reinforce financial discipline.
Beyond ensuring timely DDEP payments, Dr Forson revealed that the government is taking deliberate steps to reduce reliance on the Treasury bill market.
By improving coordination between fiscal and monetary policies, the government aims to stabilize interest rates and ease liquidity pressures on the banking sector.
Source: Myjoyonline.com
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NSA commences President Mahama’s ‘Nkoko Nkitikiti’ vision
President Mahama’s Vision in Progress as the National Service Authority has received 10,000 “Nkoko Nkitikiti” (Day Old Chicks ) earlier this morning.
Their ongoing 100,000 Poultry infrastructure will be receiving 10,000 Day Old Chicks every few weeks until they hit their 100,000 mark for Broilers at a site in NSA Demonstration farm in Accra.
NSA is working assiduously nationwide with partners to put the infrastructure in place for hundreds of thousands of Poultry Capacity for Broilers in clusters.
Egg production is also top of their agenda in separate projects. NSA is currently putting in place the infrastructure that will receive thousands of layers in President Mahama’s quest to bring down the cost of eggs.
They expect to expand their poultry capacity base in furtherance of President Mahama’s vision to reduce the importation of poultry products and create employment
