News Guide Africa

Tag: EXIM Bank

  • Commercial Reality vs. Political Narrative: Why Chairman Wontumi Opted for Legal Resolution in EXIM Bank Case

    Commercial Reality vs. Political Narrative: Why Chairman Wontumi Opted for Legal Resolution in EXIM Bank Case

    BY Adnan Adams Mohammed

    Recent commentary surrounding the decision of Bernard Antwi Boasiako, popularly known as Chairman Wontumi, to enter into plea negotiations with the State over an EXIM Bank facility has generated considerable public debate.

    In response to mounting speculation, the Wontumi Campaign has broken its silence to clarify the context of the legal strategy, framing the move as an act of “responsible leadership” rather than an admission of guilt.

    In an official statement signed by Ewuradjoa Coleman, Director of Media and Communications for the Wontumi Campaign, the camp sought to strip the controversy of its political undertones, urging the public to view the matter through a lens of commercial reality and legal due process.

    From Award-Winning Fields to Financial Headwinds

    According to the campaign, the EXIM Bank facility in question was not a speculative venture or a “paper project.” Instead, it was secured to fund a massive, large-scale agricultural enterprise aimed at boosting Ghana’s food security and creating rural employment.

    Chairman Wontumi’s bona fides in the agricultural sector are well-documented. In 2018, his farming enterprise earned national recognition when he was adjudged the Ashanti Regional Best Farmer, First Runner-Up, at the 34th National Farmers’ Day celebration. His 10,000-acre maize farm in the Sekyere Central District was specifically cited by the Ministry of Food and Agriculture as a significant contribution to the state’s agricultural production.

    However, the campaign pointed out that large-scale farming carries inherent vulnerabilities that often elude public scrutiny.

    “Like many agricultural ventures, large-scale farming is exposed to significant operational and environmental risks,” the statement noted. “Market fluctuations, climatic conditions, production challenges, and other unforeseen factors can substantially affect projected returns and the ability to meet financial obligations within anticipated timelines.”

    The Legal Strategy: Why a Plea Negotiation?

    Faced with these commercial challenges, the Ashanti Regional Chairman of the New Patriotic Party (NPP) chose what his camp describes as a path of constructive engagement over prolonged legal warfare.

    The decision to enter into plea negotiations has been heavily weaponized by political opponents, but the campaign issued a strong reminder of the legal mechanics governing such processes in Ghana.

    ● A Lawful Mechanism: Plea negotiations are fully recognized under Ghanaian law.

    ● No Presumption of Guilt: Entering into negotiations is not, in itself, proof of legal wrongdoing or criminal guilt.

    ● Efficient Resolution: The law expressly provides avenues for parties to negotiate settlements, which can include arrangements that lead to the formal withdrawal of charges where appropriate.

    The campaign argues that seeking a settlement avoids unnecessary, protracted litigation that would drain both public and private resources.

    Evasion vs. Responsibility

    As the story continues to dominate headlines, the Wontumi Campaign has cautioned against the mischaracterization of standard legal procedures for political convenience, emphasizing that public confidence in state institutions relies on respecting due process.

    “Seeking a lawful resolution is not an act of evasion; it is an act of responsibility,” the statement added, reinforcing that Chairman Wontumi remains fully committed to fulfilling his financial obligations, respecting the laws of Ghana, and continuing his contributions to national development.

    The dispatch concluded with a defensive broadside on what constitutes true statesmanship: “Responsible leadership is demonstrated not by the absence of challenges, but by the willingness to confront them transparently, lawfully, and in good faith.”

     

  • GEXIM CEO canvasses support for African SMEs to compete globally

    GEXIM CEO canvasses support for African SMEs to compete globally

    The Chief Executive of the Ghana EXIM Bank, Sylvester Mensah, is championing advocacy to push African leaders to be deliberate in their support for small and medium size Enterprises (SMEs) to compete globally.

    The support to SMEs includes assisting them to surmount regulatory hurdles by creating an environment that enables regulatory compliance, exposure to international networks and capacity building on best practices.

    Advancing his advocacy, Mr Mensah believes that for SMEs to grow and compete favourably, they must be assisted to penetrate global markets. He made his case with the GEXIM example which has deliberately sponsored a number of SMEs to trade fairs and international exhibitions to build networks and access other markets.

    “Access to markets creates more exports and generates foreign exchange for the country which is important to job creation and economic development”, he noted while speaking at the Global SME Finance Forum taking place in South Africa.

    According to him, “SMEs are integral to the development of economies. We must therefore champion their growth. Governments do not do SMEs a favour by supporting them to grow. SMEs hold the key to economic growth. Creating the environment and providing support for them to thrive is the way to go.”

    “African governments must be deliberate about supporting SMEs. One way of doing so is facilitating their acquisition of regulatory Licenses and certifications by creating a one-stop shop where SMEs can interface with regulators, meet requirements, and get their licenses; this ensures efficiency in their operations,” Mr Mensah advocated.

    In many third-world economies, Mr Mensah noted that information on securing licenses and relevant certifications is often sketchy and fragmented, yet regulators come hard at SMEs that fail to comply.

    Using the Ghana example to advance his call, he narrated that SMEs have to regularly interface with the Registrar of Companies to file their returns, as well as the Food and Drugs Authority, and the Ghana Standards Authority for standards certification and compliance.

    SMEs dealing with regulators to align their processes after non-compliance, he observed, increases their costs of operation. Hence, his suggestion of creating a one-stop shop where various regulators will have desks to attend to the needs of these enterprises.

    “Not only is this convenient for SMEs, but it also ensures efficiency in their operations,” the GEXIM Chief Executive told the Forum last week.

    Mr Mensah further emphasized the significance of SMEs to African economies, stressing their relevance to economic growth.

    He said, “SMEs are integral to the development of economies. We must therefore champion their growth. Governments do not do SMEs a favour by supporting them to grow. SMEs hold the key to economic growth. Creating the environment and providing support for them to thrive is the way to go.”

    The Forum was organised by the International Finance Corporation (IFC), under the auspices of the G20 is on the theme, “Building resilience and creating opportunities for growth.”

    The World Bank estimates that 1.2 billion new jobs need to be created for the young people projected to enter the workforce in the developing world by 2050. Meanwhile, only about 420 million new jobs are expected to be created.

    This significant gap highlights a major global challenge to provide enough employment for the growing youth population, emphasizing the urgent need for strategies that foster inclusive job creation. SMEs appear to be the most feasible avenue for the creation of most of these jobs essential for social stability and economic growth.

    It is against this backdrop that Sylvester Mensah made the call for support for SMEs. According to him, the support does not only mean funding but also other interventions to help SMEs scale over obstacles, expand, and create jobs.

    “Supporting SMEs does not only have to come through funding. Providing mentorship opportunities and capacity-building ensures their growth and sustainability. When they then get the funding, they are more likely to do better, as their knowledge and capacities have been enhanced,” he observed.