President John Dramani Mahama has expressed deep concerns over the misallocation of funds from the Ghana EximBank, emphasizing that credit intended to support exporters has instead been used for luxury acquisitions, including sports cars.
Addressing members of the Federation of Ghanaian Exporters (FAGE) during a courtesy call on Tuesday, June 3, President Mahama highlighted the vital role of affordable financing in boosting production and enhancing exports.
According to the president, the transformation of the Export Development and Investment Fund (EDIF) into the Ghana EximBank in 2016 was specifically designed to provide financial backing to businesses within the export sector.
“It’s because of you that in 2016, we set up the Ghana Eximbank—we converted EDIF to Ghana-Exim,” Mahama said.
He lamented the misappropriation of funds over the past eight years, questioning the allocation of resources to individuals who used them for personal luxuries rather than business development.
“Unfortunately, if you look at the portfolio of the credit that has been given in the last eight years, and the list of the people who took the money, you wonder why…” he remarked.
President Mahama further stressed that exporters should have been the rightful beneficiaries of the funds, not individuals purchasing expensive vehicles.
“You are the people that money should have been going to, not to people who just take it and buy sports cars,” he asserted.
In response to the issue, President Mahama pledged immediate action, revealing that he has already engaged the Chief Executive Officer of the Ghana EximBank to initiate direct consultations with exporters.
His comments have reignited concerns over transparency in the allocation of financial support meant for economic development, with many stakeholders calling for stricter oversight of public funds.
