<\/p>\n
The agreement, signed under the Bank\u2019s Trade Finance Transaction Guarantee instrument, enables the African Development Bank Group to provide guarantees covering up to 100% of non-payment risk on selected trade transactions.<\/p>\n
<\/p>\n
The facility is designed to support trade involving African issuing banks and international confirming banks, particularly in markets where access to credit remains constrained.<\/p>\n
<\/p>\n
AfDB Vice President Solomon Quaynor said the partnership will strengthen trade capacity across the continent. \u201cThe addition of Ghana International Bank strengthens our ability to support trade across Africa, especially in low-income countries and transition states,\u201d Quaynor said.<\/p>\n
<\/p>\n
Quaynor said the initiative is aligned with broader efforts to reduce Africa\u2019s trade finance gap, which remains a major barrier to economic growth.<\/p>\n
<\/p>\n
According to the Bank\u2019s estimates, unmet demand for trade finance in Africa ranged between $74 billion and $92 billion in 2024, with small and medium-sized enterprises most affected.<\/p>\n
<\/p>\n
Quaynor said expanding the network of confirming banks will help unlock trade opportunities and support the implementation of the African Continental Free Trade Area (AfCFTA). \u201cWith the increasing implementation of AfCFTA, [we aim] to enhance the confirming bank capacity of African financial institutions,\u201d Quaynor said.<\/p>\n
<\/p>\n
Chief Executive of Ghana International Bank Ian Greenstreet described the agreement as a milestone for the institution and its clients. \u201cThis agreement strengthens our ability to support businesses engaged in international trade,\u201d Greenstreet said.<\/p>\n
<\/p>\n
Greenstreet said the bank\u2019s position as a UK-regulated institution with strong African links enables it to connect African markets with global capital. \u201cWe are uniquely positioned to serve as a bridge between African markets and global capital,\u201d Greenstreet said.<\/p>\n
<\/p>\n
The Trade Finance Transaction Guarantee instrument allows the AfDB to work with both local and international partners to facilitate cross-border trade by reducing risk exposure.<\/p>\n
<\/p>\n
Officials said the initiative is expected to help expand trade flows within Africa and between the continent and global markets, while improving access to finance for businesses.<\/p>\n
<\/p>\n
–AfDB\/ChannelAfrica–<\/p>\n","protected":false},"featured_media":37600,"template":"","meta":{"_acf_changed":false},"news-type":[44],"class_list":["post-37599","news","type-news","status-publish","has-post-thumbnail","hentry","news-type-finance","entry"],"acf":{"short_description":"The African Development Bank (AfDB) has partnered with Ghana International Bank to expand trade finance support and reduce funding gaps affecting African businesses.","published_date":"","news_description":"The African Development Bank (AfDB) has partnered with Ghana International Bank to expand trade finance support and reduce funding gaps affecting African businesses.","form_embed":"","author":"","image_caption":""},"_links":{"self":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/37599","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":1,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/37599\/revisions"}],"predecessor-version":[{"id":37601,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/37599\/revisions\/37601"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media\/37600"}],"wp:attachment":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media?parent=37599"}],"wp:term":[{"taxonomy":"news-type","embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news-type?post=37599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}