Almost 60 bankers from six West African nations participated in a trade finance training program organized by Ghana International Bank (GHIB), a fully Ghanaian bank registered in the UK.
The different international trade financing products that banks may utilize to serve their customers were the main emphasis of the four-day trade finance training session in Ghana.
Baafuor Ohene Abankwah, the Country Representative for Ghana and the Head of Client Coverage in Africa, said in a statement to the media at the training's closing ceremony that the training is a component of GHIB's efforts to provide high-quality banking services and act as a link to Ghana's banking institutions.
Almost 60 bankers from six West African nations participated in a trade finance training program organized by Ghana International Bank (GHIB), a fully Ghanaian bank registered in the UK.
The different international trade financing products that banks may utilize to serve their customers were the main emphasis of the four-day trade finance training session in Ghana.
Baafuor Ohene Abankwah, the Country Representative for Ghana and the Head of Client Coverage in Africa, said in a statement to the media at the training's closing ceremony that the training is a component of GHIB's efforts to provide high-quality banking services and act as a link to Ghana's banking institutions.
Banks may help with this by, among other things, providing the funding necessary for manufacturers to develop and for businesspeople to send and receive payments. He said, "Banks have a crucial role to play, and deliberate initiatives like this training to ensure that we collaborate to encourage commerce in Africa would definitely assist."
The training is crucial for banks in West Africa to better grasp trade financing instruments that might help in the African Continental Free Trade Area, according to John Awuah, Chief Executive Officer of the Ghana Association of Banks (AfCFTA).
Because it is less expensive than conventional lending, trade finance solutions have the benefit of making transaction costs somewhat reasonable.
offer the stepping stone necessary for more cost-efficient access to funding for enterprises.
"We had a really interesting discussion with the program's facilitators about trade finance instruments, which are the tools that banks use to do international business on behalf of their clients. Only when banks have a greater understanding of this subject can we recommend the appropriate financial instruments to our consumers, enabling them to conduct the transaction and have their items delivered to their doorstep?
Since its foundation, GHIB has greatly boosted the economy of Ghana by collaborating closely with a few local banks. The bank has made it easier to import products and export certain of Ghana's manufactured items.
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