Finance Minister Ken Ofori Atta has revealed that the African Trade Insurance Agency has been instrumental in addressing the country’s balance of payments challenges and supporting the local currency.
Speaking at the ATI annual general meeting’s opening ceremony, Mr. Ofori-Atta said ATl’s intervention is helping Ghana maintain adequate foreign exchange reserves to meet external transactions and ease its balance of payments.
“I wish to commend ATI for increasing its capacity across the continent to support both public and private sector transactions at a time when resources are becoming scarce. Here in Ghana, ATI has been very instrumental in supporting our development agenda,” the minister remarked.
“So far, I am encouraged by the progress ATI has made here in Ghana. Since launching its Ghanaian operations in February 2020, the institution has been instrumental in enhancing our health sector’s capacity and quality.
“ATI has offered targetted support toward addressing the balance of payments challenges and supporting our local currency. For us in government, we intend to continue our discussions with ATI on other transactions which support the achievement of objectives within Ghana’s Agenda 2030.”
Thus far, Ghana has secured a US$450million African Trade Insurance Agency (ATI) backed insurance cover for projects and trade-related transactions in various sectors as of the end of May 2022.
ATI has supported Ghana on a number of infrastructure projects over the past two years of membership; it provided guarantees against the risk of sovereign default, which allowed international banks to provide funding for the projects.
These are the €80million financing for Bolgatanga–Bawku–Pulmakon Road Project, as well as the €148million financing package for reconstruction of the Tarkwa-Agona-Nkwanta Road and Bechem-Akumadan Road.
The other project is the €55million financing package for the construction of Trauma Hospitals in Obuasi and Anyinam; a new Accident and Emergency centre at Enyiresi Hospital; and the rehabilitation of Obuasi Health Centre.
Addressing delegates at the ATI AGM, Chief Executive Officer (CEO) of African Trade Insurance Agency (ATI), Manuel Moses said: “As ATI continues providing unique opportunities for investors in Africa, the pan-African insurer remains cognisant that African nations present a rich and dynamic tapestry of culture and economic innovation, and remains proud to be a strategic development partner to this diverse continent”.
ATI has been in operation for over 20 years, designing innovative financial products to harness Africa’s unique trade, investment and development opportunities.
The pan-African multilateral insurer has an important role to play in supporting Africa position itself at a better place to take advantage of the economic recovery, essentially by facilitating trade and investment finance to support economic activities and mitigate political and commercial risks associated with trade and investments in Africa.
In 2021, ATI insured a total portfolio of trade and investments across Africa valued at US$66billion, and since its inception it has supported over US$71billion worth of investments and trade across the continent.