GEXIM Bank to increase funding support for garment companies
The Ghana Export-Import (GEXIM) Bank has pledged to commit more funds to the four local garment companies that are currently producing personal protection equipment (PPE) for the fight against the coronavirus disease (COVID-19).
The Chief Executive Officer (CEO) of the bank, Mr Lawrence Agyinsam, said the move was to help the companies to expand their businesses; boost their production capacity and place them in a better position to employ more people.
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GEXIM extended financial support totalling $10 million to Sleek Garments Limited; Dignity DTRT Apparel; Cadling Fashion Limited and Alfie Designs within the three years of the bank's operation.
The money was injected into the acquisition of modern equipment and technologies that would boost their production capacity.
Following that investment, the government relied on those companies to provide 3.6 million PPE during this era of COVID-19 pandemic.
Tour by GEXIM Bank board
Members of the board of directors of GEXIM, who toured the companies yesterday, expressed satisfaction at the transformation that had taken place in those entities and gave the managers the assurance that more funds would be made available to them.
The team was led by the Chair of the GEXIM board, Mr Boateng Genfi.
At DTRT, the evidence of the GEXIM investment was glaring as the company had increased its workforce from 1,200 workers to 2,700.
The company is producing 50,000 nose masks daily, with an assurance to scale up to 200,000 masks a day from next week.
The other three companies the team visited told similar success stories ranging from expansion in production capacity to improved workforce.
Support local companies
Based on the success story from the companies, Mr Agyinsam called on the Ghana Education Service (GES) to consider giving the local garment companies, the contract to produce uniforms for public schools across the country.
Additionally, he noted that it was such support systems that would enable the companies to be on their feet and contribute to national development.
He said the bank would within the shortest possible time, make outstanding disbursement to some of the companies.
For his part, Mr Genfi urged managers of the companies to continue to justify why the government should continue to support local businesses to grow.
DTRT Success story
The Global Operations Manager of DTRT, Mr Gyn Lam, said the support from GEXIM had strategically positioned the company to create more employment opportunities for the youth in particular.
"Before we got support from GEXIM, we had 1,200 workers but now it has increased to 2,700; and we are strategising to increase it further to 10,000 within the next three years," he said.
The company, he said, was well-placed to deliver the 72,000 nose masks and other items required of it.
Local capacity
At Alfie Designs, the Managing Director of the company, Mrs Adjo Dede Asare, explained that through the support of GEXIM, she had expanded the scope of work and reached out to a lot more customers.
She said the company had a shift system with 250 workers during the day and 100 night workers.
At Cadling Designs, the CEO, Ms Linda Yaa Ampah, said 30,000 PPE were being produced daily.
The CEO of Sleek Garment, Ms Nora Bannerman, who took the team to the production centre, said the company now produced 200,000 nose masks daily.