Ecobank Ghana Limited has extended an $80,000 credit to Kraft Export Consult, an exporter of artefacts, under the Improved Access to Credit for West Africa programme which was launched last year.

The $300,000 programme, which was facilitated by the United States Agency for International Development (USAID) and supported by ECOBANK Transnational Incorporated (ETI), the parent company of ECOBANK, is to support small- and medium-scale enterprises (SMEs) in West Africa to grow their businesses.

Kraft Export Consult from Ghana is the first beneficiary of the loan programme.

Speaking at the ceremony, an Executive Director of ETI, Mr Patrick Akinwuntan, said the credit facility demonstrated the commitment of USAID and ECOBANK to the development of the West African sub-region by empowering entrepreneurs in the region.

He expressed gratitude to USAID for its commitment and said the ECOBANK Group was equally committed to ensuring the development of the sub-region, adding that the bank had made substantial commitments in the sub-region.

The USAID Director for West Africa, Mr Patrick Henderson, said “increasing access to finance for trade and investment is a pre-requisite for firms trying to break into the export markets”.

He acknowledged that many Ghanaian apparel exporters had succeeded in landing large orders from major buyers in the USA under the Africa Growth and Opportunities Act (AGOA), adding that “without finance to buy the cloth to meet the order, Ghanaian apparel exporters cannot compete”.

The Managing Director of Kraft Consult, Mr Robert Darko, said the company was pleased to participate in the four workshops hosted by the Improving Access to Finance programme and expressed his appreciation for the loan and the knowledge acquired.

“The loan from ECOBANK will enable us to increase our production capacity from 13 40-foot containers to 16 40-foot containers,” he said, adding that that translated into more jobs for producers.

Kraft Consult supplies artefacts to Pier 1, one of the largest speciality retailers of imported home furnishings and decor in the United States.

It is expected that the credit facility will increase its exports by 25 per cent and create 390 new jobs for artisans.

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