BERLIN – The Federation of Association of Ghanaian Exporters (FAGE) has announced the launch of its Exporters Credit Union, a groundbreaking member-owned financial institution aimed at providing direct financing to Ghana’s export sector.
“We recently launched the Exporters Credit Union, which FAGE has set up,” announced the FAGE Director of Partnerships, Kojo Akoto Boateng, during a high-level trade meeting with German business associations in Berlin.
“We’ve raised capital on our own to fund our members. It’s largely member-owned – members are investing as shareholders and saving and investing in different products to enable us to fund our businesses.”
The Credit Union is expected to begin loan disbursements within two months, with strict criteria to prevent defaults. The initiative addresses a critical financing gap faced by Ghanaian exporters who have struggled to access traditional banking facilities.
In addition to the Credit Union, FAGE has signed Memoranda of Understanding with Ghana’s top banking institutions, including GCB Bank (the largest indigenous government-owned bank), Fidelity Bank (the largest private sector bank), Access Bank, Omnibus Bank, Prudential Bank, Stanbic Bank, Bank of Africa, and GIRSAL.
“The reason they signed the MOU is to understand the needs of industry so they provide tailor-made solutions,” the Vice President explained. “Every commodity association needs different financing, every manufacturer needs different financing, and every investor needs different financing.”
FAGE also launched the FAGE Academy to build capacity across the agricultural value chain, with in-house expertise in agri-engineering, agri-tech, finance, and all professional requirements needed by exporters.
The Vice President emphasized FAGE’s operational philosophy: “We don’t sleep. We work 24/7 – the same as the 24-hour economy. At any point, if you send us an email or give us a call, we respond.”