Financing non-traditional exporters in Ghana

Abstract

The study examined the sources of finance for Non-Traditional Exporters in Ghana. The study employed a descriptive survey of which the targeted population was the non-traditional exporters in Ghana. Secondary data were used and inductive research approach was employed. Furthermore, the data were analysed using documentary analysis. The study found that non-traditional exporters in are being supported by government in terms of finance. The study also found that non-traditional exporters rely on funding from banks for their export business. In addition, the study found that non-traditional exporters obtain funding from parastatal and NGOs such as African Development Bank (AfDB), the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD), and the Inter-American Development Bank (IDB). It is therefore, recommended that Government of Ghana should continue to support the non-traditional export sector in terms of finance in order to expand the sector for more foreign exchange earnings. Also, banks should have special package for only non-traditional exporters in order to boost the production level of non-traditional exporters by securing credit on time and provision of business advisory services. Finally, since parastatal or NGOs also support non-traditional exporters, the Government of Ghana should provide avenues or enabling environment to attract these international partners into the non-traditional export sector in the country for its export-led growth strategy.