Ghana Exim Bank Confirms Brand Ambassador Contracts With Shatta Wale, Agya Koo But . . .

The Head of Corporate Affairs of the Ghana Exim Bank, Richard Osei Anane, has confirmed the existence of one-year brand ambassador contracts between the bank and showbiz personalities Agya Koo and Shatta Wale.

However, Mr Anane says the figures (GH₵2million for Shatta Wale and GH₵250,000 for Agya Koo) - which have been widely reported as the value of the respective contracts are not accurate.

He also disclosed that the company has already paid 15% of the actual worth of the respective contracts to the personalities.

In a statement, the bank said the pair were contracted as influencers for a campaign to promote the production of local products and services to enhance export revenue generation. The campaign dubbed 'Made-In-Ghana 4P' was launched on Sunday, August 30, 2020.

He, however, assured that the contract had "passed through procurement procedures" and has "not yet started". 


The existence of the contracts first came to light at the Public Accounts Committee (PAC) of Parliament on Wednesday when Kumbungu MP Ras Mubarak raised concerns over a GH₵2million payment to Shatta Wale (known privately as Charles Nii Armah Mensah).

He said it was not prudent for Exim Bank to pay such an amount to an artiste to promote products made in Ghana.

“I mentioned GHS2 million that went to Shatta Wale but the Deputy CEO says they wouldn’t know who the vendor selected. And this is not to say that we have a problem with Shatta Wale getting some amount of money to do whatever work. But the Ghanaian public deserves to know how much went out and who got it because their answers were not satisfying.”

But in response to the query, Deputy Chief Executive Officer of the bank, Kwame Adu-Darkwa, said the bank had contracted a media consultancy outfit to deal with the matter.

About Exim Bank

The Ghana Export-Import Bank Act 2016 Act 911 established the Ghana Exim Bank to bolster the government of Ghana’s quest for a feasible and sustainable export-led economy.

The object of the Bank is to support and develop directly or indirectly trade between Ghana and other countries and build Ghana’s capacity and competitiveness in the international market place.

Below is the statement from the Ghana Exim Bank:

Dear News Editor;

The Management of GHANA EXPORT-IMPORT BANK‘s attention has been drawn to varied reportage in the news media about payment to the tune of GHS 2 million to Brand Ambassadors.

We wish to state categorically that no amounts of such magnitude have been paid to any Ambassador or Influencer.

We further wish to state that, the Bank was invited by the Public Accounts Committee of Parliament to appear before them on Wednesday, 9th September, 2020, to answers certain questions pertaining to the operations of the Bank between 2015 to 2017.

The issues raised by the Auditor-General’s Report within the stated period did not feature any item on the Bank’s intended campaign to promote Made-In-Ghana products.

However, as a forward looking development and policy bank, we seek to invest in our people and businesses while projecting our very essence as a brand that facilitates international trade for and on behalf of Ghana.

Our strategic interventions in Ghana’s economy can be ascertained in the number of Projects and initiatives that have been funded since 2017.

We would like to state that, part of GEXIM’s mandate is to assist in the promotion of locally-produced goods and services to enhance export revenue generation, help reduce import, add value to raw materials for export, and create employment in the country.

In view of this national call, the Bank on Sunday, August 30, 2020, launched a campaign dubbed: Made-in-Ghana 4P. The 4P stands for encouraging Ghanaians to Produce, Promote and Purchase Made-in-Ghana products and services so we can Prosper as a people and nation.

To give this campaign a higher scale and in consonance with promoting Made-In-Ghana products and services, the Bank while following the requisite laid down procurement procedures, have contracted renowned Ghanaian Artistes as Brand Ambassadors and Influencers.

These Artistes are Mr. Kofi Adu (Agya Koo) and Nii Armah Mensah (Shatta Wale). They are known for their exemplary Award-winning exploits within our local Creative Arts Industry and have earned international acclaim for their craft.

Their role, simply put, is to give support, credibility and belief in the Made-in-Ghana agenda which is a personal passion point for them individually as well.

These renowned Brand Ambassadors will be using their scale, brand equity, leverages and the pool of their fan bases to garner the needed acceptance, adoption and participation by Ghanaians in the Made-in-Ghana 4P campaign so that the products of the entities that we are lending moneys can be patronized for them to pay back and also energize the whole culture of buying and using Made-in-Ghana products in the country.

The Bank has not doled out GHS2M to Shatta Wale. This allegation is factually incorrect and misleading.