International Trade Fast Network Company Ltd, herein after referred to as ITF Network Co. Ltd, is a private limited liability company incorporated in Ghana to provide international trade facilitation and financing services, sea/ocean and air freight forwarding, collateral management and other maritime services for global trade companies in West African sub-region and international business stakeholders worldwide. ITF Network Co. Ltd was formed on a comprehensive research meant to identify the problems West African global trade businesses face with the business community worldwide and to further determine the possible solutions to the said problems.
Taking into consideration few of the research results, it was revealed that:
- It was realized that the movement of overseas goods to West Africa could be increased by over 700%. Ghana and all its West African countries (ECOWAS) are less industrious though they are rich in agriculture, horticulture, natural mineral resources etc. but all these are exported majority in its raw state and in some few cases semi processed. 90% of goods and services needed by the people in these West African countries to bring cost of living in West Africa to average need to be imported from overseas countries.
- The higher demand for majority of goods and services needed to be imported are not met due to lack of ready finance & trade liberalization, higher cost of banking services and the inability of the recent business entities in West Africa to meet the requirements and demands of the banks in establishing L/Cs.
- Banks and other financial institutions are a major player in international trade financing. However, the level of risk that banks and other financial institutions are willing to take are far less than expected because they are not able to actively participate in the business of their clients hence ignoring the private sector which serves as the engine of economic growth of West African Countries.
- Lack of funding and financing of the projects of the private sector businesses in West African countries on import and export – A huge challenge. The banks in West Africa today requires 100% of the L/C amount from the client before establishing L/C with other facility charges other than the real bank interest rate.
- Another major challenge was the absence of a standard to separate renowned corporate bodies and organizations, including the authentic business entities in West Africa from the corruptible internet system domain full of fraudulent and heartless evil men and women referring to themselves as business entities. This has resulted in mistrust in the use of internet in the facilitation of international trade.
The solutions to the above is the basis for which ITF Network Co. Ltd which is the most trusted alternative global trade financing service provider in Ghana and West African sub-region is formed.