4 months ago
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In a move hailed as a landmark achievement for Small and Medium-sized Enterprises (SMEs) in the country, Ghana has arranged a historic $200 million funding partnership with the ECOWAS Bank for Investment and Development (EBID).
This strategic agreement, signed during a one-day working visit by Finance Minister, Dr Mohammed Amin Adam, to Lomé, Togo, on Friday, May 10, 2024, is expected to significantly boost Ghana’s SME landscape, fostering innovation, job creation, and long-term economic prosperity.#
The partnership will see EBID channel $200 million in funding for SMEs through concessional lending by the Ghana Export-Import Bank (GEXIM) and the Ghana Commercial Bank (GCB).
This injection of capital is expected to provide a much-needed boost to Ghana’s SME landscape, a sector widely recognised as the backbone of the nation’s economy. Expressing his gratitude for the partnership, Minister Amin Adam highlighted its potential to drive sustainable economic growth and strengthen the resilience of Ghanaian SMEs.
“This partnership with EBID marks a significant step towards fostering resilience within our SME sector,” he said.
“The commitment of USD200 million underscores our dedication to empowering SMEs, creating jobs, and catalysing innovation for long-term economic prosperity.”
EBID President, Dr George Agyekum Donkor, echoed similar sentiments, emphasising the importance of collaborative efforts in propelling regional development. “EBID is proud to partner with Ghana in this transformative initiative,” Dr Donkor said. “This injection of funds will not only bolster the SME landscape, but also contribute to overall economic growth and development in the region.”
The agreement is expected to have a significant impact beyond Ghana’s borders. By fostering the growth of SMEs, the partnership has the potential to create a ripple effect that stimulates economic activity throughout the ECOWAS region.
This aligns with Ghana’s broader agenda of promoting entrepreneurship and achieving sustainable development goals.
The minister also held discussions with his Togolese counterpart, Sanni Yaya, during his visit to Lomé.
Their conversation centred on exploring avenues for further economic cooperation to propel sub-regional development.
The Ghana-EBID partnership sets a precedent for impactful collaboration within the ECOWAS region.
It signifies a collective commitment to fostering private sector growth as a key driver of sustainable development and shared prosperity across the member states.
While details regarding the specific sectors targeted by the SME funding are yet to be announced, Ghanaian entrepreneurs can expect the coming months to shed light on the application process and eligibility requirements.
This historic partnership offers a promising glimpse into the future of Ghana’s SMEs, paving the way for a more vibrant and dynamic economic landscape.
BY TIMES REPORTER
