Ghana has secured a $200 million facility aimed at supporting small and medium enterprises (SMEs).
The country secured the amount after it signed a Memorandum of Understanding (MoU) with the ECOWAS Bank for Investment and Development (EBID).
The move forms part of efforts by the government to fund SME operations at reduced interest rates to ensure their continued sustainability.
The MoU was signed by the Finance Minister on behalf of Ghana last Friday, May 10, 2024.
President Akufo-Addo disclosed this at the opening of the 3rd Africa Summit in Accra.
“In furtherance of our objective of providing financial access to SMEs, the Minister for Finance and president of EBID signed last Friday in Togo a MOU for a $200 million facility to be disbursed through the Ghana Commercial Bank and the Ghana EXIM Bank to SMEs.”
The President at the event challenged African leaders to recognise the potential of fintech in driving economic development by working to eliminate policy barriers hampering its full harnessing.
“Governments across Africa should invest heavily in the digital infrastructure that will form the backbone of our shared prosperity. We must create policies that foster innovation, encourage entrepreneurship, and attract investment from both within and beyond our borders.”
“These are testaments to the potential that lies within our grasp—a promising, brighter future for all Africans. But to fully realise these benefits, we must harness the transformative power of fintech and digital innovation. We must embrace the technologies that reshape the global economy and make them work for us, tailoring them to the unique needs and challenges of our diverse and dynamic continent.”
The Summit is being hosted by Ghana and is an initiative by the Bank of Ghana, Development Bank Ghana, and the Monetary Authority of Singapore.
It is under the theme “Unleashing Africa’s FinTech and Digital Economic Potential.”
It will bring together thousands of sector players to adopt pragmatic ways of harnessing digital resources to bolster the financial and economic landscape on the continent.
The 3i Africa Summit will explore and promote active collaboration between diverse stakeholder groups in key areas and continuously drive innovation momentum across the region.
The summit will feature plenary speeches, fireside chats, and panels from heads of state, senior government representatives, investors, prominent industry leaders, policymakers, and innovators.
By: Rainbowradioonline.com/Ghana
