Author: Maame Owusuaa Oppong

President Nana Addo Dankwa Akufo-Addo has announced that Ghana has signed a Memorandum of Understanding (MoU) with the ECOWAS Bank for Investment and Development (EBID) to secure a $200 million facility aimed at supporting Small and Medium Scale Enterprises (SMEs).

At the 3i Africa Summit, President Akufo-Addo revealed that the Finance Minister signed the MoU on behalf of Ghana on Friday, May 10, 2024.

“In pursuit of our goal to provide financial access to SMEs, the Minister for Finance and the President of EBID signed an MoU last Friday in Togo for a $200 million facility.

This facility will be disbursed through the Ghana Commercial Bank and the Ghana EXIM Bank to support SMEs,” he stated.

He emphasized the government’s commitment to funding SME operations at lower interest rates to ensure their sustainability.

The Governor of the Bank of Ghana, Dr. Ernest Addison, also spoke at the event, urging investors to increase their investments in Africa’s fintech sector.

Dr. Addison highlighted that this initiative would accelerate development and innovation, noting that the industry’s potential significantly hinges on the availability of capital for start-ups.

The event aimed to generate greater momentum for Africa’s digital finance agenda.

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