A major financial scandal has erupted at Ghana’s Exim Bank as highly enraged beneficiaries of the pilot phase of the SME Growth and Opportunity (GO) Programme—launched in July 2024 by the immediate-past Akufo-Addo-led NPP government—are demanding the whereabouts of their allocated funds.
These small business owners say they were paraded at a high-profile event, used for media stunt publicity, and presented with dummy cheques, only to later realize that the promised funds never reached them.
The Alleged 419 Scheme
The SME Growth and Opportunity (GO) Programme, a government-backed initiative under the Ministry of Finance and Ghana Exim Bank (GEXIM), was designed to provide financial support to five pre-selected small and medium-sized enterprises (SMEs).
Each of the five SMEs was promised 1 million Ghana cedis, totaling 5 million cedis in funding from an 8.2 billion cedi loan allocation.
However, investigations reveal that while three of the five beneficiaries received their funds, the remaining two SMEs are still awaiting their funds —with no clear explanation for the delay.
Top Exim Bank Officials Caught in the Spotlight
Questions are now being raised about the role of key Exim Bank officials, including:
- Bright Evans Darko, Head of the SME Department, GEXIM
- Rose Mary Beryl Archer, Head of International Cooperation
Public Embarrassment and Financial Pressure
The affected SMEs are facing intense pressure from business partners, service providers, and even family members who saw them on national TV receiving dummy cheques from President Akufo-Addo.
Many assumed the funds had been disbursed, leading to increased financial demands on these struggling businesses.
New Management Under Pressure To Recover Funds
With the change in government, the frustrated SMEs are now appealing to the new management of GEXIM, led by Sylvester Sly Mensah, to investigate and retrieve the missing funds before their businesses collapse.
Beneficiaries Speak Out
Speaking under strict conditions of anonymity, the affected business owners revealed that they were informed about their selection as pilot beneficiaries as they under went training on capacity building. The public announcement was a pleasant surprise at the launch event.
The situation has left them broken, deceived, exploited, and abandoned.
The stakeholders are demanding a full-scale investigation into the matter, hoping that the new administration will uncover the truth behind the missing funds and ensure justice is served.
