The International Finance Corporation (IFC) a member of the World Bank Group and Societe Generale Ghana Limited (SGGH) announced a program to aid the growth of small businesses in Ghana, a release has said.
By the agreement signed here on Wednesday, (IFC), will provide a loan of 50 million U.S.dollars to aid the provision of small loan facilities and services by SGGH to Small and Medium Enterprises (SMEs) in the West African country.
The financing will enable the bank to expand its reach and provision of services to thousands of Ghanaian businesses for up to five years and help them to in turn, support growth and job creation in the country.
“We are excited to work with SGGH and play a role in helping businesses in Ghana, protecting jobs, and encouraging growth, particularly during the COVID-19 pandemic,” IFC’s Country Manager for Ghana Ronke Ogunsulire said.
She said IFC had provided more than 4.0 billion dollars of financing and advisory services to businesses in the agriculture, education, energy, financial services, manufacturing, transport, and tourism sectors in Ghana over the past 10 years.
The Managing Director for SGGH Ouzzani Hakim lauded the partnership with IFC, adding that it would help the bank to play its full role in the active support of the Ghanaian economy and the private sector.
The private sector and SMEs constitute more than 90 percent of businesses in Ghana. Enditem