- The country signed a groundbreaking $200 million partnership with the ECOWAS Bank
- This vital injection of capital will empower businesses
- The Ghana-EBID partnership goes beyond national borders
Great news for Ghanaian entrepreneurs! The country signed a groundbreaking $200 million partnership with the ECOWAS Bank for Investment and Development (EBID) to fuel the growth of Small and Medium-sized Enterprises (SMEs).
This strategic agreement, signed in May 2024, is expected to be a game-changer for Ghana’s economy.
Boosting Innovation and Job Creation
The partnership channels $200 million through Ghana Exim Bank (GEXIM) and Ghana Commercial Bank (GCB) to provide affordable loans for SMEs. This vital injection of capital will empower businesses, foster innovation, and create jobs, strengthening the backbone of Ghana’s economy.
Ghanaian Minister Praises Partnership
Ghana’s Finance Minister, Dr. Mohammed Amin Adam, emphasized the partnership’s potential for long-term economic prosperity. “This collaboration is a significant step towards building resilience in our SME sector,” he stated. He highlighted the commitment to job creation and driving sustainable economic growth through SME empowerment.
EBID President Echoes Commitment
EBID President, Dr. George Agyekum Donkor, echoed the Minister’s sentiments. He emphasized the importance of regional collaboration for development. “This partnership not only bolsters Ghana’s SMEs, but also contributes to overall economic growth across the ECOWAS region,” Dr. Donkor said.
Impact Beyond Borders
The Ghana-EBID partnership goes beyond national borders. By empowering SMEs, it has the potential to create a ripple effect that stimulates economic activity throughout West Africa. This aligns perfectly with Ghana’s goals of promoting entrepreneurship and achieving sustainable development.
Collaboration Sets a Precedent
This agreement sets a strong example for impactful collaboration within ECOWAS. It signifies a shared commitment to fostering private sector growth, a key driver of sustainable development and shared prosperity across member states.
Details to Emerge in Coming Months
While specific sectors targeted for the SME funding haven’t been announced yet, details regarding the application process and eligibility requirements are expected to be revealed in the coming months.
This historic partnership offers a bright future for Ghana’s SMEs, paving the way for a more vibrant and dynamic economic landscape.
