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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 Enterprises (SMEs). This initiative is part of the government’s commitment to provide funding for SME operations at reduced interest rates, ensuring their continued sustainability.
The MoU was signed by the Minister for Finance and the President of EBID in Togo on Friday, May 10, 2024, and was announced by President Akufo-Addo at the opening of the 3i Africa Summit in Accra. The funds will be disbursed through the Ghana Commercial Bank and the Ghana EXIM Bank to SMEs.
President Akufo-Addo emphasized the government’s objective of providing financial access to SMEs, stating, “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 dollar facility to be disbursed through the Ghana Commercial Bank and the Ghana EXIM Bank to SMEs.”
At the inaugural summit, African governments were urged to recognize the potential of fintech in driving economic development by removing policy barriers that hinder its full utilization. Investing in digital infrastructure was highlighted as essential for the continent to compete globally with developed countries.
“Governments across Africa should invest heavily in the digital infrastructure that will form the backbone of our shared prosperity. We must create policies, foster innovation, encourage entrepreneurship, and attract investment from both within and beyond our borders,” President Akufo-Addo stated.
The 3i Africa Summit, hosted by Ghana, is a pioneering global gathering that unites leaders from government, business, investors, and academia to collaborate on unlocking the continent’s digital economic potential through fintech. The event, themed “Unleashing Africa’s FinTech and Digital Economic Potential,” aims to bring together thousands of sector players to adopt pragmatic ways of leveraging digital resources to enhance the financial and economic landscape of the continent.
The Summit, an initiative by the Bank of Ghana, Development Bank Ghana, and the Monetary Authority of Singapore, is setting the tone for innovation, investment, and impact in Africa.
