Ministry of Finance of the Republic of Ghana

05/14/2024 | Press release | Distributed by Public on 05/14/2024 15:24

Finance Minister Signs Mou with EBID to Channel USD 200 Million Funding to SMEs

Accra, Tuesday, 14thMay 2024-Minister for Finance, Hon. Dr. Mohammed Amin Adam, successfully concluded a one-day working visit to Lomé, Togo, on Friday 10 May 2024, where he signed a strategic Memorandum of Understanding (MOU) with the ECOWAS Bank for Investment and Development (EBID), to provide USD 200 million in funding for Small and Medium Enterprises (SMEs) via concessional lending by the Ghana Exim Bank (GEXIM) and the Ghana Commercial Bank (GCB).

The signing ceremony, held at the EBID headquarters, was attended by key stakeholders, including Dr. George Agyekum Donkor, President and Chairmanof the Board of Directors of EBID, Mr. Lawrence Agyinsam, Chief Executive Officer of Ghana Exim bank, and Mr. Samuel Aidoo, Executive Director, Wholesale, and Investment Banking at GCB Bank PLC.

At the signing, the HonourableMinister expressed his gratitude to EBID, stating, "This partnership with EBID marks a significant step towards driving sustainable economic growth and fostering resilience within our SME sector. The commitment of USD 200 million underscores our dedication to empowering SMEs, creating jobs, and catalyzing innovation for long-term economic prosperity."

Dr. George Agyekum Donkor emphasized the importance of collaborative efforts in driving regional development, stating, "EBID is proud to partner with Ghana in this transformative initiative. This injection of funds will not only bolster the SME landscape but also contribute to overall economic growth and development in the region."

The significant capital injection into Ghana's SME space is expected to boost growth, inject foreign exchange into the economy, stimulate job creation, and innovation. This development also aligns with Ghana's broader agenda of fostering entrepreneurship and sustainable development.

During his visit to Lomé, Dr. Amin Adam also met with his Togolese counterpart, HonourableSanni Yaya. The two Finance Ministers discussed areas of economic co-operation towards sub-regional development.

The partnership between Ghana and EBID sets a precedent for impactful regional collaboration, signaling a collective commitment to private sector-led growth,as a driver of sustainable development and shared prosperity within the ECOWAS region.END

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MINISTRY OF FINANCE

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