Ghana: SMEs Financing - Access Bank Secures U.S,.$30 Million Credit Facility From EBID

23 June 2023
Ghanaian Times (Accra)
By Raissa Sambou

Access Bank Ghana PLC has secured a $30million dollar credit facility from the ECOWAS Bank for Investment and Development (EBID) to help finance operations of Small Medium Enterprises (SMEs) in key sectors of the Ghanaian economy.

A portion of the funds, 15 per cent, has been earmarked to go towards supporting businesses owned by women to recognise the role of gender equality in generating sustainable positive economic outcomes.

This forms part of efforts by Access Bank to strengthen SMEs in Ghana and EIBs strategy of providing resources to local banks in ECOWAS States to boost local businesses.

At a ceremony held in Accra to sign the agreement, president of EBID, Dr George A.N. Donkor said the move was in line with EBID's strategy of providing resources to local banks from ECOWAS member states and have the capacity to support and guide local promoters to enhance their operations.

He revealed that the bank had already committed a total of about US$3.7billion to projects in the 15 ECOWAS member countries adding that "with the inclusion of this facility, the total of the bank's engagements in Ghana stands at almost US$400 million.

It was in this context that, he said his outfit decided on choosing to partner Access Bank Ghana considering its strong financial background.

Dr Donkor emphasised that EBID remained committed to providing innovative and accessible resources to allow private sector actors grow and play a key role in regional markets, especially as the continent worked towards the implementation of the African Continental Free Trade Area (AfCFTA).

He urged management of the Access Bank to ensure funds from the loan facility were used appropriately as intended.

The Regional Managing Director, Western Africa, Access Bank, Mr Olumide Olatunji in his remarks said his outfit was poised on empowering SMEs and promoting sustainable growth.

"We want to develop societies around us, support local entrepreneurs, agricultural businesses and related sectors in processing, transport, women owned and infrastructure among others."

"This is why we have partnered EBID to facilitate our agenda of growing SMEs and continuously become a growth partner within Ghana and Africa at large.

Read the original article on Ghanaian Times.

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