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BusinessDevelopment Bank Ghana, BoG allocate $100m to MSMEs

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Development Bank Ghana, BoG allocate $100m to MSMEs

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The Bank of Ghana (BoG) and Development Bank Ghana (DBG), in partnership with digital partner Proxtera and with support from the Monetary Authority of Singapore (MAS), have announced an ambitious target of US$100 million to be funneled into the Ghanaian MSME ecosystem through the Ghana Integrated Financial Eco-system (GIFE).

This announcement was made during the ongoing sessions of the 3i Africa Summit, marked by a signing ceremony between DBG and Proxtera.

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The collaboration aims to accelerate the distribution of up to 1.83 billion Ghanaian Cedis through the fully digital infrastructure established by the GIFE program.

GIFE, which was launched at the 2022 edition of the Singapore Fintech Festival and operationalized in the first half of 2023 with the Consolidated Bank of Ghana as its pilot financial institution partner, is a digital platform designed to empower MSMEs.

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It offers a comprehensive suite of services, including financial literacy, the creation of trusted credentials using the global Universal Trusted Credentials framework, access to working capital, and facilitation of cross-border trade with Asia and the ASEAN region.

Saurav Bhattacharyya, CEO of Proxtera, expressed pride in supporting GIFE as a founding partner, highlighting Proxtera’s commitment to leveraging trusted credentials and digital infrastructure to propel Ghanaian MSMEs onto the global stage of digital cross-border trade and financial networks.

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K Duker, CEO of DBG, hailed the partnership as a pivotal moment in DBG’s mission to provide sustainable finance solutions to Ghanaian businesses, particularly MSMEs.

He emphasized the critical role of MSMEs in Ghana’s economy and expressed optimism that the GIFE program would catalyze their growth and contribute to the country’s economic resilience and prosperity.

Dr. Ernest K.Y. Addison, Governor of the Bank of Ghana, reiterated the central bank’s commitment to exploring innovative financing models and enhancing MSME contributions to economic growth, in alignment with the broader economic transformation goals of the Ghanaian government.

Mr. Sopnendu Mohanty, Chief FinTech Officer at MAS, emphasized the importance of the GIFE program in fostering collaboration between central banks and emerging markets, noting its potential to revolutionize financial inclusion through smarter data-driven support mechanisms tailored to the needs of MSMEs and financial institutions.

”As the GIFE programme gathers momentum, stakeholders anticipate significant strides in enhancing the resilience, competitiveness, and international reach of Ghanaian MSMEs, positioning them for sustained growth and prosperity in the global marketplace

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