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BusinessFinance Minister inks deal with EBID to direct $200m funding to SMEs

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Finance Minister inks deal with EBID to direct $200m funding to SMEs

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On Friday, May 10, 2024, Minister for Finance, Dr. Mohammed Amin Adam, concluded a productive one-day visit to Lomé, Togo.

During the visit, he formalized a strategic partnership by signing a Memorandum of Understanding (MOU) with the ECOWAS Bank for Investment and Development (EBID).

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This MOU facilitates the provision of USD 200 million in funding for Small and Medium Enterprises (SMEs) through concessional lending arrangements facilitated by the Ghana Exim Bank (GEXIM) and the Ghana Commercial Bank (GCB).

The signing ceremony, held at the EBID headquarters, saw the presence of key stakeholders, including Dr. George Agyekum Donkor, President and Chairman of 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.

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At the signing, the Honourable Minister 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.”

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The substantial investment in Ghana’s SME sector is poised to catalyze growth, infuse foreign exchange into the economy, spur job creation, and foster innovation. This initiative resonates with Ghana’s broader agenda of promoting entrepreneurship and sustainable development.

During his visit to Lomé, Dr. Amin Adam also engaged in discussions with his Togolese counterpart, Honourable Sanni Yaya. The two Finance Ministers explored avenues for economic cooperation aimed at advancing sub-regional development.

The collaboration between Ghana and EBID sets a precedent for impactful regional partnerships, underlining a collective commitment to fostering private sector-driven growth as a catalyst for sustainable development and shared prosperity across the ECOWAS region.

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