The Ghana Export-Import (EXIM) Bank has reaffirmed its commitment to empowering Small and Medium-sized Enterprises (SMEs) in Ghana by providing concessional loans and grants to break the long-standing financial constraints hindering their growth.
Bright Evans Darko, Head of the SME Department at Ghana EXIM Bank, emphasized the importance of patience for SMEs applying for financial support under the Small and Medium-sized Enterprise Growth and Opportunity (SME GO) initiative. “Applicants should await a 30-day turnaround period for responses from participating financial institutions,” he noted.
The SME GO initiative is designed to equip SMEs with necessary funding, technology, innovation, knowledge enhancement, and resources to propel their growth into international markets. Ghana EXIM Bank will also offer technical and production assistance through its soon-to-be-established modern food processing plant, focusing on value addition and export of Ghanaian products ¹[7).
According to Mr. Darko, the Bank’s facilities under the SME-GO programme will cater to the diverse needs of SMEs. Eligible businesses can access loans ranging from 150,000 GHS to 20 million GHS, provided they demonstrate robust growth potential.
This initiative aligns with the government’s Agenda for Industrialization and support for the private sector, particularly the One District, One Factory (1D1F) program ² ³. Ghana EXIM Bank’s vision is to become a key driver in Ghana’s export trade development, facilitating economic growth and development [3).
By providing concessional loans and grants, Ghana EXIM Bank aims to bridge the financial gap hindering SMEs’ growth, empowering them to compete globally and contribute to Ghana’s economic prosperity.
Ruth Abla ADJORLOLO
