President Akufo-Addo has announced that, Ghana has signed a Memorandum of Understanding (MoU) with the ECOWAS Bank for Investment and Development (EBID) to secure a $200 millionto support Small and Medium Enterprises (SMEs).
He disclosed this while delivering a speech on the opening day of the 3i Africa Summit at the Accra International Conference Centre on May 13, 2024.
“In furtherance of our objective of providing financial access to SMEs, the Minister for Finance and president of the ECOWAS Bank for Investment and Development (EBID) signed last Friday in Lome, Togo, a Memorandum of Understanding (MoU) for 200 million dollar facility to be disbursed through the Ghana Commercial Bank and the Ghana EXIM Bank to SMEs”, he said.
However, speaking at the gathering, the Finance Minister, Dr. Mohammed Amin Adam disclosed that, government is fast-tracking the disbursement of nearly $1 billion by development partners to bolster the growth of the economy as Ghana targets cedi depreciation.
“The government is also implementing measures on the fiscal side including the acceleration of disbursement of $1 billion by our development partners between now and December ending to support the economy.”
“Ghana’s economic rebound has been quite swift with economic growth ending the year 2023 at 2.9% against a target of 1.5%, inflation heading towards the year-end target of 15%, and interest rates declining. Despite recent pressures on our currency, the cedi’s depreciation year-to-date of 12% is far lower than its depreciation of 27% in
the same period last year.”
The 3i Africa summit is a 3-day event which seeks to explore and promote active collaboration between diverse stakeholder groups in key areas, and continuously drive innovation momentum across the region.
