Bank of Ghana introduces Enterprise Credit Scheme to assists SMEs

Bank of Ghana introduces Enterprise Credit Scheme to assists SMEs

- The Bank of Ghana has announced the creation of an Enterprise Credit Scheme to help Small and Medium Enterprises (SMEs)

- This was introduced as such businesses face challenges when it comes to accessing funds from financial institutions

- The project is being done by the Ghana Incentive-based Risk System for Agricultural Lending (GIRSAL) and the National Banking College (NBC)

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The Bank of Ghana has announced the creation of an Enterprise Credit Scheme to provide support to Small and Medium Enterprises (SMEs).

The package is particularly for SMEs in the agricultural value chain, the Second Deputy Governor of the central bank, Elsie Addo Awadzi, said.

This comes in the wake of challenges related to accessing credit by small businesses.

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Awadzi noted that the plan is spearheaded by the Ghana Incentive-based Risk System for Agricultural Lending (GIRSAL) and assistance by the National Banking College (NBC).

An amount of GHC 2 billion has been projected to implement the initiative, which will be accumulated from 2.0% of the primary reserve kept by the banks.

Per a report by citibusinessnews.com, the plan is to give training to banks and related financial institutions with the requisite practical knowledge and skills.

This is intended to enable them to increase access to finances to agriculture and agribusiness organizations.

The training programme is also intended to help the capacities of staff of the beneficiary institutions, Briefly.co.za gathered.

This would help them appraise in an appropriate way the agricultural projects that need funding to reduce the issue of loans that don’t perform.

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Source: Briefly.co.za

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