To bolster economic growth and bolster small-scale enterprises in Ghana, the Bank of Ghana has entered into a Memorandum of Understanding (MoU) with the Development Bank Ghana (DBG) to initiate a comprehensive study titled “Pioneering Approaches to Financing Micro, Small, and Medium Enterprises (MSMEs) in Ghana”.
Highlighting the pivotal role of credit in the development of economies like Ghana, the Central Bank has emphasized its close correlation with economic expansion. Dr. Maxwell Opoku-Afari, the First Deputy Governor, underscored the significance of expanding credit facilities in stimulating economic growth. He emphasized the meticulous consideration of policy impacts on the real sector. Ongoing banking sector reforms aim to establish stable and profitable institutions capable of bolstering the real sector and augmenting lending.
The study on “Pioneering Approaches to Financing MSMEs in Ghana” seeks to confront the financing obstacles encountered by small enterprises, pinpoint the funding deficit, and propose innovative remedies to bridge this gap. Its objectives include compiling anecdotal evidence and insights into the financing hurdles MSMEs confront in Ghana. Furthermore, it aims to shed light on how financial technology firms can be leveraged to direct resources from surplus-spending entities to deficit-spending units, particularly MSMEs. These findings will assist regulators in identifying potential avenues to enhance financing accessibility for small enterprises.
Dr. Opoku-Afari expressed enthusiasm for the collaborative effort between the Bank of Ghana, DBG, and the University of Ghana Business School (UGBS) in undertaking this study. He emphasized the critical role of successful collaboration in addressing challenges faced by the financial sector and the broader economy. The Bank of Ghana remains committed to the success of the project and has pledged its full support in adhering to the MoU.
The collaboration between the Bank of Ghana, DBG, and UGBS marks a significant stride towards fostering an enabling environment for the growth of MSMEs in Ghana. By identifying innovative financing solutions, the study aims to contribute to the cultivation of a more robust and resilient economy, promoting entrepreneurship, and nurturing opportunities for small enterprises to flourish.
