Bank of Africa Ghana and IFC Strengthen Partnership with a USD 2.7 million Agreement to Empower Ghanaian SMEs

Bank of Africa Ghana (BOA) and the International Finance Corporation (IFC) renewed their commitment to supporting small and medium-sized enterprises (SMEs) in Ghana. This expanded partnership builds upon their successful collaboration that began in 2018.

Mr. Abderrahmane Belbachir, Managing Director of BOA Ghana indicated that the renewed partnership signifies BOA Ghana's unwavering support for SMEs. He highlighted the success of the initial agreement, which led to the development and implementation of the BOA SME Support Facility (SSF). According to him, "The SSF allowed us to offer collateral-free loans to SMEs, fostering a thriving SME ecosystem in Ghana".

The IFC is boosting its support with an extra $2.7 million specifically targeting women-led businesses and green ventures. This funding aims to promote financial inclusion, sustainable growth, and collaboration within key sectors by supporting businesses within supply chains.

Mr. Belbachir said that, while access to capital is crucial, Bank of Africa Ghana understands that true support for SMEs goes beyond financial resources. That's why the Bank has established dedicated SME Business Spaces across the country. These spaces offer a welcoming and supportive environment for entrepreneurs, providing access to dedicated Relationship Managers who offer advisory services and hands-on training support. He added that, this year, the Bank aims at training 1,000 entrepreneurs through targeted workshops covering essential business skills like profitability improvement, cash flow management, and effective working capital strategies.

The IFC Senior Country Manager, Mr. Kyle Kelhofer, emphasized the critical role of SMEs in Ghana's economy and the need to provide them with adequate support to help them succeed. In his speech, he highlighted that "SMEs are essential for sustainable livelihoods and community development in Ghana, but access to finance has been a challenge". According to him, these factors, among others, have motivated the IFC to remain committed to equipping financial intermediaries like BOA Ghana with the resources needed to support SMEs especially women.

Both BOA Ghana and the IFC are committed to fostering economic development and job creation in Ghana.  By combining accessible financing with knowledge-building initiatives, they believe they can empower Ghanaian entrepreneurs to thrive.