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Access Bank Ghana PLC has successfully obtained a $30 million credit facility from the ECOWAS Bank for Investment and Development (EBID). The funds will be utilized to finance operations of Small and Medium Enterprises (SMEs) operating in key sectors of the Ghanaian economy.
As part of the agreement, 15 percent of the funds will be specifically allocated to support businesses owned by women, recognizing the crucial role of gender equality in generating sustainable economic outcomes.
This initiative aligns with Access Bank’s commitment to bolstering SMEs in Ghana and EBID’s strategy of providing resources to local banks in ECOWAS states to enhance support for local businesses.
During the signing ceremony held in Accra, Dr. George A.N. Donkor, President of EBID, emphasized that this collaboration was in line with EBID’s strategy of empowering local banks within ECOWAS member states to offer guidance and support to local promoters, thereby enhancing their operations.
Dr. Donkor revealed that EBID had already committed approximately $3.7 billion to projects across the 15 ECOWAS member countries. With the addition of this credit facility, the bank’s total engagement in Ghana now stands at nearly $400 million.
Considering Access Bank Ghana’s strong financial background, Dr. Donkor expressed confidence in the partnership, stressing EBID’s commitment to providing innovative and accessible resources that enable the growth and active participation of the private sector, particularly as the continent moves towards the implementation of the African Continental Free Trade Area (AfCFTA).
Dr. Donkor urged Access Bank’s management to ensure that the funds from the loan facility are utilized appropriately for their intended purpose.
Mr. Olumide Olatunji, the Regional Managing Director, Western Africa, Access Bank, stated that the bank is dedicated to empowering SMEs and fostering sustainable growth. He highlighted their desire to support local entrepreneurs, agricultural businesses, and related sectors such as processing, transportation, women-owned businesses, and infrastructure.
By partnering with EBID, Access Bank aims to advance its agenda of promoting SME growth and becoming a reliable growth partner in Ghana and across Africa.
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