Bank of Ghana Governor Dr. Abdul-Nashiru Issahaku has urged banks to prioritise SME growth by designing policies that will stimulate growth in that sector of the economy.
Issahaku made these comments at the maiden SME fair under the theme ‘SME Financing in Ghana — Enhancing Access and Reducing Costs.’
According to him, BoG will pursue "policies that contribute to growth by working with banks to provide incentives and encourage lending to productive sectors of the economy; and most importantly for banks to lend at reasonable rates, especially to SMEs.”
“Given the dynamic business environment in which the SMEs operate, it should be a matter of priority for us to respond creatively by facilitating new financing modalities, or special windows, to complement the traditional financing options,” he added.
He disclosed that BoG has equally been involved in a number of direct initiatives for SMEs in collaboration with the Ministry of Finance.
“These include the provision of subsidised lending schemes for SMEs, and the establishment of investment funds to be accessed by SMEs,” he said.
“The engagement and feedback of stakeholders in this SME fair will be invaluable in designing policy solutions for enhancing SMEs’ access to finance, their growth, and hence their contribution to economic development,” he said.