Abdul-Nashiru Issahaku 'Prioritising SME growth important for economic growth'

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.

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Dr. Abdul-Nashiru Issahaku play

Dr. Abdul-Nashiru Issahaku

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Bank of Ghana (BoG) Governor Dr. Abdul-Nashiru Issahaku has urged banks to revise and develop new banking models to target Small and Medium-sized Enterprises (SMEs) because that sector of the economy is critical "for promoting inclusive economic growth."

Issahaku made these comments at the maiden SME fair under the theme ‘SME Financing in Ghana — Enhancing Access and Reducing Costs.’

The fair marked Isshaku's first public engagement after granting an interview to Reuters in which he said in intends to reduce the country's high inflation and spur economic growth.

READ MORE:Mahama charges new governor to work closely with finance minister

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.

Issahaku noted the bank will continue implementing measures to promote healthy competition in the banking system "driven by appropriate business models that can address financing needs of the banking public, especially SMEs.”

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.

READ MORE:Dr. Issahaku appointed governor of Bank of Ghana

The Minister of State in charge of Private Sector Development and Public Private Partnership on his part said the feedback of stakeholders will help in designing a policy solution to enhance SME's.

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.

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