Finance Minister, EBID sign $200m SME deal in Lome

Dr Mohammed Amin Adam (left) and his counterpart, Sanni Yaya with the MoU

The Minister of Finance, Dr Mohammed Amin Adam, concluded a day’s working visit to Lomé, Togo last Friday with the signing of a strategic Memorandum of Understanding (MoU) with the ECOWAS Bank for Investment and Development (EBID), to provide $200 million funding for Small and Medium Enterprises (SMEs).

The funding will be made available via concessional lending by the Ghana Exim Bank (GEXIM) and the Ghana Commercial Bank (GCB).

The ceremony, held at the EBID headquarters, was attended by key stakeholders, including Dr George Agyekum Donkor, President and Chairman of the Board of Directors of EBID, Mr Lawrence Agyinsam, Chief Executive Officer of GEXIM, and Mr Samuel Aidoo, Executive Director, Wholesale, and Investment Banking at GCB Bank PLC.

The minister expressed his gratitude to EBID, stating, “This partnership with EBID marks a significant step towards driving sustainable economic growth and fostering resilience within our SME sector. The commitment of US$ 200 million underscores our dedication to empowering SMEs, creating jobs, and catalysing innovation for long-term economic prosperity.”

In response, Dr Agyekum Donkor emphasised the importance of collaborative efforts in driving regional development, stating, “EBID is proud to partner with Ghana in this transformative initiative.

“This injection of funds will not only bolster the SME landscape but also contribute to overall economic growth and development in the region.”

“The significant capital injection into Ghana’s SME space is expected to boost growth, job creation, and innovation. This development also aligns with Ghana’s broader agenda of fostering entrepreneurship and sustainable development.

As part of his visit to the Togolese capital Lome, Dr Adam also met with his Togolese counterpart, Sanni Yaya, where the duo discussed areas of economic co-operation towards sub-regional development.

The partnership between Ghana and EBID sets a precedent for impactful regional collaboration, signalling a collective commitment to private sector led growth as a driver of sustainable development and shared prosperity within the Economic Communities of West African States (ECOWAS) region.

BY TIMES REPORTER