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GEXIM Bank is addressing SMEs’ financial and technological challenges in Ghana by offering loans at 9% interest and technical assistance through the SME GO initiative

The Ghana Export-Import (GEXIM) Bank has reaffirmed its commitment to resolving the financial and technological hurdles faced by Small and Medium-sized Enterprises (SMEs) in Ghana. To facilitate this, GEXIM will provide concessional loans and grants, enabling SMEs to access capital at an annual interest rate of 9%. This initiative aims to dismantle the traditional financial barriers that have hindered SME growth.

Bright Evans Darko, Head of the SME Department at GEXIM, made this announcement during an interview after the final regional sensitization for the Small and Medium-sized Enterprise Growth and Opportunity (SME GO) initiative in Accra.

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GEXIM’s strategy encompasses more than just financial support. The Bank intends to offer technical assistance and access to a state-of-the-art food processing plant, encouraging SMEs to adopt modern technologies for value addition and export. This is expected to enhance the global competitiveness of Ghanaian products, particularly in the food processing and manufacturing sectors.

Rosemary Beryl Archer, Deputy CEO of GEXIM, emphasized the Bank’s alignment with the government’s goal of transforming Ghana into an export-led economy. She noted that GEXIM will provide loans, technical expertise, and advisory services to help SMEs integrate innovative technologies into their operations, thus improving their competitiveness in international markets.

In recent years, GEXIM has supported over 100 SMEs through various capacity-building initiatives, including a recent program led by experts from Thailand. This highlights the Bank’s focus on leveraging technology and international expertise to bolster the productivity and global reach of Ghanaian SMEs.

Deputy Minister of Trade and Industry, Michael Okyere Baafi, urged financial institutions to fulfill their commitments under the SME GO initiative, stressing the importance of affordable financing for SMEs. He assured collaboration with GEXIM and other financial institutions to ensure the effective execution of the initiative.

Launched by President Nana Addo Dankwa Akufo-Addo in July 2024, the SME GO initiative aims to equip SMEs with essential funding, technology, innovation, and expertise, empowering them to scale their operations and compete on the international stage.

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