Banking sector does not do enough for SMEs - Societe Generale

Head of Africa, Mediterranean and Overseas Societe Generale Group, Alexandre Maymat has said that the banking sector does not do enough for the small and medium-sized enterprises (SMEs) in the country.

According to Mr. Maymat, SMEs so far are lacking and need to be developed.

Speaking at a press conference in Accra after the commissioning of the Societe

Read full articleGenerale Home of Business in Osu, he announced that Societe Generale will be supporting small and medium-sized enterprises with sixty percent to help improve infrastructure in Ghana, adding that infrastructure is key in the development of a nation.

“If we want to ensure more balanced growth, all over the continent,… infrastructure is key in this aspect and Societe Generale as an international bank, as leading position… we are the first French bank, contributing to the balancing of infrastructure all over the African continent that is why we are legitimate to reinforce our capability to contribute in the development of infrastructure in this country and in the continent as a whole,” he said.

Maymat however, blamed the poor development of the populace and the country on the failure of the banking sector.

He said: “We cannot operate in an environment where only 20 percent of the population is banked. It’s a clear evidence of the failure of the banking sector so far.so we have to push higher to contributing all the people of this continent… to benefit from the assistance of the banking sector to develop themselves.”

“What the Ghana economy is facing today is that their development is depending too heavily on the state. And when you look at the development of the public debt that has occurred over the past ten years it has probably reached its limit but at the same time the level of the private debt is very low.

“As a universal bank our target is to lend an amount of over ten million euros to small and medium-sized enterprises (SMEs) in the next five years.

“Today in the whole African continents we lend six billion euros to small and medium-sized enterprises (SMEs), we want to pass to ten million euros as quickly as possible in the coming five years.”

On his part, the Deputy Minister of Trade and Industry, Robert Ahomka-Lindsay applauded the Societe Generale Home of Business calling it a key need for businesses which will help small and medium-sized enterprises (SMEs) businesses in Ghana.

He said: “The Societe Generale Home of Business is a key need for businesses… and to transform the economy we need to transform our SMEs and one of the key need for small and medium-sized enterprises (SMEs) is finance.”