BoG partners with Development Bank Ghana to study "Innovative Financing for MSMEs in Ghana"

Ghanaian

The Bank of Ghana has entered into a Memorandum of Understanding (MoU) with the Development Bank Ghana (DBG) to conduct a study on "Innovative Financing for Micro, Small, and Medium Enterprises (MSMEs) in Ghana."

The study aims to explore and understand the financing challenges faced by MSMEs in the country, identify the existing funding gap, and recommend innovative solutions to

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Dr. Maxwell Opoku-Afari, First Deputy Governor of the Bank of Ghana, emphasised the crucial role of credit in economic growth, particularly in developing economies like Ghana.

While maintaining price stability as the primary mandate, he highlighted the importance of policies that impact the real sector and contribute to economic growth through increased lending.

The study, a collaborative effort between the Bank of Ghana, DBG, and the University of Ghana Business School (UGBS), is expected to provide valuable insights into the financial challenges of MSMEs.

The results will inform regulators on innovative ways to address the funding gap, with a focus on leveraging financial technology firms to channel resources to MSMEs.

Dr. Opoku-Afari expressed excitement about the collaboration and the potential impact of the study. He affirmed the Bank of Ghana's commitment to observing the MoU in good faith and supporting the project to achieve its objectives.

The collaboration is seen as a significant initiative that could pave the way for future collaborations aimed at addressing challenges within the financial sector and the broader economy.