Four Banks Align to Help Businesses Get Loans

Company News of Thursday, May 2, 2019

Source: citibusinessnews.com

2019-05-02

The Ghana Export Promotion Authority (GEPA) facilitated a meeting between micro, small and medium-sized enterprises and four commercial banks to address the challenges that companies typically face in accessing credit.

The intervention of the authority comes after exporters have complained of their inability or difficulty in accessing the credit facilities of the formal banking sector.

GEPA's approach to putting businesses and banks on the same page was to have a forum day for both parties to meet and understand the various challenges they face.

Afua Asabea Asare, CEO of GEPA, told Citi Business News that this decision would ensure a win-win commitment between banks and MSMEs.

"It's very important for GEPA, because most of the time it's the exporters who come to us, the small and medium-sized businesses as well, who are looking for help. You spend a lot of time with them and you realize that the help they really need relates to funding. GEPA is not in this position to help finance. So we thought we should bring in the banks to discuss their problems. We want the banks to see how they can best facilitate their access to finance for what they do, "she said.

The banks that attended the forum were Fidelity, Stanbic, Prudential and GCB banks.