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Ghana: supporting high-impact SMEs
Project
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Signature date
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Location
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Ghana
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Financing tool
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Financing amount (Euro)
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10000000
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Financing details
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GHS 70,921,000 guarantee
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Customer
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ECOBANK Ghana
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Type of customer
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Financial institution
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Country of headquarters
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Ghana
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Project number
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CGH1207
This project is carried out with the support of the European Union and Organization of African, Caribbean and Pacific States (OACPS).
The content of this project information sheet falls under the sole responsibility of the Proparco and does not necessarily reflect the opinions of the European Union and the ACP Group. This information is given at the time of signature, without prejudice to any developments in the operation/project.
With this EURIZ guarantee allocated to Ecobank Ghana, PROPARCO is supporting a project which aims to increase access to financing for small and medium-sized enterprises in Ghana.
Client presentation
Ecobank Ghana Ltd. (EBG) is an affiliate of the pan-African bank Ecobank Transnational Incorporated (ETI) which is headquartered in Lomé (Togo). EBG was set up in Ghana in 1990 and is the leading bank in the local banking system, with about 12% of assets and 13% of deposits. This commercial bank is already very active in financing SMEs and is a key partner for the deployment of AFD Group’s ARIZ guarantee mechanisms. It aims to accelerate its growth in this segment with this new guarantee.
Project description
The operation involves the allocation of an EURIZ portfolio guarantee for an amount equivalent in GHS to EUR 10m. It will cover loans ranging between EUR 10k and EUR 1m (equivalent in GHS). This project aims to promote sustainable and inclusive growth in Ghana by helping a leading local bank support job-creating SMEs operating in high-impact sectors: agriculture, financial inclusion, health, education and the green economy, as well as SMEs run by women and young people.
Project impact
The project will support 300 SMEs, help create or maintain 900 jobs and mobilize the equivalent of a total of EUR 18m of financing.
Launched in May 2019 with the support of the European Union and the European Development Fund, as well as the African, Caribbean and Pacific (OACPS) Group of States, the EURIZ guarantee aims to facilitate access to credit for SMEs, particularly in high-impact development sectors, in order to help them play their essential role in economic growth and job creation. It is also part of Choose Africa, a French initiative targeting African SMEs.