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US$6.1bn MSME financing gap in Ghana

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…Commercial banks in quandary amid DDEP By Samuel Kojo DARKO A study by the World Bank has revealed that, MSMEs constitute about 90% of all jobs in Ghana, and contributes approximately 40% to the nation’s GDP. Yet, the subsector is the least recipient of financing from the financial institutions in the country, particularly the commercial banks. A careful study of the balance sheets of commercial banks in 2022 indicates a noticeable contraction of loans and advances to the private sector in general, and far less to the MSME subsector in particular. The latest Bank of Ghana MPC’s report indicates that,...
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