2023 budget: GH¢245,322,000.00 loan was given to SME’s to save 1,000 jobs — Ken Ofori-Atta

Minister of Finance, Mr. Ken Ofori-Atta has indicated some measures taken by government to save Small and Medium Enterprises (SMEs).

He noted that at the time these businesses were facing huge crises due to the country’s current economic predicament, a loan of GH245,322,000.00 was disbursed to them.

The move, according to the Finance Minister, preserved a total of 1,000 jobs in the country.

“A total of seven loans amounting to GH¢245,322,000.00 was disbursed to SMEs saving over 1,000 jobs,” he revealed.

Presenting the 2023 budget statement and economic policy plan in Parliament House, Accra, on Thursday, November 24, Mr. Ofori-Atta stated that the Development Bank of Ghana (DBG) has joined hands with the Private Financial Initiative (PFI) to reduce the lengthy process involved in lending to SMEs.

“DBG has partnered with a PFI to build a digital lending platform to shorten the processing time for lending to SMEs and increase its ability to reach a lot more businesses across the country,” he said.

On the way forward, the Minister said, “To support SMEs with equity funding, DBG is also in the process of establishing a private equity fund with an initial capitalization of about GH¢400m (US$30m).”