Non-bank financial institutions asked to provide credit to SMEs

Dr Henry Kofi Wampah, first Deputy Governor of the Bank of Ghana, has urged non-bank financial institutions to assist to make credit more affordable and accessible to small and medium scale enterprises (SMEs).

He said the SMEs’ must be given every necessary support to expand their operations and become the real growth pole for the country.

Dr Wampah was opening the northern sector business office of the EximGuaranty Company Limited in Kumasi to serve Ashanti, Brong-Ahafo, Northern, Upper East and Upper West regions.

The move is part of an aggressive push to bring financial solutions closer to businesses across the entire nation and enhance their efficiency.

In attendance were organized private sector leaders, contractors, entrepreneurs, Heads’ of financial institutions and chiefs.

EximGuaranty is a privately owned company providing credit guarantee cover to aid the extension of loan facilities to medium, small and micro enterprises.

Dr Wampah said as a risk mitigating finance house, the company had been playing increasingly influential role in the financial services sector – supporting the growth of the productive export sectors of the economy through credit promotion.

Additionally, it has been providing bid bonds, advance payment guarantees and performance bonds to help contractors to bid for and undertake jobs.

EximGuaranty has grown its operational capacity by an average of 800 per cent since its establishment in April 1994, with clientele portfolio rising by over 1,472 per cent.

Mr Samuel Mensah Akrong, Director of the Board of the company, said the company had targeted to increase its operational capacity by an additional 20 per cent within two years of operation of the Kumasi office.

He said the company would design new products to suit clients’ requirements.

Baffour Osei Hyiaman, the Mawerehene who represented the Asantehene, said the Manhyia Palace would support the company to succeed.

Source: GNA