Societe Generale (SG) Ghana has finalized a US$25 million facility agreement with the International Finance Corporation (IFC) aimed at significantly boosting support for small and medium-sized enterprises (SMEs) across Ghana over the next five years.
This partnership underscores IFC’s recognition of SG Ghana’s pivotal role in financing the real economy and its commitment to fostering SME growth.
“SG Ghana remains committed to strengthening the Ghanaian SME sector,” said Mr. Hakim Ouzzani, Managing Director of SG Ghana welcoming guest to the event. “Our partnership with IFC, which began with a US$50 million facility in 2020, has not only exceeded expectations but also solidified our market position, reflecting our dedication to Ghana’s economic resilience.”
Mr. Ouzzani emphasized SG Ghana’s ongoing support for SMEs, particularly women-owned businesses, through initiatives like the SG Women’s Club and sustainable development projects such as investments in renewable energy.
“IFC is proud to announce this US$25 million loan as a testament to our strong collaboration with SG Ghana,” said Mr. Kyle Kelhofer, Senior Country Manager for the Ghana Cluster at IFC.
“SG Ghana’s proactive approach and strategic focus on SMEs have been instrumental in navigating economic challenges and fostering inclusive growth.”
Mr. Kelhofer highlighted IFC’s commitment to enhancing financial inclusion and building robust economic foundations through partnerships that empower businesses and drive sustainable economic development in Ghana and beyond.
Alexandra Celestin, Regional Industry Manager for Africa at IFC, emphasized the partnership’s impact on sustainable finance initiatives and empowering SMEs in Ghana.
“Our joint efforts underscore our commitment to inclusive economic growth,” Celestin stated, citing collaborations with local enterprises and initiatives supporting women entrepreneurs.
The ongoing partnership, which includes a previous US$50 million loan in 2020, reflects mutual confidence in driving SME development in Ghana. The new facility is expected to particularly benefit women-owned SMEs, aligning with IFC’s gender-related initiatives aimed at promoting inclusive and sustainable economic development.
Societe Generale Ghana is a leading bank in Ghana, committed to providing comprehensive financial services and support to SMEs, contributing to the growth and development of the Ghanaian economy.
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets.
We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries.
In fiscal year 2023, IFC committed a record US$43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises.
