Access Bank, Ghana and ECOWAS Bank for Investment and Development (EBID) have signed an agreement to provide a line of credit in amount of USD$30 million to the former for the financing of the operations of SMEs and Access Bank’s allies in key sectors of the Ghanaian economy such as; agribusiness, infrastructure and transport among others.
The agreement was signed at the Marriott International Hotel in Accra on Tuesday 20 June, 2023. In his speech at the signing ceremony, the President of the ECOWAS Bank for Investment and Development (EBID), Dr. George Agyekum Nana Donkor stressed the need for EBID to extend such a facility to the local banks.
He also mentioned that EBID has done all the necessary checks and diligence and has found Access Bank, Ghana worthy of such agreement.
“Having come out of the COVID and the war in Ukraine, it is important for us to pay attention to the private sector, the engine of growth. Therefore as a regional financial institution our aim is to ensure that we speed up the sustainable development of our economies and the private sector which we believe can drive the progress that we all yearn for” President of EBID told the media.
“Additionally, a portion of the funds which is 15% of the U$D 30 million has been earmarked to women towards the support of women businesses. This means that the bank pays attention to gender. As a bank we have a gender policy which gives equal opportunities to women” Dr. Donkor.
According to the President of EBID, the agreement between them and Access Bank, Ghana is in line with EBID’s strategic orientations to provide local banks who are on the ground in ECOWAS member countries and have the capacity to support and guide local promoters to enhance their operations.
On his part, the Managing Director of Access Bank, Ghana Olumide Olatunji said despite the debt exchange and the impact it had on financial institutions in Ghana, Access Bank Ghana has remained resolute to ensure that it continues to make impact in everywhere among the 18 African countries the bank is currently operating by crediting credit to support businesses. “In order to achieve this, we make sure that we choose our partners very carefully”.
He has appealed to the customers of the bank to seize the opportunity to also participate and benefit from the agreement. “If you are a customer of Access Bank, this is another platform for us to serve you and work with you to grow your businesses knowing that credit creation is critical for any business to grow in the economies in which we are operating”.
