Ghana’s financial intermediaries to receive $250m World Bank support

This will involve wholesale financing to financial intermediaries such as savings and loans companies to on lend to Micro, Small and Medium Enterprises (MSME).

It is, therefore, working with the Finance Ministry in consultations with the Central Bank of Ghana to conclude preparations for the project which awaits approval before September.

World Bank Country Director for Ghana, Pierre Frank Laporte, says the project will also provide Credit guarantees to encourage financial institutions to lend to SMEs and other borrowers who lack collateral.

“We expect this project to be approved by our board sometime before September this year”, he said.

This was revealed at the 10th Annual General Meeting of the Ghana Association of Savings and Loans Companies (GHASALC) held virtually.

Ghana’s financial sector for the past years has gone through some amount of clean up meant to stabilise and strengthen the sector for the better.

Financial intermediaries have been the hardest hit, like many of them it has resulted in the revocation of the licenses of 15 members of GHASALC for instance.