SG Ghana to fund local SMEs with over ¢700m

Societe Generale has disclosed its decision to assist Small and Medium-sized Enterprises (SMEs) with more than GH¢700 million funding.

According to the bank, the support is part of its global growth strategy for this year and also in the bid to support the development of the country through small businesses.

Managing Director of SG Ghana, Hakim Ouzzani, said, “We have for the three coming years, more than GH¢700 million, as an envelope for the financing of the SMEs in Ghana.”

According to him, “It reflects all the importance we (the bank) are affording to SMEs in Ghana because we believe that the SMEs of today will be the big enterprises of tomorrow, and we believe they will help the country not only to grow but to improve for example, the exportations as substitution to import in Ghana.”

On his part, the Head of Africa and Overseas Region of Societe Generale, Alexander Maymat, explains the role of the banking sector to control the country’s increased debt stock.

“If you compare the indebtedness level of a country like Ghana which is around 30% of the GDP globally with the situation in China which is around 140%, it means that there is very important room for increasing the capability of the banking sector and of banking lending to contribute in financing investments that are necessary to develop your countries,” He explained.

“One of the important roles of a bank like Societe Generale is to put in place much more private sector lending facilities that will take the place of the public sector in financing the investments that you need.” He added.