Banks must lend more to Ghanaian SMEs, says President Mills
Banks in Ghana must make it easier for small to medium-sized enterprises (SMEs) to access credit, the country's President Professor John Evans Atta Mills has claimed.Banks in Ghana must make it easier for small to medium-sized enterprises (SMEs) to access credit, the country's President Professor John Evans Atta Mills has claimed.
He stated that although such businesses are a vital part of the economy, they need more money if they are to support its development, the Chronicle reports.
President Mills claimed that if they receive greater help from financial institutions, SMEs will be able to generate more revenue, as well as provide employment opportunities for the people of Ghana.
Many companies have previously found it difficult to obtain loans from banks, he noted.
The President made these comments during a visit from a United Bank for Africa delegation, which included the organisation's Chief Executive Officer Gabriel Edgal.
Ghana's gross domestic product increased between 2008 and 2010 and the services sector accounts for 40 percent of output. Competitiveness among private sector firms was boosted when the nation signed a three-year Poverty Reduction and Growth Facility with the International Monetary Fund in 2009.