Finance Ministry, BoG urged to introduce Loan Guarantee Scheme for MSMEs

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Mon, 27 Jun 2022 Source: www.ghanaweb.com

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Minster of Trade and Industry, Alan Kyerematen, has called on the Finance Ministry and the Bank of Ghana to introduce a Loan Guarantee Scheme that will offer liquidity in the banks to support development of Micro Small and Medium Enterprises.

He noted that the lifeblood of every successful business venture entails financial or liquidity support and therefore believes such a scheme will be beneficial to the growth of MSMEs in the country.

Speaking at an event on June 27 to mark the national launch of Business Resource Centres in Accra, the trade minister stressed the importance of support for MSMEs in growing our local economy.

“Yes, I [Alan Kyerematen] am part of government but I am making an appeal to myself and my government especially the Ministry of Finance working together with the Bank of Ghana to introduce Loan Guarantee Scheme that will offer liquidity in the banks to support the development of Micro Small and Medium Enterprises.”

“All the big business giants such as Jeff Bezos Amazon, Mark Zuckerberg's Facebook and the likes all started very small as micro enterprises and have today become bigger brands that we all celebrate and patronise."

"Even in our very own local settings, our celebrated companies such as Kasapreko, Osei Kwame Despite, Ofori Sarpong and the rest all started out as small businesses,” he added.

He further implored all citizens irrespective of their current standing in society to start their business ventures with government ready to offer the needed support for business growth.

“Let us all make an effort to start a business on our own. I am not going to stand here and say it's going to be an easy task because some will fail and others will succeed and that is why as a responsible government, we have introduced institutional support mechanisms where persons can walk into Business Resource Centers to get the needed assistance to help them start their own business or grow their existing business,” he concluded.


Source: www.ghanaweb.com
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