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The Italian Ambassador to Ghana Mr Fabrizio De Agostini and Mr Kwadwo Baah-Wiredu Finance Minister signed the agreement. It is the second time the Italian government is making funds available to support Ghanaian SMEs after a commitment of 11 million Euros in 2003.
Twenty-nine SMEs, mostly in agro-business, construction and hospitality industries, received between 97,000 and 450,000 Euros to finance their expansion plans and undertake installation of equipment to further their development activities.
Under the current deal, the soft loan of 20 million Euros will be channelled to qualified SMEs through local commercial banks and leasing companies to finance capital goods, consumables, inputs and services, as well as construction works. The grant component is designed to facilitate the use of the credit through the activity of the project management unit, run by Italian and Ghanaian experts, which will assist the SMEs in preparing and implementing their business plans. The grant will also finance technical assistance through initiatives of institutional and decentralised capacity building, ICT development, metal works and building of capacity f staff of the Ministry of Trade.
Baah-Wiredu underscored the importance of the SMEs sector to Ghana's development and welcomed any initiative that would make it more vibrant and competitive.
The sector currently accounts for about 70 per cent of all industrial establishments and generates about 85 per cent employment. He said the focus of the credit would be to support SMEs in the Brong Ahafo, Northern, Upper East and Upper West regions.
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