Government Launches A $343m Credit Guarantee Scheme For Businesses

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The government of Ghana has launched a GH¢2 billion ($343m) guarantee scheme to support universal banks in the country to offer financial support to small and medium enterprises (SMEs) for them to recover from the COVID-19 shocks.

The Ghana Care Guarantee Scheme (GCGS), to be administered by the Ghana Incentive-based Risk-sharing System for Agricultural Lending (GIRSAL), is to help SMEs to borrow from banks at lower rates and with longer tenor.

Read also: 5 Nigerian Startups Selected To Join 7 Others At The Africa Tech Summit Connects (ATS)

The GIRSAL is a non-bank financial institution incorporated as a private company by the Ministry of Finance, with seed funding from the Bank of Ghana (BoG) and the African Development Bank (AfDB).

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The GCGS will guarantee up to 80 per cent of the credit extended by participating banks to their clients.

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