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