MSMEs employ more than 80% of the workforce in #Ghana and account for over 70% of GDP. The majority of these enterprises are informal, consisting mainly of micro and sole enterprises operated by women and young entrepreneurs. While these small businesses play a critical role in economic growth and job creation, lack of information and collateral constraints limit their access to finance from formal financial institutions.
With support from SECO Economic Cooperation and Development , IFC - International Finance Corporation worked closely with the Bank of Ghana to enhance the collateral registry system and enable #MSMEs to secure credit with movable assets, vastly expanding MSMEs’ ability to access the finance they need to grow and thrive – with impressive results:
✅$53.1 billion in financing facilitated by the enhanced system
✅324K MSMEs received loans secured with movable assets
✅194K women borrowers
Learn more about how IFC is working to boost access to financing for MSMEs in Ghana: https://lnkd.in/eeQyQbjB