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3i Summit: Bank of Ghana, Proxtera to Boost SMEs in Ghana Through GIFE

The Governor of the Bank of Ghana, Dr. Ernest Addison said the memorandum shows the central bank's dedication to collaborate with stakeholders to contribute to economic growth and that the project aligns with the government's broader economic transformation objectives.

The Bank of Ghana (BoG), the Development Bank Ghana (DBG), with its digital partner Proxtera, and supported by the Monetary Authority of Singapore (MAS), have announced the aim to disburse US$100 million to the Ghanaian Micro, Small, Medium Enterprise (MSME) ecosystem through the Ghana Integrated Financial Eco-system (GIFE).

During the 3iAfrica Summit in Accra, the collaboration formalized a significant stride in advancing Ghana’s SME landscape. The Governor of the Bank of Ghana, Dr. Ernest Addison said the memorandum shows the central bank’s dedication to collaborate with stakeholders to contribute to economic growth and that the project aligns with the government’s broader economic transformation objectives.

“This memorandum further demonstrates BoG’s commitment as a central bank to working with key stakeholders to explore innovative financing models. It also further demonstrates our commitment to the Business Sans Borders initiative, which we partnered with the Monetary Authority of Singapore to enhance MSME contribution to economic growth and in line with Government’s broader economic transformation goals,” he said.

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Chief FinTech Officer at MAS, Sopnendu Mohanty added that MAS’s close collaboration with the Bank of Ghana has lasted since the announcement of the Financial Trust Corridor in 2020. He also said that the GIFE represents a crucial advancement in fostering closer collaboration between the two central banks and vital emerging markets.

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“MAS has worked closely with the Bank of Ghana since the announcement of the Financial Trust Corridor in 2020.  The GIFE is an important step to foster closer collaboration between the two central banks and important emerging markets.  The GIFE is a rethink to potentially leapfrog traditional financial inclusion approaches with combined support mechanisms powered by smarter data that MSMEs and financial institutions can tap in based on their needs,” he added.


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Chief Executive Officer of Development Bank of Ghana (DBG) Kwamina Duker said the partnership provides sustainable finance solutions to Ghanaian businesses and facilitates multi-generational and sustainable economic growth.

“We are excited about this partnership, especially for what it brings as part of the 3i Africa Summit. At DBG, we believe that this partnership with the Monetary Authority of Singapore and the GIFE programme marks a pivotal moment in DBG’s mission to provide sustainable finance solutions to Ghanaian businesses and facilitate multi-generational, sustainable economic growth,” he said.

Chief Executive Officer (CEO) of Proxtera, said that as the exclusive operational partner of the SME Financial Empowerment (SFE) program and the provider of operational, technology, and digital infrastructure for the GIFE implementation, Proxtera will collaborate with local ecosystem partners to increase the utilization of trusted credentials. He firmly believes that the target set by their partners will drive Ghanaian MSMEs towards global digital cross-border trade and financial connectivity.

“We continue to proudly support GIFE as a founding partner. As the exclusive operational partner of SME Financial Empowerment (SFE) programme, and the operational, technology and digital infrastructure provider for implementation for GIFE, Proxtera continues to work with local ecosystem partners to grow the usage of trusted credentials. We strongly believe the ambitious target set by our partners will propel Ghanaian MSMEs into the global digital cross-border trade and financial highways,” the CEO stated.

Proxtera, established in 2020, acts as a digital hub linking B2B marketplaces, service providers, and trade associations to facilitate trade for SMEs. Their goal is to revolutionize global B2B trade using technology, enabling efficient marketplaces and cross-border trade through financing, empowerment, and trust-building services.

The Development Bank of Ghana forms key partnerships to finance economic growth, job creation, and SME capacity-building. They provide long-term financing and risk mitigation services backed by technology and research.

SMEs dominate Ghana’s business landscape, comprising over 90% of enterprises, employing around 80% of the workforce, and contributing approximately 60% to the GDP. According to Ghana’s Registrar General's Department (RGD), 92% of businesses are registered as MSMEs.

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