SOCIETE GENERALE GHANA SECURES USD 25 MILLION FACILITY FROM INTERNATIONAL FINANCE CORPORATION TO BOOST SME SUPPORT

PRESS RELEASE

SOCIETE GENERALE GHANA SECURES USD 25 MILLION FACILITY FROM INTERNATIONAL FINANCE CORPORATION TO BOOST SME SUPPORT

Societe Generale (SG) Ghana has finalized a USD 25 million facility agreement with the International Finance Corporation (IFC) aimed at significantly boosting support for small and medium-sized enterprises (SMEs) across Ghana over the next five years. This partnership underscores IFC's recognition of SG Ghana's pivotal role in financing the real economy and its commitment to fostering SME growth.

"SG Ghana remains committed to strengthening the Ghanaian SME sector," said Mr. Hakim Ouzzani, Managing Director of SG Ghana welcoming guest to the event. "Our partnership with IFC, which began with a USD 50 million facility in 2020, has not only exceeded expectations but also solidified our market position, reflecting our dedication to Ghana's economic resilience."  

Mr. Ouzzani emphasized SG Ghana's ongoing support for SMEs, particularly women-owned businesses, through initiatives like the SG Women's Club and sustainable development projects such as investments in renewable energy.

"IFC is proud to announce this USD 25 million loan as a testament to our strong collaboration with SG Ghana," said Mr. Kyle Kelhofer, Senior Country Manager for the Ghana Cluster at IFC. "SG Ghana's proactive approach and strategic focus on SMEs have been instrumental in navigating economic challenges and fostering inclusive growth."

Mr. Kelhofer highlighted IFC's commitment to enhancing financial inclusion and building robust economic foundations through partnerships that empower businesses and drive sustainable economic development in Ghana and beyond.

Alexandra Celestin, Regional Industry Manager for Africa at IFC, emphasized the partnership's impact on sustainable finance initiatives and empowering SMEs in Ghana. "Our joint efforts underscore our commitment to inclusive economic growth," Celestin stated, citing collaborations with local enterprises and initiatives supporting women entrepreneurs.

The ongoing partnership, which includes a previous USD 50 million loan in 2020, reflects mutual confidence in driving SME development in Ghana. The new facility is expected to particularly benefit women-owned SMEs, aligning with IFC's gender-related initiatives aimed at promoting inclusive and sustainable economic development.

Societe Generale Ghana… The Future is You!