MSMEs and others to receive $250 million from World Bank

- The World Bank Country Director for Ghana, Pierre Frank Laporte, has announced a package for MSMEs in Ghana

- Laporte revealed that a $250 million package is likely to be approved in September by the bank's board

- He added that discussions are ongoing with the Ministry of Finance and the Bank of Ghana with regard to the package

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The World Bank has announced a $250 million package to support the Ghana Development Finance Project.

Financial intermediaries in the country, such as Micro, Small and Medium Enterprises (MSME), are expected to benefit from the package.

The World Bank revealed that it is collaborating with the Ministry of Finance and the Bank of Ghana to implement the project.

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According to the World Bank Country Director for Ghana, Pierre Frank Laporte, the fund is likely to be approved in September.

Per a myjoyonline.com report, the project would give financial institutions the ability to lend to MSMEs and other borrowers who need capital to grow their businesses.

YEN.com.gh understands that the financial cleanup initiated by the Bank of Ghana and the Security and Exchange Commission (SEC) has led to the revocation of licences of about 15 of such businesses.

Laporte underscored the need for MSMEs to remain sustainable and resilient in the course of doing business.

He explained that it is essential business owners refine processes and manage risks better in order to grow.

Laporte also noted that it is important such businesses embrace technology in order to deliver innovative services at reduced costs.

In other news, Ghana has acknowledged receipt of $315 million from the World Bank to create jobs, develop skills, and transform digital systems.

The support was approved by the board of executive directors of the World Bank and will be sourced from the International Development Association (IDA).

The support is composed of two parts; $200 will be used for the Ghana Jobs and Skills Project and $115 million for the eTransform Ghana Project.

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Source: YEN.com.gh