IFC Partners with Access Bank to Boost SME Lending and Empower Women Entrepreneurs in Ghana

The RSF will provide a 50% guarantee on a portfolio of eligible loans to SMEs, totaling up to $20 million in Ghanaian Cedi equivalent.

The International Finance Corporation (IFC) has announced a new partnership with Access Bank to enhance access to finance for small and medium-sized enterprises (SMEs) in Ghana, with a particular focus on supporting women entrepreneurs. Through this initiative, IFC will invest up to $10 million in a local currency risk-sharing facility (RSF), which will significantly expand lending to SMEs in sectors such as agriculture, health, education, and sustainable practices.

The RSF will provide a 50% guarantee on a portfolio of eligible loans to SMEs, totaling up to $20 million in Ghanaian Cedi equivalent. At least 25% of this facility will be specifically allocated to women-owned SMEs (WSMEs), promoting gender inclusion in the financial sector. The initiative is part of IFC's Small Loan Guarantee Program (SLGP), supported by the European Fund for Sustainable Development (EFSD), under the EU's Global Gateway strategy.

Additionally, IFC will provide advisory support to Access Bank, helping strengthen its capacity to lend to SMEs while assisting these businesses in enhancing their financial and business management skills.

"Empowering micro, small, and medium enterprises is crucial to promoting economic growth and development," said Olumide Olatunji, Managing Director of Access Bank Ghana. He emphasized that the partnership with IFC would provide these businesses with the necessary financial backing to thrive and significantly contribute to Ghana’s economy.

IFC aims to triple Access Bank's loan portfolio for women-owned SMEs to $60 million by 2028, supporting an underserved market segment that plays a key role in job creation.

"IFC's commitment to supporting SMEs with local currency funding reflects our dedication to driving economic growth and job creation in Ghana," said Kyle Kelhofer, IFC Senior Country Manager for Ghana. He stressed that this partnership would foster a more inclusive and resilient economy.

Despite recent improvements in financial inclusion across sub-Saharan Africa, SMEs in Ghana still face significant challenges in accessing finance. Women-owned SMEs, in particular, face a credit gap estimated at $213 million in 2021, according to the Global Findex Database.

Over the past decade, IFC has invested nearly $2 billion in Ghana’s key sectors, including healthcare, energy, agribusiness, and education, contributing to the country’s economic development.