Consolidated Bank Ghana announced that it is expanding its Small and Medium-sized Enterprises (SME) capabilities by partnering with the new Development Bank Ghana (DBG) to deliver technical and financial support to the sector. CBG had over the years delivered extensive support to SMEs and was keen on expanding its capabilities in the sector to tap into the opportunities that exist and to ensure an improved contribution from the SME sector to the economy of the country. CBG defined SMEs as, small businesses with annual financial turnover of up to GH¢15m and medium businesses with turnover up to GH¢75 million. CBG had over the last couple of years increased its financial support to SMEs by disbursing over GH¢1.3 billion and expanded its reach to them through its 114 branches across the country.
These have been complemented by technological platforms which offer convenience and security to the Bank’s SMEs. For CBG, SMEs are a key population in its agenda to promote the economic development of Ghana. The introduction of DBG, therefore presents the Bank with the opportunity to offer that much-needed support which CBG has welcomed. DBG is a financial institution that was established to address very key challenges within the business community. That is the access to long term funding of SMEs that supports investments and growth. The Bank was positioning itself to play a major role in ensuring that SMEs took full advantage of the Africa Continental Free Trade Area’s opportunities.