Consolidated Bank Ghana LTD (CBG) has joined the SME Finance Forum: a global membership network focused on promoting access to finance for small and medium-sized enterprises (SMEs) worldwide. This move is expected to have significant benefits for both CBG and the SME sector in Ghana.
As a member of the forum, CBG will collaborate with other financial institutions around the world to share knowledge on best practices in SME finance. This will enable the Bank to enhance its products and services tailored specifically for SMEs, leading to better financial inclusion and support for this crucial sector of the Ghanaian economy.
Consolidated Bank Ghana LTD will have access to the Forum’s research and data on SME finance trends and strategies. This will assist in managing the evolving needs and challenges faced by SMEs to develop innovative financial solutions to address issues effectively. By leveraging on the insights gained from the Forum, CBG can enhance its competitiveness in the SME market and strengthen its position as a leading provider of financial services in Ghana.
CBG’s membership in the SME Finance Forum represents an encouraging development for SMEs in Ghana. Access to finance is a significant hurdle for SMEs, limiting their growth potential and their ability to contribute to economic development. By joining the SME Finance Forum, CBG demonstrates its continuous commitment to supporting this vital sector and facilitating better access to finance for SMEs.
By participating in the Forum’s initiatives and programs, Consolidated Bank Ghana LTD can partner with other institutions, policymakers, and industry experts to develop innovative solutions that address the unique challenges faced by SMEs in Ghana. Such collaborations will help create an enabling environment for SMEs to thrive, foster job creation, economic growth, and ultimately reduce poverty.
The decision to join the SME Finance Forum comes at a crucial time in the post-COVID-19 economy where SMEs are still struggling to recover from its impact worldwide. Many SMEs in Ghana have experienced significant disruptions and financial strain due to the pandemic’s repercussions and they have also been hit with the reality of leveraging digital platforms to grow their business. By leveraging the resources and expertise available through the forum, CBG will play a pivotal role in facilitating SME recovery and assisting them to navigate these challenging times successfully.
CBG is wholly owned by the Government of Ghana and granted a universal banking license in 2018 by the Bank of Ghana under the Specialized Deposit Taking Institution Act 2016 (Act 930).
CBG has 114 branches in 13 out of the 16 regions with strong government support, a large SME client network, and a diverse talent pool.
About SME Finance Forum The SME Finance Forum was established by the G20 Global Partnership for Financial Inclusion (GPFI) in 2012 as a knowledge center for data, research, and best practice in promoting SME finance. As an implementing partner for the GPFI, the International Finance Corporation (IFC) was tasked with managing the initiative. The Forum operates a global membership network of +240 members that brings together financial institutions, technology companies, and development finance institutions to share knowledge, spur innovation and promote the growth of SMEs.