US makes available $100m to support SMEs – Eligible companies asked to apply

US makes available $100m to support SMEs - Eligible companies asked to apply

FLASHBACK: Mrs Stephanie Sullivan, United States Ambassador to Ghana, when she met President Nana Addo Dankwa Akufo-Addo at the Jubilee House in Accra The U.S. International Development Finance Corporation (DFC) has established a US$100 million loan facility with CAL Bank to support on lending to small and medium scale enterprises (SMEs) in the country.

The United States Ambassador to Ghana, Mrs Stephanie Sullivan, who disclosed this to Graphic Online , said the DFC was ready to assist private firms investing in the country and subsequently asked interested companies to visit the DFC’s website to review the eligibility checklist.

“Firms can also contact the Prosper Africa Secretariat at to inquire about what other U.S. government mechanisms might support their investment projects,” she stated.

The exclusive interview is part of a special supplement organised by the American Chamber of Commerce (AMCHAM) Ghana to celebrate the Independence Day anniversary of the United States on July 4.

Mrs Sullivan said private firms could access the DFC to help finance projects, purchase political risk insurance and partially guarantee investments. “The DFC is currently supporting over a dozen projects in Ghana worth nearly $1 billion dollars.

The U.S.DFC support includes projects to expand health care facilities, to generate power and to improve access to finance for SMEs in the agricultural sector,” she added.

Energy sector support With regard to the US support for the country’s energy sector, the US Ambassador said there were roughly 120 companies operating in Ghana, several of which worked in the energy sector, including oil services companies, investors in Ghana’s power sector, and U.S. suppliers of energy technologies.

“U.S. businesses transfer knowledge, provide customer service ,create high-quality products, abide by anti-corruption rules, and create jobs. A favourable business climate, including respect for contract sanctity,is essential to attracting additional U.S. investors to Ghana, including in the important energy sector,” she added.

According to her, the United States, through its Power Africa programme, had provided significant technical assistance to help Ghana overcome its challenges in the energy sector, including working with the Ghanaian government, the German government, and the World Bank to develop Ghana’s Energy Sector Recovery Programme, which is aimed at stabilising the sector’s finances.

“Additionally, Power Africa is working to expand energy access to consumers and businesses that are not connected to the national grid, and to increase the productive uses of renewable energy with technologies like solar irrigation for farms,” she said. Mrs Sullivan also leveraged the […]

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