SIF COMPLETES FULL DISBURSEMENT OF MICROCEDIT COMPONENT UNDER PSDPEP

The Social Investment Fund (SIF), in partnership with the Ministry of Finance (MoF), ARB Apex Bank and with financial support from the African Development Bank (AfDB), has announced the successful completion of disbursements under the second tranche of the Post COVID-19 Skills Development and Productivity Enhancement Project (PSDPEP).
With the completion of the second tranche, the full allocation for the microcredit component of the PSDPEP has now been successfully disbursed.
A statement by the Social Investment Fund copied to the Ghana News Agency (GNA) said, the initiative was designed to boost resilience and growth among women and youth-led micro, small and medium enterprises (MSMEs) across Ghana, especially those hardest hit by the pandemic.
“The on-lending programme has focus on Agriculture, Agribusiness, Local Manufacturing, Tourism, Digital and ICT innovation, Catering and Hospitality industries.

“The project is unlocking access to affordable financing at highly competitive rates not exceeding 12% per annum to ultimate beneficiaries”, it said.
Under the project, a total of GHS 40.8 million had been fully disbursed to 15 Rural and Community Banks (RCBs) and Africa Skills Hub, a partner institution dedicated to nurturing and scaling small businesses. 
These funds had gone directly into the hands of hardworking entrepreneurs which would enable them to strengthen operations, expand productivity and create jobs in their communities, it said.

According to SIF, early monitoring reports showed strong outcomes as businesses supported under the programme were recording renewed growth, increased resilience and improved financial literacy.
“Beneficiaries, especially women-led enterprises, are testifying to the lifeline that this funding has provided in helping recover and scale post-COVID”, it said.

SIF commended the commitment and efficiency demonstrated by the 15 participating RCBs. They are, Akrofuom Area Rural Bank  PLC, Akuapem Rural Bank PLC, Amuga Rural Bank PLC, Asubonten Rural Bank PLC and Awutu Emasa Rural Bank PLC.
Others are Bessfa Rural Bank PLC, Citizens Rural Bank PLC, Dumpong Rural Bank PLC, East Akim Rural Bank PLC, and Ejuraman Rural Bank PLC.
The rest are Enyan Denkyira Rural Bank LTD, Kintampo Rural Bank PLC, Lawra Rural Bank PLC, Nsutaman Rural Bank PLC and Sefwiman Rural Bank PLC.

SIF also gave acknowledgement to Africa Skills Hub, whose training, mentorship and partnerships continued to complement the financing by equipping SMEs with the tools to succeed.
“The role of all partners has been central in ensuring that, funds reached the intended final beneficiaries on time”, it said.
The completion of this second tranche was built on the lessons of the first, which had ensured smoother, faster and more impactful delivery. 
SIF said it remained committed to ongoing monitoring and sharing key insights to maximize the benefits for beneficiaries and partner institutions alike. 
“This milestone is another step in advancing SIF’s mission: to empower Ghanaian businesses, especially women and youth-led enterprises, with the resources, knowledge, and opportunities they need to thrive”, it said.