31 May, Accra. GroFin, a pioneering development finance institution specialising in financing and supporting small and growing businesses across 15 coutries in Africa and the Middle East, won its second Gold Award in the Financial Services (SME Development) category Ghana-Africa Business Awards. GroFin has been operating in Ghana since 2010 and previously received the same award in 2015.
GroFin received both awards in recognition of its outstanding contribution to the development of Ghana, within the context of the New Partnership for Africa’s Development (NEPAD). GroFin has invested over $30 million (USD) in 66 small and medium-sized businesses in the country. This investment allowed these businesses to sustain 3,224 jobs and to create 411 new direct jobs. The Ghana-Africa Business Awards, now in their 14th year, are organised under the auspices of the Ghanaian Ministry of Foreign Affairs and Regional Integration.
Samuel Sedegah, Investment Executive at GroFin Ghana, says the company is honoured by this acknowledgement of its efforts to develop small and medium-sized businesses in the country.
“SMEs are a key driver of job creation and economic growth in developing economies, and already contribute over 70% of Ghana’s GDP. However, the potential of many of these businesses remains constrained by a lack of access to finance.”
Indeed, according to the latest World Bank Enterprise Survey, 49% of Ghanaian firms cite access to finance as their greatest obstacle. Sedegah explains that GroFin not only provides entrepreneurs with appropriate financing, but also with continuous business support to grow, and ensure their success.
“SMEs are prone to very high failure rates. GroFin helps entrepreneurs to overcome this by offering a combination of finance and expert advice and business support that improves their ability to manage the complexity of a growing business.”
GroFin’s 2015 Ghana-Africa Business Awards was also in the GOLD category, after the organizer’s held consultations with the Ghana Export Promotion Center, Ghana Investment Promotion Center, Ghana Free Zones Board and Ghana Tourism Authority.
GroFin is a pioneering private development financial institution specialising in financing and supporting small and growing businesses (SGBs) across Africa and the Middle East. We combine medium term loan capital and specialised business support to grow SGBs in emerging markets. By successfully combining medium term loans and specialised business support delivered through our local offices, we have invested in over 700 SMEs and sustained over 88,150 jobs across a wide spectrum of business activities within the 15 countries in Africa and Middle East that we operate in. GroFin has its headquarters located in Mauritius.
Media enquiries: Samuel Sedegah, firstname.lastname@example.org