USD5m for Ghana’s SMEs
Ghana’s UT Bank has received a USD5 million subordinated loan from the German Investment Corporation (DEG) to support small and medium-sized enterprise development in Ghana.
DEG finances investments of private companies in developing and emerging economies. The Group holds a 12% stake in UT Bank.
UT Bank has pledged to focus on the SME sector, offering a range of tailor-made banking products and services.
The bank says it is aware of the frustrations SMEs face with financing and banking, and aims to alleviate these.