The German Development Cooperation, in partnership with Ghana’s Ministry of Finance, has concluded the Support to the Private and Financial Sector (PFS) Programme, achieving significant milestones in promoting inclusive economic growth and sustainable development.
Launched in 2023, the PFS Programme aimed to expand access to finance, promote green and sustainable business models, and improve employment opportunities for Micro, Small, and Medium Enterprises (MSMEs).
Over three years, the programme has reached over 6,000 MSMEs, contributing to the creation of 500+ jobs. It has developed 25 financial products with 15 financial institutions, benefiting 2,400 MSMEs, with 74% of these being women-led businesses.
“We developed financial products together with financial institutions. We reached about 6,000 micro small medium enterprises with our intervention, and created more than 550 jobs,” said Dr. Christian Jahn, Head of the PFS programme.
He also noted that the programme has also supported policy development, including the country’s Green Finance Taxonomy and Microfinance Policy.
Dr. Jahn emphasized the importance of collaboration between government, private sector, and development partners to create a conducive environment for MSMEs to thrive.
The programme also established five regional networks for Inclusive Local Economic Development (NILED), connecting MSMEs with financial institutions and business service providers.
Additionally, it supported green and inclusive enterprises, creating 350+ green jobs and promoting environmentally responsible business models.
Speaking at the closing ceremony, Wilhelm Hugo, NIED Cluster Coordinator, expressed gratitude to partners, including the Ministry of Finance and regulatory bodies, for their collaboration and vision.
Cynthia Arthur, Head of the Capital Market Unit at the Ministry of Finance in her remarks noted that the PFS programme has immensely supported micro small medium enterprises especially with training and capacity building and also with financial supports to SMEs to secure equipment to increase production base and also to create employment.
She also noted that the Ministry of Finance is receiving support from GIZ in developing the country’s taxonomy “where we also looking at supporting climate, smart SMEs, in the production of goods and services.
Dr. Jahn acknowledged despite challenges, the programme has shown that with the right approach, MSMEs can drive economic growth and job creation.
As the programme comes to a close, its successes are expected to have a lasting impact on Ghana’s economy.
The PFS Programme, implemented by GIZ and funded by the German Development Cooperation and the European Union, has fostered a sustainable MSME ecosystem in Ghana.
Its success will continue to benefit the country’s economic development and employment landscape.
