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GroFin Ghana honored at 14th Ghana-Africa Business Awards

GroFin 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 honored by this acknowledgment 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.

About GroFin

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, samuels@grofin.com

GroFin honoured in Global SME Finance Awards

GroFin’s innovative SME development model of combining access to finance, business support and market-linkages has received further recognition through an Honourable Mention at this year’s Global SME Finance Awards.

The GroFin Small and Growing Businesses Fund (“SGB Fund”) recently received this accolade in the “Product Innovation of the Year” category. The Global SME Finance Awards recognize outstanding achievements of financial institutions and fintech companies, in delivering exceptional products and services to their SME clients and are endorsed by the Global Partnership for Financial Inclusion (GPFI).

GroFin receives Honorable Mention at Global SME Finance Awards 2018

Guido Boysen, CEO, says GroFin is honoured by this recognition which affirms the merit of its approach to developing small and medium-sized businesses.

“GroFin has demonstrated how the typically very high fail rate among SMEs can be mitigated and through a model that is scalable. This means that GroFin’s approach can be replicated to make an even greater contribution to the development of emerging economies.”

Finance provided through the SGB Fund, coupled with business support interventions, have ensured that the SGB Fund has a viability rate of 86%, compared to a failure rate of 70- 90% for SMEs in emerging economies.

Guido Boysen says the SGB Fund is also regarded as innovative in its design to not only achieve socio-economic impact objectives, but also to generate sustainable returns for its investors.

“The ability to generate financial returns attracts investors and greatly strengthens the sustainability of the fund. This is crucial to any developmental project or fund which hopes to make a lasting impact.”

Earlier this year GroFin won the ICAEW and A4S Finance for the Future Awards, in the Building Sustainable Financial Products category, as well as the 2018 Islamic Economy Award in the ‘SME Development’ category.

About GroFin

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.

About the GroFin Small and Growing Businesses Fund (“SGB Fund”)

Established in 2014 and based on GroFin’s then decade-long experience in supporting entrepreneurs across emerging economies in Africa, the GroFin Small and Growing Businesses Fund (“SGB Fund”) focuses on SGBs that are typically neglected by traditional financiers and even conventional SME funds – the SME “missing middle” segment.

The Fund’s unique model integrates access to finance, business development skills and market linkages to ensure job creation at scale and facilitates the provision of vital services to low income households. It focuses on high impact sectors including education, healthcare, agribusiness, manufacturing and key services and further envelop women and youth as beneficiaries of its model.