A Memorandum of Understanding (MoU) between UBA Ghana and the United Nations Development Programme (UNDP) aims to support youth and women-led micro, small, and medium-sized enterprises (MSMEs) in Ghana.
The partnership is anticipated to grow youth and female-led MSMEs, create more jobs, increase revenue, and significantly lower the environmental footprint.
To support Ghana’s efforts to turn climate commitments into actions, it will also be helpful to increase financial inflows from climate funding channels and gain access to climate financing schemes.
Through this partnership, the parties will work together to co-create and put into action a number of cutting-edge programmes and mechanisms to improve UBA Ghana’s institutional capacity to access climate financing programmes like the Green Climate Fund (GCF).
The partnership is a welcome development, according to Chris Ofikulu, managing director of UBA Ghana and regional chief executive officer of UBA West Africa, because UBA Ghana specialises in offering innovative financing to businesses, including SMEs.
In his words, “Working with UNDP shows UBA Ghana’s commitment to supporting the Sustainable Development Goals (SDGs), with a specific focus on providing tailored financial solutions and growth opportunities for businesses of all sizes to facilitate inter- and intra-African trade.”
In order to facilitate easier access to markets for their goods and services, he explained that the businesses would also receive a tailored programme of service support and capacity development in areas like corporate governance, branding, marketing, financial support, and product design and development.
Additionally, they will receive assistance with energy efficiency audits and corrective measures to lessen their carbon footprints.
“The UNDP is working to influence the flow of resources towards development by encouraging investors and businesses of all sizes to embed the SDGs and Climate action into their analytics, decision making, and business practises,” said Dr Angela Lusigi, the UNDP Resident Representative in Ghana.
She explained that the MOU would promote Inclusive, resilient, and green entrepreneurship by leveraging UNDP’s expertise in working with MSMEs and innovators and UBA Ghana’s expertise in supporting businesses.