European investors are now repositioning to invest capital in SMEs that are very concerned about a clean and safe environment. 

At the Trade for Sustainable Development (T4SD) project at the Ghana Export Promotion Authority (GEPA), a cross-section of Ghana’s SME sector was exposed to some regulations in the European market.

Many Ghanaian SMEs are losing out on business opportunities from the European Market. This is not because their products do not meet the standards but rather due to the failure of these SMEs to adopt environmental safety standards. 

Responding to the challenge, the International Trade Centre has begun a rigorous training program for the SMEs in Ghana on how to implement green business standards in their services delivery focusing on climate resilience and resource efficiency.

The Head of the Trade for Sustainable Development (T4SD) Joseph Wozniak said, “ At the end of the module, the SMEs that successfully develop resource efficient strategies through the coaching will be connected to providers if green finance”.

The Deputy CEO of the Ghana Export Promotion Authority, Samuel Dentu expressed “confidence of an increase in export margins and go a long way to deepen confidence in Ghana’s products on the European market.”

The Trade for Sustainable Development programs aims at improving the operation costs of SMEs nationwide. 

The all-year program is to strengthen SME competitiveness through the implementation of green business practices. 

At the end of the program, all 40 SMEs partaking of the program are to improve knowledge and skills to implement resource efficiently.

So far, the government and private sector are working together to build a sustainable financial system; exemplifying the importance of multi-stakeholder and cross-sectoral action towards a green economy.

With support from the IFC and the Government of Switzerland, the Bank of Ghana has already set seven principles to guide all banking activities. 

Additionally, private sector stakeholders have identified five sectors of the Ghanaian economy that will be targeted for improved environmental and social governance: manufacturing, energy and power, construction and real estate, mining, oil and gas, and agriculture and forestry.

The Partnership for Action on Green Economy (PAGE) is aiming to identify the gaps in the policy environment that, once filled, would drive demand for socially and environmentally sustainable banking services. 

To do this, and to complement the sustainable banking principles, PAGE is collaborating with the UN Environment Finance Initiative (UNEP FI) to undertake a green finance study in Ghana.