Societe General Ghana has launched its ‘SG Boafo Loan Product’ with the commitment of transforming Micro, Small and Medium sized Enterprises (MSMEs) in Ghana.

According to General Manager in Charge of Retail, Obed Hoya, the bank through its newly launched offering will provide credit facilities to help owners of small businesses to mitigate challenges confronting them.

Speaking to Joy Business, Mr. Hoya, said this will facilitate and enhance the growth of small businesses across the country.

He explained that the intervention will ensure sustainability and growth of small enterprises in the country.

"The bank is not only poised to support your businesses with credit facilities but specialised business products and advisory service available at the SG Home of Business and the Innov8 Hub located at our Osu branch and Head Office respectfully", he said.

"The timely introduction of the new "SG Boafo Loan Products" is to help owners of MSME mitigate some of these challenges", he pointed out.

He further explained that the bank has taken precautions to prevent customer loan default.

"We will be monitoring the activities of our customers who come for the loans, measures are already put in place to ensure that in order to prevent default", he posited.

The SG Boafo Loan product, which is specially designed for micro, small and medium enterprises is an innovative package that provides credit in the form of working capital loans.

The bank revealed that the prevailing economic conditions further impact the sustainability of the sector especially with the rising inflation and the depreciation of the Ghana cedi against the major currencies.

For the benefit of consumers and small businesses, the Boafo Loans Product have a 12-month term. MSMEs would therefore need to open an account with the bank and use the account to conduct business.