The Ghanaian-German Economic Association (GGEA) in partnership with Lenzfinance Management (LFM), a German-based financial advisor, has launched a sourcing and financing product to provide credit facilities to Ghanaian entrepreneurs and businesses to expand their operations.
The product, which combines supplies with finance options, will enable Ghanaian businesses to acquire needed capital equipment as well as finance for their businesses.
Businesses, which meet the eligibility criteria, could access funds for a single transaction of at least 100,000 Euros and 500,000 Euros for capital goods.
Speaking at the launch of the product in Accra, Mr Stephen Antwi, President of the GGEA, said the product addressed the twin challenges of access and cost of credit, which had been the bane of businesses in the country.
He said with Lenzfinance Management expertise in the field of finance over the years, the product would make available to companies. the much needed finance at a lesser cost than the prevailing high interest rates in the Ghanaian market.
Mr Wolfgang Lenz, the Chief Executive Officer of LFM, said LFM as the German arm, has an in-depth knowledge and would provide finance at a lower cost than the prevailing rates in the domestic market, leveraging on LFM expertise.
The LFM is also in the position to provide access to suppliers from Germany, as many German companies were yet to discover Africa as a potential market.
Mr Lenz said the partnership with the GGEA would help to support Ghanaian businesses in need of finance and capital equipment to expand, adding that, the political and business climate in Ghana provided the impetus for economic growth.