Generating funds to either start a business or expand a business operation has mainly been the key challenge faced by today’s business entrepreneurs in Ghana and most part of developing countries. Thankfully, the Ghana Alternative Market (GAX) has been launched to ameliorate this problem in Ghana. With Ghana’s market size growing and opportunities in the rest of Africa looking up, Small and Medium Enterprises (SMEs) and for that matter Rural and Community Banks can take advantage of the GAX to meet the ever growing demand for additional capital.
It is with this in mind that USAID FinGAP has appointed Ms. Patricia Safo and the JCS team to profile Rural and Community Banks (RCBs) that intend to raise additional capital on the GAX.
After engaging in broader stakeholder consultations; representatives from GAX, ARB Apex Bank (which is the umbrella body for RCBs), and profiling all 141 RCBs, 6 of them have been successfully profiled for listing, with many others awaiting approvals from their boards and shareholders. In all, about 75% of the RCBs have expressed interest in raising additional capital via GAX.
This is still an ongoing process and JCS is excited to share its progress and hopes for what this means for the rural banking sector.
