The United Nations Development Programme (UNDP) and UBA Ghana have signed a Memorandum of Understanding (MoU) to promote youth and women-led micro, small, and medium-sized companies (MSMEs) in Ghana.
The collaboration is projected to scale up youth and women-led MSMEs, create jobs, boost income, and considerably reduce the environmental imprint. It will also assist in gaining access to climate financing schemes and increasing cash inflows from climate funding sources. This will support Ghana’s efforts to turn climate commitments into actions.
Through this collaboration, UNDP and UBA Ghana will co-develop and implement a suite of innovative programs and processes to increase UBA Ghana’s institutional capacity to access climate finance schemes such as the Green Climate Fund (GCF).
UBA Ghana’s Managing DirectorChris Ofikulu who also doubles as the Regional Chief Executive Officer of UBA West Africa, emphasized the significance of the cooperation, stating that it is a welcome development because UBA Ghana specializes in delivering innovative finance to businesses, including SMEs.
“Collaborating with UNDP demonstrates UBA Ghana’s commitment to supporting the SDGs, with a particular focus on providing custom financial solutions and growth opportunities for businesses of all sizes to facilitate inter- and intra-African trade,” he said.
He added that the companies will also receive a tailored program of service support and capacity building in areas such as corporate governance, branding, marketing, financial assistance, and product design/creation to help them gain easier access to markets for their products and services.
They will also receive assistance with energy efficiency audits and corrective steps to reduce 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 practices,” said Dr. Angela Lusigi, UNDP Resident Representative in Ghana.
According to the UNDP chief, the MOU would promote Inclusive, Resilient, and Green Entrepreneurship by using UNDP’s expertise in working with MSMEs and innovators and UBA Ghana’s expertise in business support.
UBA Group is Africa’s leading banking institution, with over 1000 branches in 20 African nations and over 31 branch networks in Ghana.