Sylvester Mensah, the newly appointed Chief Executive Officer (CEO) of the Ghana Export-Import (GEXIM) Bank, has been tasked with promptly investigating the disappearance of funds totaling GHc2 million earmarked for the government’s Small and Medium Enterprises (SMEs) program.
The program, known as SME Growth and Opportunity (GO), was launched in July 2024 under the leadership of the ex-CEO Lawrence Agyisam who is alleged to have superintended a monstrous corruption in the company and Finance Ministry official Mohammed Amin Adam.
The initiative aimed to provide financial support to five selected enterprises, with each expected to receive GHc1 million from an allocated 8.2 billion cedi loan fund.
However, recent reports reveal that only three out of the five businesses received the promised support, leaving the remaining two in the dark about the whereabouts of their share of the funds.
No explanation was provided for the delay in fund disbursement until the change of government in December last year.
Prior to the distribution, all beneficiaries were publicly acknowledged at an event where President Akufo-Addo presented them with symbolic cheques on national television.
Suspicions have arisen regarding certain officials at the Ghana Exim Bank, established during President Mahama’s first term.
Bright Evans Darko, Head of SME Development at GEXIM, and Rose Mary Beryl, head of International Cooperation, have been implicated in the scandal.
The affected SMEs, facing pressure from service providers and family members assuming they have received the funds, are calling on the government to investigate the matter and ensure the missing money is recovered for its intended purpose.
Mensah, appointed by President John Mahama just two weeks ago, is urged to prioritize the issue and provide the necessary support to the impacted businesses.
The distressed business owners, feeling misled and abandoned, are seeking clarity on the situation as they await resolution.
Meanwhile, the Ghana Exim Bank has emphasized its commitment to assisting SMEs overcome financial challenges through concessional loans and grants.