Browsing: Wayne Hennessy-Barrett

• Small and Medium enterprises (SMEs) are the backbone of the world economy, accounting for most businesses across nearly every region.
• In Africa, SMEs provide an estimated 80 percent of jobs across the continent, representing an important driver of economic growth.
• Credit constraints are a serious challenge for SMEs. Without reliable sources of working capital, SMEs are unable to make investments needed for growth, leading to stagnation.

According to the World Bank, Small and Medium enterprises (SMEs) are the backbone of the world economy, accounting for most businesses across nearly every region. In Africa, SMEs provide an estimated 80 percent of jobs across the continent, representing an important driver of economic growth.

The global lender says Sub-Saharan Africa alone has 44 million Micro, Small and Medium Enterprises (MSMEs) , almost all of which are micro.

“For these businesses to grow, create more jobs, and generate economic growth, they need access to …