BRAC International, the world’s largest non-governmental organization (NGO), has launched its microfinance institution, BRAC Savings and Loans Ltd (BGSL) in Ghana. This initiative marks BRAC’s expansion into Africa, with a mission to empower women and eradicate poverty in the region.
The launch ceremony, attended by key figures including Shameran Abed, Executive Director of BRAC International, Osei Gyasi, Head of Banking Supervision at the Bank of Ghana (BoG), officials from the Ministry of Finance, BRAC CEOs from Liberia and Tanzania and industry leaders, celebrated the organization’s over 50 years of experience in providing responsible financial services.
With a focus on promoting financial inclusion and economic empowerment, particularly for women in rural and hard-to-reach areas, BGSL promises to be consistent with BRAC’s rich history of empowering over 10 million clients across eight countries, with 90% of them being women.
Shameran Abed, Executive Director of BRAC International, emphasized that the launch in Ghana signifies the beginning of BRAC’s expanded presence in Africa, intending to offer holistic development interventions, especially targeting women and the youth population.
Addressing the audience, Kojo Baffoe-Eghan, CEO of BGSL, expressed gratitude for the support received from the Bank of Ghana and outlined their vision for the future. He projected to serve more than 200,000 clients in the next five years, with over 95% being women. Baffoe-Eghan also announced the upcoming launch of a sister NGO in Ghana within the next year, focusing on social development activities to complement the financial services offered by BGSL.
“This organisation will focus on social development activities, mainly targeting women and young girls, complementing the financial services offered by BGSL. This initiative is part of BRAC’s holistic approach to development, combining financial empowerment with social advancement,” he added.
Bridget Dougherty, Managing Director of BRAC International Microfinance, highlighted BRAC’s belief that investing in women is synonymous with investing in the economic and social development of the country. The organization aims not only to address the financial needs of the previously excluded population but also to celebrate and support the entrepreneurial spirit of Ghanaian women.
“We will not only address the needs of the population previously excluded from access to financial services, we are celebrating the entrepreneurial spirit of Ghanaian women, and supporting them to unlock their potential,” she said.
Osei Gyasi, Head of Banking Supervision, congratulated BGSL for successfully completing the licensing process, expressing anticipation for the significant impact the company is expected to make in fostering the economy and contributing to the fight against poverty.
The launch ceremony was interspersed with cultural performances showcasing Ghana’s heritage and a video clip outlining the history of BRAC, from its humble beginnings as a relief project in Bangladesh to its transformation into a global force for impact across Asia and Africa.
The event concluded with an inspiring word performance by young Ghanaian poet Nakeeyat Dramani Sam, who focused on empowering and celebrating women, aligning with BRAC’s mission of holistic development and transformation.