Ghana’s Ministry of Finance has officially launched the Small and Medium-Sized Enterprises (SMEs) Growth and Development Opportunity Programme on Tuesday, 16th July 2024, in Accra. The event was a significant milestone in the government’s ongoing efforts to bolster the nation’s economic development by empowering small and medium-sized enterprises.
The launch was attended by a host of dignitaries, including His Excellency Nana Akufo-Addo, members of the Ministry of Finance, selected SME representatives, and other important personalities.
The SMEs Growth and Development Opportunity Programme is supported by a substantial funding package of GH¢8.2 billion. This initiative is designed to help SMEs overcome various barriers and unlock their full potential, which is critical for the overall economic health of the country.
Dr. Mohammed Amin Adam, the Minister of Finance, highlighted the importance of SMEs in the Ghanaian economy, noting that they contribute 70% to the GDP and constitute 92% of all businesses in the country.
Dr. Amin Adam emphasized that the programme’s primary objective is to provide targeted financing solutions and technical assistance to SMEs, thereby laying the groundwork for a more robust and resilient economy. The funding will be distributed among key financial institutions to ensure that SMEs receive the necessary support. Specifically, GH¢700 million has been allocated to the Ghana Exim Bank, GH¢230 million to the Ghana Enterprises Agency (GEA), and GH¢1.4 billion to the Development Bank Ghana (DBG).
The Minister further explained that these funds would support high-growth potential businesses. The Ghana Exim Bank will focus on facilitating international trade, while the GEA will concentrate on providing comprehensive support services to SMEs, including training and capacity building. The DBG will play a crucial role in offering long-term financing solutions to SMEs, enabling them to innovate and expand their operations.
An essential component of the SME Growth and Development Opportunity Programme is the establishment of a Food Innovation Hub at the University of Ghana. This hub will provide vital resources and support for SMEs in the food industry, helping them to scale up production and meet international export standards. The initiative aims to boost the competitiveness of Ghanaian food products in the global market, thus opening new opportunities for growth and development.
In his address, Dr. Amin Adam called on all stakeholders, including the government, private sector, and international partners, to collaborate in creating an enabling environment for SMEs. He stressed on the need for collective action to address the challenges faced by SMEs, such as limited access to finance, inadequate infrastructure, and regulatory constraints.
“Let us celebrate the achievements of our SMEs and commit to addressing the challenges they face as we build a vibrant economic future for all Ghanaians,” stated Dr. Amin Adam.
The launch of the SME Growth and Development Opportunity Programme marks a significant step forward in Ghana’s economic development agenda. Dr. Amin Adam conclude that the initiative is expected to lead to increased job creation, enhanced innovation, and sustained economic growth.
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