Ghana on brink of revitalising SME ecosystem – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has launched a landmark small-scale and medium enterprise (SME) agenda to boost Ghana’s economic growth and job creation.
Dubbed, SME Growth and Opportunity Programme, the GHS8.2 billion project provides the platform for sustainable capacity-building, technical support, access to finance and developing innovative ideas to strengthen the private sector.
“I believe that with this Programme, we can lay the foundation for a stronger economy underpinned by strong Ghanaian enterprises, creating jobs and delivering opportunity for our people,” the President said at the launch of the Programme, in Accra on Tuesday.
It is expected that the project will contribute to building a future economy shaped by enterprise and innovation, where the people could witness their ideas becoming a reality.
“That is the scale of our ambitions,” the President noted.
SMEs in Ghana account for some 92 per cent of existing companies, 85 per cent of manufacturing jobs and 70 per cent of the Gross Domestic Product (GDP), according to the Ministry of Trade and Industry (MoTI).
In line with the vision to foster the country’s economic viability anchored on the SMEs being competitive, innovative and expanding into the broader African market, the Government is envisaging to break all barriers inhibiting the growth of the private sector.
President Akufo-Addo emphasised the critical role SMEs played in Ghana’s economy, saying the entrepreneurial spirit of the Ghanaian had always been the driving force behind Ghana’s economic transformation.
“Our SMEs are the backbone of our economy, and it is imperative that we support them to overcome the barriers they face,” he said.
The President stated that the Programme, being supervised by the MoTI and Ministry of Finance, was in sync with the policy measures to address structural weaknesses as pertained to the growth of the private sector.
He said the Ghana Enterprises Agency and African Development Bank would support the beneficiaries with targeted training encompassing financial management, regulatory compliance, digitalisation in business, as well as business development.
An online application portal has also been developed to ensure the screening process is fair, transparent, and prioritises SMEs that demonstrate robust growth prospects.
Additionally, the EXIM Bank officials will be on hand to offer support with packaging and branding to aid the Programme beneficiaries in meeting relevant standards for their products to be ready for export.
President Akufo-Addo hinted that the Bank would be providing some GH¢700 million to offer SMEs with highly subsidised financial support for both capital and operating expenditures.
“A dedicated window for the One District, One Factory (1D1F) initiative is also set up to ensure optimal synergies with structural projects,” he noted.
Mr Kobina Tahir Hammond, Minister of Trade and Industry, stated that the government recognises the critical role that SMEs play in the progress of the economy and is committed to empowering and growing their operations.
Source: GNA