The government of Ghana, through the Ministry of Finance and Trade and Industry, has sensitized Small and Medium Scale Enterprises (SMEs) in the Upper West Region on the SME Growth and Opportunity Programme (SME GO program).
The SME GO summit, which took place at the Dellagio hotel in Wa on September 2, 2024, has the Ghana Enterprise Agency (GEA), Ghana Exim Bank, and Development Bank Ghana/International Finance Corporation as implementing agencies.
According to the Technical adviser to the Finance Minister, Dr. Abudu Abdu-Ganiyu, government has mobilized a total of Gh¢ 8.2 billion for the SME Go programme, which will be directed towards offering technical and financial support to SMEs.
The Technical adviser to the Finance Minister said government must be intentional about providing access to financial resources, expertise, and capacity building programs that empower SMEs to drive innovation, create jobs, and stimulate economic growth.
“Ghana’s growth model must evolve beyond relying heavily on foreign direct investment and raw material support, which can be volatile and expose us to external shocks. Instead, we must harness the potential of our homegrown SMEs to build a prosperous, dynamic, and competitive economy,” he said.
Dr. Abudu Abdu-Ganiyu revealed that the Finance Minister has consulted with stakeholders, including the Association of Ghana Industries and Civil Society Organisations, to design selection criteria and financing instruments tailored to meet the needed high-growth potential SMEs.
Meanwhile, the Regional Minister who spoke through a Director of the Upper West Regional Coordinating Council, Joseph Abuguri, said SMEs are the backbone of our economy, contributing significantly to employment creation while acknowledging the serious challenges faced by SMEs, which include limited access to finance, technology, markets, among others.
The Minister opin that, the SMEs growth and opportunity program has come in handy to bridge the gap between SMEs, and financial institutions, development partners and technology providers.
SMEs in Ghana account for 92% of existing companies, 85% of manufacturing jobs, and 70% of GDP. The government is thus focused on developing a sustainable financing framework that allows for both the public and private sector to scale up financial and technical support towards Ghanaian Small and Medium Scale Enterprises.
Story by Salifu Wononuo//TungsungRadio
