Government to Launch New Programme for SME Growth
The Ghanaian government has launched an innovative programme aimed at boosting the growth of small and medium-sized enterprises (SMEs). This initiative, known as the SME Growth and Opportunity Programme, seeks to transform SMEs into high-growth ventures by providing essential financial and technical support.
Programme Launch Details
The programme was officially launched on Tuesday, July 16, 2024, in Accra. The event, themed “Breaking Barriers to SME Growth,” featured several keynote speakers, including:
- President Nana Addo Dankwa Akuffo Addo
- Dr. Mohammed Amin Adam, Minister of Finance
- Kobina Tahir Hammond, Minister of Trade and Industries
- Dr. Ernest Addison, Governor of the Bank of Ghana
- Dr. Akinwumi Adesina, President of the African Development Bank
Learn How to Grow a Successful Business
Building a Strong Team for Sustainable Growth
Financial Management Strategies for Sustainable Growth
Objectives of the SME Growth and Opportunity Programme
The primary goal of this programme is to turn SMEs into high-growth ventures by offering:
- Financial Support: The programme allocates substantial financial resources to help SMEs scale their operations.
- Technical Support: SMEs will receive technical assistance to improve their business processes and enhance their productivity.
Coordinating Agencies
The programme is under the auspices of the Ministries of Finance and Trade and Industries, and involves several partnering agencies, including:
- Ghana Enterprises Agency (GEA)
- Ghana EXIM Bank
- Development Bank Ghana (DBG)
- International Finance Corporation (IFC)
Summit Highlights
The launch event brought together a diverse group of participants, including private sector players, academia, business regulatory and compliance institutions, media, industry representatives, multilateral and bilateral partners, and financial service providers. The summit also featured an exhibition showcasing SME products.
The launch event brought together a diverse group of participants, including private sector players, academia, business regulatory and compliance institutions, media, industry representatives, multilateral and bilateral partners, and financial service providers. The summit also featured an exhibition showcasing SME products.
Key sessions and discussions at the summit focused on enhancing partnerships, mobilizing diverse financial resources for SME growth and expansion, and advocating for inclusive policies and strategies to foster SME development in Ghana.
Importance of the Programme
The SME Growth and Opportunity Programme is expected to have a significant impact on the national economy by:
- Economic Impact: Contributing to the overall economic growth of Ghana.
- Job Creation: Creating new employment opportunities and reducing unemployment rates.
- Innovation and Competitiveness: Enhancing the innovation and competitiveness of SMEs, making them more resilient in the market.
Quotes from Key Figures
Dr. Mohammed Amin Adam emphasized the importance of partnerships and resource mobilization, stating, “The summit aims to enhance partnerships, mobilise diverse financial resources for SMEs growth and expansion, and provide a platform for public and private sector actors to advocate inclusive policies and strategies required to foster SME growth in Ghana.”
President Nana Addo Dankwa Akuffo Addo highlighted the government’s commitment to SME growth, adding, “This programme represents a significant step forward in our efforts to support SMEs and ensure their success in the global market.”
Dr. Ernest Addison and Dr. Akinwumi Adesina also shared their perspectives on the role of financial institutions in supporting SMEs, underlining the need for coordinated efforts to achieve sustainable growth.
Expected Outcomes
The programme aims to achieve both short-term and long-term goals:
- Short-term Goals: Immediate benefits include increased access to financial and technical resources for SMEs, leading to improved business operations and growth.
- Long-term Vision: Over the next decade, the programme aims to achieve sustainable growth and development for SMEs, ensuring they become key drivers of the national economy.
Conclusion
The SME Growth and Opportunity Programme marks a significant milestone in Ghana’s efforts to support and enhance the growth of SMEs. With the collaboration of various stakeholders and the government’s commitment, the programme is poised to create a thriving environment for SMEs, fostering economic development and job creation.
Call to Action
SMEs are encouraged to participate in the programme and take advantage of the resources and support available. Stakeholders are also urged to support the initiative and contribute to its success. Future updates on the programme’s progress and impact will be shared to keep all parties informed.
