Dr Mohammed Amin Adam, the Minister of Finance, has emphasised the need for the collective responsibility of all stakeholders, to ensure the success of Small and Medium-sized Enterprises (SMEs) in Ghana.
He said SMEs were the lifeblood of the country’s economy and therefore the need to create an enabling environment for the SMEs to thrive, ‘Our SMEs are the lifeblood of our economy, and it is our collective responsibility to ensure their success.’
Dr Adam said this in a speech read on his behalf at a stakeholder sensitization on the SME Growth and Opportunity (SME Go) programme in Bolgatanga, the Upper East Regional capital.
The programme brought together officials from the Ministries of Finance, Trade and Industry, the Ghana EXIM Bank, Ghana Enterprises Agency (GEA), Development Bank Ghana and SME owners among others.
‘The data is clear: supporting SMEs is crucial to achieving our growth and development ambitions. We must be intentional about providing access to financial resources, expertise, and capac
ity building programmes that empower them to drive innovation, create jobs, and stimulate economic growth,’ he said.
Dr Adam said Ghana’s growth model must evolve beyond heavy reliance on foreign direct investment and raw material exports, which could be volatile and expose the country to external shocks.
‘Instead, we must harness the potential of our homegrown SMEs to build a prosperous, dynamic, and competitive economy. Today, we embark on a new chapter in our journey toward economic transformation.
‘We have overcome challenges in the past, and our recent achievements in macroeconomic stability – robust growth, lower inflation, and stronger public finances demonstrate our resilience and determination,’ the Finance Minister added.
He said through the SME GO, the Ministry would bind the public and private sectors together to create a better ecosystem for SMEs, ‘Our implementing partners; Ghana Enterprises Agency, Ghana Exim Bank, 1D1F, and Development Bank Ghana, possess the expertise and capacity to deli
ver results swiftly.’
Dr Adam said the Ministry consulted with stakeholders, including the Association of Ghana Industries and civil society, to design selection criteria and financing instruments tailored to meet the needs of high-growth potential SMEs.
‘Additionally, we recognize that financial support alone is insufficient, which is why the Programme includes comprehensive capacity-building programmes to upskill both beneficiaries and the wider business landscape.
‘This is particularly important because it seeks to address the risk of lending to SMEs by Commercial Banks, who continue to be worried about low loan recoveries,’ Dr Adam said.
He said it was the Ministry’s vision to create a platform for SMEs and raise SME champions to generate impact that resonated throughout the communities, and leave a legacy of empowerment, innovation, and prosperity for future generations.
According to the Minister, the SME GO programme was the largest SME financing initiative in the history of Ghana and perhaps in Af
rica, as government supported the GEA and GEXIM with a total of GHS700million.
He said the Development Bank Ghana committed a total of about GHS1.2 billion to support SMEs through participating financial institutions and the International Finance Corporation committed to support SMEs with US$400million through financial institutions.
‘As we continue to solidify the country’s position as a leading hub for entrepreneurship and investment, government will continue to place immense focus on nurturing the small and medium enterprises sector, recognizing the integral role they play in both society and economic expansion,’ he said.
Alhaji Dr Hafiz Bin Salih, the Upper East Regional Minister, in a speech delivered on his behalf, noted that SMEs were a backbone of the Region’s economy, and formed a catalyst for job creation for economic development.
He said the Region was endowed with several man-made and natural resources including the Tono, Vea and Tamne Irrigation Dams, which created investment opportunities, a
nd urged participants and investors at the meeting to take advantage of the opportunities.
Source: Ghana News Agency