In an effort to enhance Ghana’s economy, President Nana Addo Dankwa Akufo-Addo unveiled the SME Growth and Opportunity (GO) Programme at the SME Growth and Opportunity Summit in Accra today. The program, supported by a GHS 8.2 billion funding package, aims to assist small and medium-sized enterprises (SMEs) that are essential to Ghana’s economic well-being.
President Akufo-Addo emphasized the significance of SMEs in Ghana’s economy, noting that they make up 92% of businesses and contribute 70% to the GDP. Despite their vital role, SMEs face challenges, especially in accessing finance, which hampers their potential for growth and innovation.
The SME GO Programme, spearheaded by the Ministries of Finance and Trade and Industry, aims to address these challenges through targeted financing solutions and technical assistance. Key components include funding allocations and the establishment of infrastructure to support SME growth.
Some components of the program include support from the Ghana Exim Bank, Ghana Enterprises Agency (GEA), and Development Bank Ghana (DBG), each offering financial assistance tailored to different needs of SMEs. Additionally, a Food Innovation Hub will be established at the University of Ghana campus to support food industry SMEs with modern processing equipment and regulatory assistance.
President Akufo-Addo highlighted the government’s commitment to fostering a competitive SME sector, essential for Ghana’s economic prosperity. The collaborative effort involving the government, private sector, and international partners is crucial in creating an environment conducive to SME growth.
The Ministry of Finance has mobilized GHS 8.2 billion for the SME GO Programme, aimed at supporting eligible high-growth SMEs through participating financial institutions. This initiative aims to empower SMEs, enhance competitiveness, and drive sustainable growth for the benefit of all Ghanaians.
By supporting innovation, entrepreneurship, and resilience, the SME GO Programme is poised to transform Ghana’s economic landscape, ensuring inclusive and sustainable growth in the years to come.
Distributed by APO Group on behalf of The Presidency, Republic of Ghana.