The Ghanaian government, through the Ministry of Finance, has unveiled a groundbreaking initiative aimed at empowering Small and Medium-sized Enterprises (SMEs) to thrive and compete globally.
Dubbed the SME Growth & Opportunity (SME GO) Programme, the initiative was launched by President Nana Addo Dankwa Akufo-Addo and is designed to provide SMEs with the necessary financial and technical support to scale up their operations.
Recognizing the critical role SMEs play in Ghana’s economy, accounting for 92% of businesses, 85% of manufacturing jobs, and 70% of GDP, the government is committed to creating an environment that fosters SME growth.
The SME GO Programme addresses key challenges faced by SMEs, particularly access to finance, which has hindered their development.
The program offers a comprehensive package of support, including:
- Financial Support: Providing flexible financing options to help SMEs secure the resources needed for expansion.
- Technical Assistance: Offering training, mentorship, and hand-holding support to enhance business capabilities.
- Policy Optimization: Creating a conducive business environment through supportive policies and regulations.
To ensure effective implementation, the government has partnered with three key agencies:
- Ghana Export-Import Bank (GEXIM): Facilitating access to finance and technical services for export-ready SMEs.
- Ghana Enterprises Agency (GEA): Assessing SME needs and providing targeted support.
- Development Bank of Ghana (DBG): Collaborating with financial institutions to establish a SME catalytic fund.
A highlight of the SME GO Programme is the establishment of an ultramodern Food Processing Pilot Plant to assist SMEs in the food industry.
Additionally, the government plans to create a one-stop-shop for SMEs and establish business enclaves with incentives, resources, and shared technology.
Rosemary Beryl Archer, Deputy CEO of GEXIM, emphasized the importance of value addition for Ghanaian SMEs. By strengthening the value chain across sectors, businesses can improve profitability, productivity, and resilience.
The SME GO Programme represents a significant step towards building a robust SME ecosystem in Ghana. By providing targeted support and creating a favorable business environment, the government aims to unlock the full potential of SMEs and drive economic growth.
