SMEs are the lifeblood of the economy, it’s our collective responsibility to ensure their success – Finance Minister
The small and medium-scale enterprises (SMEs) are the lifeblood of Ghana’s economy, and it is the collective responsibility of all to ensure their success, Finance Minister Dr Mohammed Amin Adam has said.
He says that the data is clear that supporting SMEs is crucial to achieving Ghana’s growth and development ambitions.
He says there is a need to be intentional about providing access to financial resources, expertise, and capacity-building programs that empower them 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 exports, 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,” Speaking during the Ministry of Finance (MoF) SME Growth and Opportunity Summit – 2024 on Tuesday, July 16.
“Today [Tuesday July 16], 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.
Through the SME GO, he said they will bind the public and private sectors together to create a better ecosystem for our SMEs.
“Our implementing partners – GEA, Ghana Exim Bank, and Development Bank Ghana – possess the expertise and capacity to deliver results
swiftly.
“We have consulted with stakeholders, including the AGI 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 programs 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 Amin Adam said.
