The government has unveiled plans to strengthen Small and Medium Enterprises (SMEs) by introducing comprehensive training programs designed to enhance their capabilities and competitiveness.
During the Ministry of Finance’s Monthly Economic Update on Friday, May 24, 2024, Finance Minister, Dr. Mohammed Amin Adam, highlighted the pivotal role SMEs play in Ghana’s economy and reaffirmed the government’s dedication to fostering their growth and progress.
“SMEs offer a significant avenue for sustainable, inclusive, and impactful growth and employment,” emphasized Dr. Amin Adam.
This announcement comes at a crucial juncture for Ghana’s SME sector, recognized as a vital catalyst for economic expansion and employment generation. With SMEs constituting 92% of existing businesses, providing 85% of manufacturing employment, and contributing to 70% of GDP, the Finance Minister stressed the necessity of empowering them with the requisite tools and expertise to thrive in today’s ever-evolving business landscape.
Scheduled for launch on July 16, 2024, the proposed training program, spearheaded by the Ministry of Finance and the Ministry of Trade and Industry, aims to consolidate existing SME support initiatives. It intends to provide targeted assistance to a select group of companies through the ‘SME Champions’ initiative, facilitating their potential transition into larger enterprises.
The Minister outlined that the program will offer tailored technical and financial support, conduct capacity-building workshops, and provide hands-on guidance to program beneficiaries.
“The program framework prioritizes targeted interventions, loan recovery, technical training, and handholding support,” Dr. Amin Adam explained.
He stated that these businesses would have access to financing tools such as loans, equity investments, and interest subsidies, drawing from diverse funding channels to ensure widespread availability and efficacy.
The Minister added that discussions with stakeholders regarding the program’s framework have begun, with input from a range of industry participants and stakeholders.
He reiterated the government’s unwavering commitment to supporting SMEs and creating an enabling environment for their success, stressing that through this training program and targeted support initiatives, the government aims to unlock their full potential and position them as engines of growth for the Ghanaian economy.”