The government has announced plans to enhance support for Small and Medium Enterprises (SMEs) through comprehensive training programs designed to boost their capacity and competitiveness.
Finance Minister Dr. Mohammed Amin Adam made this announcement during the Ministry of Finance’s Monthly Economic Update on Friday, May 24, 2024.
“SMEs represent a significant opportunity for providing growth and employment that is sustainable, inclusive, and impactful,” Dr Amin Adam emphasised.
He highlighted the critical role SMEs play in Ghana’s economy and reiterated the government’s commitment to fostering their growth and development.
The training programs are being introduced at a crucial time for Ghana’s SME sector, recognized as a key driver of economic growth and job creation. SMEs account for 92% of existing companies, 85% of manufacturing jobs, and 70% of GDP.
The Finance Minister stressed the importance of equipping these businesses with the necessary tools and skills to succeed in today’s dynamic business environment.
“The programme framework prioritises targeted interventions, loan recovery, technical training, and handholding support,” Dr. Amin Adam explained.
Scheduled to launch on July 16, 2024, and coordinated by the Ministry of Finance and the Ministry of Trade and Industry, the training program aims to consolidate ongoing SME support initiatives.
It will provide targeted assistance to select companies with the potential to grow into larger enterprises under the ‘SME Champions’ initiative.
Dr. Amin Adam explained that the training program will include tailored technical and financial support, capacity-building workshops, and handholding assistance for beneficiaries.