The Institute of Statistical, Social and Economic Research (ISSER) has called on the government and key stakeholders to document trade and transactions to create data for future references. This recommendation is part of ISSER’s 2024 Mid-Year Budget Review, titled “A Critical Assessment of the 2024 Mid-Year Budget by ISSER.”
ISSER stressed the importance of strategically allocating funds to Small and Medium-Sized Enterprises (SMEs) in sectors such as agriculture, agro-processing, light manufacturing, hospitality, tourism, ICT, digitalization, as well as the wholesale and retail trade of domestically produced goods. To ensure effective utilization, ISSER recommends distributing funds based on an existing database of SMEs, prioritising established SMEs with a proven record of higher value addition over newly set-up SMEs.
“Distribute funds based on an existing database of SMEs to prevent newly set-up SMEs with no track record from accessing the funds at the expense of existing SMEs with a record of higher value addition,” the review advised.
Additionally, ISSER suggests disbursing funds through financial institutions. “Disburse funds through financial institutions, including development banks, to ensure they are used for the intended purpose, guaranteeing repayment and sustainability,” the review recommended.
By implementing these targeted measures, ISSER believes Ghana can significantly enhance the capacity of SMEs to add value, stimulate economic growth, and attract investment into vital sectors.
