The Ghana Export-Import Bank (GEXIM) has announced plans to open a modern food processing plant in Accra. This plant is designed to help Small and Medium-sized Enterprises (SMEs) add more value to their produce. The initiative is part of the government’s new SME Growth and Opportunity (SME GO) program, which aims to support high-potential SMEs.
Rosemary Beryl Archer, Deputy CEO of GEXIM, called this project a “golden moment” for Ghanaian SMEs. She said that the plant will provide manufacturing solutions by allowing businesses to test and scale up their production. The Bank will work with other agencies to provide the necessary support.
GEXIM plans to use its expertise and network to help SMEs access financial and technical services. Ms. Archer said that the Bank’s approach will improve the value chain and solve market performance issues. This will help SMEs increase profits, boost productivity, and become more sustainable.
Ms. Archer is confident that by working together to solve SME challenges, the contribution of these businesses to Ghana’s economic development will grow. According to the Ministry of Finance, SMEs make up 92% of Ghanaian companies, provide 85% of manufacturing jobs, and account for 70% of the country’s GDP.
The government recognizes that recent global challenges have made it harder for businesses to get financing. The SME GO program aims to create a strong financing framework to help Ghana achieve its growth potential of about 5%.
With a budget of GH¢ 8.2 billion, the SME GO program will help Ghanaian SMEs scale up and build capacity to compete internationally. SMEs will get flexible short- and medium-term financing options and improved public policies to help them grow. The program will also create one-stop-shops and business enclaves offering fiscal incentives, financial resources, and shared technology to support SMEs in their operations and growth.
