President Nana Addo Dankwa Akufo-Addo has unveiled a new initiative aimed at bolstering small and medium-sized enterprises (SMEs) to drive economic growth and job creation in Ghana. This initiative, titled the SME Growth and Opportunity Programme, builds upon previous efforts to support small businesses across the country.
The GH¢8.2 billion project is designed to provide sustainable capacity-building, technical support, access to finance, and the development of innovative ideas to strengthen the private sector. At the launch event in Accra, the President expressed his optimism for the programme’s potential impact, saying, “I believe that with this Programme, we can lay the foundation for a stronger economy underpinned by strong Ghanaian enterprises, creating jobs and delivering opportunity for our people.”
The programme aims to foster an economy driven by enterprise and innovation, enabling Ghanaians to turn their ideas into reality. “That is the scale of our ambitions,” the President noted.
According to the Ministry of Trade and Industry (MoTI), SMEs in Ghana represent about 92% of existing companies, 85% of manufacturing jobs, and 70% of the Gross Domestic Product (GDP). The government plans to remove barriers that inhibit the growth of the private sector to ensure SMEs become more competitive, innovative, and capable of expanding into the broader African market.
President Akufo-Addo highlighted the crucial role SMEs play in Ghana’s economy, stating, “Our SMEs are the backbone of our economy, and it is imperative that we support them to overcome the barriers they face.” He emphasized that the programme, supervised by the MoTI and Ministry of Finance, aligns with policy measures aimed at addressing structural weaknesses affecting private sector growth.
The Ghana Enterprises Agency and African Development Bank will support programme beneficiaries with targeted training in financial management, regulatory compliance, digitalisation in business, and business development. An online application portal has been developed to ensure a fair and transparent screening process, prioritizing SMEs with strong growth prospects.
Additionally, EXIM Bank officials will assist with packaging and branding to help beneficiaries meet the necessary standards for their products to be export-ready. The President also mentioned that the Bank would provide GH¢700 million in highly subsidized financial support for both capital and operating expenditures.
“A dedicated window for the One District, One Factory (1D1F) initiative is also set up to ensure optimal synergies with structural projects,” he noted.
Mr. Kobina Tahir Hammond, Minister of Trade and Industry, reiterated the government’s commitment to empowering SMEs, recognizing their vital role in the country’s economic progress.
