The government has earmarked GH₵8.2 billion to support Small and medium-scale enterprises (SMEs) in the country under the Growth and Opportunity Initiative for Small and Medium Enterprises project.
The Deputy Minister for Finance, Dr Stephen Amoah, said the key driving agencies for the initiative would include the Ghana Enterprises Agency (GEA), Ghana EXIM Bank, the Development Bank Ghana (DBG), and the International Finance Corporation (IFC).
The GEA will receive GH₵200 million to provide support to high-growth SMEs through small-scale grants and loans with highly subsidized rates for up to two years.
The Ghana EXIM Bank will also be supported with GH₵500 million to offer SMEs highly subsidized financial support for both capital and operating expenditures and offer capacity building to programme beneficiaries.
The Development Bank Ghana will also commit a total of about GH₵1.2 billion to support SMEs through participating financial institutions.
Dr Amoah, speaking at a stakeholders’ engagement meeting, said the initiative aimed to address financial constraints faced by Ghanaian small-scale businesses and provide them the opportunity to access financial support to boost their business activities. He said it was important to break barriers confronting SMEs growth, adding that fostering partnerships, mobilizing diverse financial resources, and creating a conducive environment for SME growth, was what the initiative sought to offer.
Recognizing that SMEs constitute approximately 90% of businesses and contribute around 70% to the country’s GDP, Dr. Amoah underscored the government’s commitment to supporting SMEs to expand their operations.
