Small and medium-sized enterprises (SMEs) are being called upon to move beyond the domestic market and build businesses capable of competing across Africa and globally, as the government seeks to make the private sector a central driver of economic growth.
Simon Madjie, chief executive officer of the Ghana Investment Promotion Authority (GIPA), delivering a speech on behalf of Chief of Staff Julius Debrah at the opening of the “This Is Ghana” exhibition in Accra at Efua Sutherland Park, said the government’s economic agenda is focused on expanding private-sector participation, promoting local production and creating decent jobs.
“There are about 2.6 million registered businesses in our country. The majority of them are SMEs, so they are actually the backbone of our economy,” Madjie said.
The exhibition, organized by Channel One TV and Citi FM, brings Ghanaian businesses together to showcase locally produced goods and services while creating opportunities for direct engagement with consumers, partnerships and investment.
Madjie said the government’s role is to create conditions that allow Ghanaian businesses to start, survive and expand, including through better access to finance, wider markets, digitalization, innovation and lower barriers to doing business.
“This is Ghana” is intended to give local businesses greater visibility and provide a marketplace where entrepreneurs can connect with customers and potential partners. It also offers companies an opportunity to begin positioning themselves beyond Ghana’s borders.
The government is urging businesses to progress from small enterprises into national brands, regional champions and ultimately global companies, Madjie said.
He pointed to the African Continental Free Trade Area (AfCFTA) as a major opportunity for Ghanaian businesses to expand across the continent, provided they can meet international standards on quality, pricing and innovation.
The government is also urging businesses to move away from exporting raw materials toward producing higher-value goods and services that can generate jobs and retain more economic value domestically.
Madjie said consumers also have a role to play in strengthening local businesses by choosing Ghanaian-made products, recommending them and investing in local enterprises.
“When we choose a quality Ghanaian product, we support a business. When we support a Ghanaian business, we support jobs,” he said.
He challenged entrepreneurs to match calls for local patronage with improvements in product quality, technology, workforce development, record-keeping and customer understanding.
“Do not simply ask Ghanaians to buy Ghanaian. Give them products and services that they can be proud to buy,” he said.
Ghana continues to seek an increase in private-sector activity and to build a more productive economy, with SMEs expected to play a key role in job creation, innovation and the expansion of domestic production.
The GIPA boss said long-term transformation of the economy will ultimately depend on Ghanaian companies becoming more productive and competitive rather than relying solely on government policy.
