Government has announced plans to bolster support for Small and Medium Enterprises (SMEs) through the rollout of comprehensive training programs aimed at enhancing their capacity and competitiveness.
Finance Minister Dr Mohammed Amin Adam disclosed this during the Finance Ministry’s Monthly Economic Update on Friday, May 24, 2024.
He underscored the critical role SMEs play in Ghana’s economy and outlined government’s commitment to fostering their growth and development.
“SMEs represent a significant opportunity for providing growth and employment that is sustainable, inclusive, and impactful,” Dr Amin Adam emphasised.
The announcement of the training programs comes at a pivotal time for Ghana’s SME sector, which has been identified as a key driver of economic growth and job creation.
With SMEs accounting for 92% of existing companies, 85% of manufacturing jobs, and 70% of GDP, the Finance Minister stressed the importance of equipping them with the necessary tools and skills to thrive in today’s dynamic business environment.
The proposed training programme, to be launched on July 16, 2024, and to be coordinated by the Finance Ministry and Trade and Industry Ministry, aims to consolidate ongoing SME support initiatives.
It will also offer targeted support to a select number of companies with the potential to transition into larger businesses under the ‘SME Champions’ initiative.
The Minister said this training programme includes tailored technical and financial support, capacity-building workshops, and handholding assistance for programme beneficiaries.
“The program framework prioritizes targeted interventions, loan recovery, technical training, and handholding support,” Dr. Amin Adam explained.
He said financing instruments would be made available to these businesses in the form of loans, equity investments, and interest subsidies, leveraging multi-faceted funding sources to ensure broad accessibility and effectiveness.
The Minister said stakeholder consultations on the programme’s design have already commenced, with active engagement from various industry players and stakeholders.
He reiterated government’s unwavering commitment to supporting SMEs and creating an enabling environment for their success.
Dr Adam stressed that through this training programme and targeted support initiatives, government aims to unlock their full potential and position them as engines of growth for the Ghanaian economy.