The government has declared its intention to increase the capacity and competitiveness of Small and Medium Enterprises (SMEs) by implementing extensive training initiatives. This was revealed by Finance Minister Dr. Mohammed Amin Adam on Friday, May 24, 2024, during the Ministry of Finance’s Monthly Economic Update. He emphasised the importance of SMEs to Ghana’s economy and the government’s commitment to supporting their expansion and development. Dr. Amin Adam underlined that “SMEs represent a significant opportunity for providing growth and employment that is sustainable, inclusive, and impactful.”
The SME sector in Ghana, which has been recognised as a major engine of job creation and economic growth, is at a critical juncture with the launch of the training programmes. Given that SMEs make up 70% of the GDP, 85% of manufacturing jobs, and 92% of currently operating businesses, the Finance Minister emphasised the need of providing them with the resources and know-how they need to succeed in the fast-paced business world of today. Launched on JJuly 16, 2024, and overseen by the Ministries of Finance and Trade and Industry, the proposed training program intends to streamline current SME support programs and provide focused assistance to a limited group of firms that may grow into larger enterprises through the “SME Champions” program.
According to the Minister, programme participants will receive specialised financial and technical support, capacity-building workshops, and handholding assistance. According to Dr. Amin Adam, “the programme framework prioritises loan recovery, targeted interventions, technical training, and handholding support.” He stated that these companies will have access to financial mechanisms in the form of loans, equity investments, and interest subsidies, utilizing a variety of funding sources to guarantee widespread accessibility and efficacy.
Stakeholder consultations on the program’s design, according to the Minister, have already started, and a number of industry participants and stakeholders have expressed interest in participating. He reaffirmed the government’s unwavering commitment to helping SMEs succeed and to providing an environment that supports them. He emphasised that the government hopes to fully realise the potential of these businesses and position them as growth engines for the Ghanaian economy through the implementation of targeted support initiatives and this training programme.
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