Government has announced plans to bolster support for Small and Medium Enterprises (SMEs) through the rollout of comprehensive training programmes aimed at enhancing their capacity and competitiveness.
Minister for Finance Dr. Mohammed Amin Adam who made the announcement during the Ministry of Finance’s Monthly Economic Update on Friday, underscored the critical role SMEs play in Ghana’s economy and outlined the 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 programmes 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, Dr. Amin Adam 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 16th of July, 2024 and to be coordinated by the Ministry of Finance and the Ministry of Trade and Industry, is aimed at consolidating 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 Finance 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.
Dr. Amin Adam 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 stressing 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.
