By Ebi Kesiena
President Nana Addo Dankwa Akufo-Addo has unveiled the SME Growth and Opportunity (GO) Programme, backed by GH¢8.2 billion, aimed at bolstering Ghana’s small and medium-sized enterprises (SMEs).
The announcement was made at the SME Growth and Opportunity Summit in Accra on Tuesday.
According to President Akufo-Addo, SMEs are crucial to Ghana’s economy, representing 92% of businesses and contributing 70% to GDP.
He noted that despite their significance, these enterprises face substantial hurdles, particularly in accessing finance, limiting their growth and innovation potential.
“The entrepreneurial spirit of Ghanaians is a key driver of our economic transformation. Our SMEs are the backbone of our economy, and it is imperative that we support them,” said President Akufo-Addo.
He explained that the SME GO Programme, will be managed by the Ministries of Finance and Trade and Industry, and will address the challenges with targeted financing solutions and technical assistance.
President Akufo-Addo emphasized on the government’s commitment to supporting SMEs that are too large for small business finance but too small for substantial commercial lending.
“This initiative aims to create ‘SME champions’ capable of taking Ghanaian products and innovations global,” he stated.
Furthermore, he noted that the SME GO Programme is part of the government’s broader strategy to create a competitive, innovative, and globally oriented SME sector, essential for Ghana’s long-term economic prosperity and building on previous policies under the post-COVID plan for Economic Growth (PC-PEG).
The programme, coordinated by the Ministry of Finance and the Ministry of Trade and Industry, will be implemented by the Ghana Enterprises Agency, Ghana EXIM Bank, and Development Bank Ghana. The Ministry of Finance has secured GH¢8.2 billion from public and private sources, to be disbursed through financial institutions to eligible SMEs.
President Akufo-Addo therefore called for a collective effort to overcome barriers to SME growth, fostering an environment that supports innovation, entrepreneurship, and resilience.
