The Minister of State at the Ministry of Finance, Mrs Abena Osei-Asare, has entreated Small and Medium-sized Enterprises (SMEs) to take advantage of the SME Growth and Opportunity (SME GO) Programme to raise funds to finance and scale up their businesses.
She said the SME GO programme had been initiated to support SMEs to grow and expand as part of the agenda of the government to stimulate the country’s economic growth.
Mrs Osei-Asare made the call in Accra on Wednesday during the SME GO Greater Accra Regional Sensation Programme, which she emphasised that the growth of the SME sector was crucial for the economic recovery of the country.
The programme was on the theme; ‘Breaking Barriers to SME Growth.’
The President, Nana Addo Dankwa Akufo Addo, launched the SME GO Programme to support SMEs in the country.
As part of the programme, SMEs can access loans up to GH₵2 million and a grant of GH₵150,000 in order to support their business.
During the programme, the participants were taking through the application and eligibility process for the programme.
The partners to the programme are IFC which is providing $400 million to finance the programme, including other financial firms like Development Bank Ghana, Exim Bank Ghana, Ghana Enterprises Agency and One- District One-Factory.
Mrs Osei-Asare stated that the SME GO programme was the largest financing initiative in the history of the country and in Africa.
She further noted that the government was supporting GEA and Ghana Exim bank with Gh₵700 million, while DBG had committed GH₵1.2 billion, IFC $400 million with a pledge of $40 million from African Development Bank.
Moreover, she said the Ministry of Finance had engaged about 3,250 SMEs across the country as part of the sensitisation programme.
“As a government, we will continue to place immense focus on nurturing SMEs. This is in recognition of the integral role you play in both society and economic expansion,” the Minister stated.
She underlined that with deliberate interventions to strengthen SMEs, the sector could be a catalyst for the country’s economic recovery.
The Minister also explained that the SME GO programme would equip SMEs and skills to expand and scale up their businesses.
The Senior Country Manager of IFC, Kyle Kelhofer, in his remarks lauded the government for its partnership and commitment to economic development, especially through key initiatives such as the SME GO programme.
He said IFC which is a member of the World Bank Group was dedicated to promoting sustainable private sector investments in developing countries.
“Our mission is to create opportunities to alleviate poverty and improve lives,” he said.
Mr Kelhofer indicated that SMEs constituted a substantial part of the business landscape in Ghana and IFC was deeply committed to their growth and development.
He said IFC recognised the crucial role SMEs play in driving economic progress and fostering shared prosperity.
Mr Kelhofer disclosed that over the past decade, IFC had brought nearly $2 billion into the Ghanaian economy, investing in critical sectors such as agribusiness, health, financial institutions, infrastructure, value-added manufacturing, education, and tourism.
“In the past year alone, IFC has committed over $400 million in investments, marking our most substantial programme in the last decade. Of this, nearly $200 million has been directed to Ghanaian SMEs through intermediary banks and financial institutions to enhance their access to funding,” he disclosed.
BY KINGSLEY ASARE