Development Bank Ghana to channel GH¢1.4bn for SME Growth and Opportunity Programme

With a focus on Small and Medium-sized Enterprises (SMEs), the government has unveiled plans to launch the SME Growth and Opportunity Programme on the 16th of July this year.

Minister of Finance, Dr Mohammed Amin Adam, announced this in an address at the 2024 Mid-Year Stakeholder’s Engagement held on July 11, 2024.

This initiative aims to foster a thriving SME ecosystem by providing technical support and financial assistance to high-potential businesses, positioning them as the bedrock of Ghana's economic revival.

“The Government has set its sights on creating a viable SME ecosystem that ensures businesses with high-growth potential are given the technical capacity and financing support to scale and rapidly create impact.

“We envision SMEs being the cornerstone of our economic renaissance and will look to realise this ambition with the launch of our SME Growth and Opportunity Programme next Tuesday (16th of July),” he remarked.

The minister added that the Development Bank of Ghana is set to play a pivotal role in this endeavour, channeling approximately GH¢1.4 billion through the financial sector for SME lending.

Additionally, international partners like the International Finance Corporation (IFC) are preparing a $400 million package to further bridge the financing gap for SMEs.

“The banks will be absolutely crucial to this initiative. The Development Bank Ghana, as part of the programme, is looking to channel close to GH¢1.4 billion through the financial sector for onward lending to viable SMEs.

“Development partners such as the IFC are also looking to structure a $400 million package to complement this financial support and ensure we can close the financing gap for our SMEs over the medium term,” he added.

ID/MA

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