Government mobilised GH¢8.2 billion to support SMEs growth – Minister

The Minister of Finance, Dr. Mohammed Amin Adam, has stated that government has accrued billions of cedis to boost small businesses in the country.

According to him, an amount of GH¢8.2 billion was raised with assistance from various financial institutions following the launch of the SME Growth and Opportunity Programme (SME GO).

He made the comments while presenting the 2024 mid-year budget review in parliament on July 23, 2024.

“Mr. Speaker, as I indicated earlier, the SME Growth and Opportunity Programme (SME GO) has been launched to connect SMEs with resources, expertise, and opportunities. Altogether, we have mobilised about GHS8.2 billion through DBG, GhanaExim Bank, GEA and other partners for SMEs to grow and increase competitiveness in regional markets.”

Dr. Adam pointed out that over the years, the entrepreneurial spirit of SMEs has served as the cornerstone of Ghana's economy. Providing the statistics, he said that SMEs account for 70% of GDP and employ 80% of Ghana's workforce.

The finance minister highlighted that SMEs continue to have challenges regarding access to finance, widening skills gaps, limited access to technology and digital infrastructure, and regulatory constraints.

He, however, assured that the government, “will also continue our collaboration with key institutions such as the Ministries of Finance, Trade and Industry, the Ghana Commodity Exchange (GCX), Venture Capital Trust Fund, GIRSAL, NEIP, and YEA to support the SME ecosystem in this new era of SME development.”