Government poised to redefine SME landscape

Deputy Minister of Finance Dr. Stephen Amoah has reiterated government’s commitment to ensuring the growth of SMEs while reducing the country’s unemployment rate.

Due to this, government mid-year launched the ‘SME Growth and Opportunity (SME Go) initiative wherein over GH¢8billion has been earmarked for SMEs with a goal of bridging the gap in economic growth and addressing social stratification in the nation.

Speaking to journalists at a stakeholder sensitisation in Kumasi, Dr. Amoah mentioned that government will now prioritise support for SMEs with the aim of enabling them to expand, create more jobs and contribute more to the economy.

According to him, this approach marks a departure from the previous practice of disbursing small amounts of money to a large number of SMEs. Here’s a revised version of the statement formatted as a news quote:

“This time, we’re focusing on fewer beneficiaries but providing them with substantial financial support,” the minister stated. “Our aim is for them to expand their operations and create employment opportunities. We are also urging recipients to use the funds wisely, as previous distributions often resulted in minimal impact with no significant outcomes.”

To ensure the success of this new initiative, he said, government is implementing measures to enhance efficiency and effectiveness. The programme will be rolled out in collaboration with key financial institutions including the Ghana Exim Bank, Ghana Enterprises Agency (GEA) and Development Bank Ghana (DBG). These organisations will play a critical role in monitoring use of funds and providing necessary support to the SMEs.

Additionally, the Deputy Minister emphasised the importance of training and orientation for beneficiaries. Recognising that many SMEs lack the expertise needed to fully capitalise on financial support provided, the programme will include comprehensive training sessions to help them understand and navigate the ecosystem.

“This is a national programme. We want to be part of developing the value chain and ensuring these businesses understand what they are doing. We are also putting in place measures to ensure the funds are used effectively,” he said.

Director-Policy Planning, Research, Monitoring & Evaluation, Philomena Dsane, in an interview with Journalists after the event mentioned that for an SME to qualify to be part of the initiative, it must have more than six employees with the ability to expand and create more job opportunities.

She emphasised that the goal of this programme is to help create jobs and reduce the country’s unemployment rate.