Government to introduce training programs for SMEs

The government has announced plans to bolster support for Small and Medium Enterprises (SMEs) through the rollout of comprehensive training programs aimed at enhancing their capacity and competitiveness.

Finance Minister, Dr. Mohammed Amin Adam, who made the announcement during the Ministry of Finance’s Monthly Economic Update on Friday, May 24, 2024, underscored the critical role SMEs play in Ghana's economy and outlined the government's commitment to fostering their growth and development.

"SMEs represent a significant opportunity for providing growth and employment that is sustainable, inclusive, and impactful," Dr. Amin Adam emphasized.

The announcement of the training programs comes at a pivotal time for Ghana's SME sector, which has been identified as a key driver of economic growth and job creation. With SMEs accounting for 92% of existing companies, 85% of manufacturing jobs, and 70% of GDP, the Finance Minister stressed the importance of equipping them with the necessary tools and skills to thrive in today's dynamic business environment.

The proposed training program, to be launched on July 16, 2024, and coordinated by the Ministry of Finance and the Ministry of Trade and Industry, aims to consolidate ongoing SME support initiatives and offer targeted support to a select number of companies with the potential to transition into larger businesses under the 'SME Champions' initiative.

The Minister said this training program includes tailored technical and financial support, capacity-building workshops, and handholding assistance for program beneficiaries.

"The program framework prioritizes targeted interventions, loan recovery, technical training, and handholding support," Dr. Amin Adam explained.

He said financing instruments would be made available to these businesses in the form of loans, equity investments, and interest subsidies, leveraging multi-faceted funding sources to ensure broad accessibility and effectiveness.

The Minister said stakeholder consultations on the program's design have already commenced, with active engagement from various industry players and stakeholders.

He reiterated the government's unwavering commitment to supporting SMEs and creating an enabling environment for their success, stressing that through this training program and targeted support initiatives, the government aims to unlock their full potential and position them as engines of growth for the Ghanaian economy.

KOD