Trade ministry launches Growth and Opportunity programme for SMEs in Oti Region

The Small and Medium Enterprises (SMEs) Growth and Opportunity programme has been launched in the Oti region.

It aims to enhance partnerships, mobilize diverse financial resources, and create a conducive platform for the growth of SMEs in the country.

Madam Akosua Ansah, a representative from the Ministry of Trade and Industry, made these remarks during the SME-GO programme stakeholders sensitisation held at Bosatsu Lodge, in the Krachi East Municipality in the Oti region.

The forum brought together entrepreneurs and representatives from the various Municipal and District Assemblies (MDAs) as part of activities for regional sensitisation.

The participants were educated on the functions of Development Bank Ghana (DBG), Ghana Eximbank, Ghana Enterprises Agency (GEA) and the untapped economic potential and opportunities existing in the region.

The forum gave first-hand information to business owners within the region on the issues that inhibit their growth and understand on the spot analysis of companies for registration.

She said SMEs formed the backbone of Ghana’s economy, constituting about 90 percent of businesses and contributing approximately 70 percent to the county’s GDP.

Addressing the participants, she revealed that the SME Growth and Opportunity programme initiated by President Akufo-Addo would eliminate poverty in the country, adding that the government was employing social protection as a key tool to tackle extreme poverty.

Madam Ansah said the programme was a call to action for all stakeholders, private sector and international partners to work together in creating an enabling environment for our SMEs.

Mr. Frank Obeng, head of Business Advisory Services for Ghana Export and Import Bank (Exim Bank) took the participants through the necessary documentations of accessing loans.

He emphasised that the reluctant behaviour put up by most SMEs in the payment of their loans increases the cost of borrowing.

Madam Juliet Abrefi Ampofu, representative from Development Bank Ghana (DBG), enlightened Entrepreneurs and business owners’ practical skills and knowledge which they could apply in their daily assessment of agriculture loan applications, boosting lending to the sector.

The Ghana News Agency (GNA) engaged participants after the training with many sharing overwhelmingly positive feedback, highlighting how the programme has transformed their perceptions on SME Growth and Opportunity and improved their understanding of loan assessment processes.