Eastern Regional Minister Advocates Stronger Financial Support for SMEs

The Eastern Regional Minister, Hon. Rita Akosua Adjei Awatey, has called for enhanced financial support for Small and Medium-sized Enterprises (SMEs), urging financial institutions and policymakers to strengthen funding mechanisms to drive business growth and economic resilience.

Speaking at the Koforidua edition of the Access Bank-Deloitte Ghana SME Business Interaction Series at the Capital View Hotel, she underscored the critical role of SMEs in Ghana’s economy, highlighting their contributions to job creation, innovation, and economic development. However, she noted that challenges such as limited access to credit, high tax burdens, and regulatory hurdles continue to stifle their growth.

Under the theme "SME Financial Empowerment: An Imperative for Business Resilience," the event brought together business owners, financial experts, policymakers, and industry stakeholders to explore strategies for improving SME financing and sustainability.

Hon. Awatey commended Access Bank Ghana and Deloitte Ghana for organizing the nationwide SME capacity-building series, which had previously taken place in Accra, Kumasi, Tamale, and Takoradi before reaching Koforidua. She emphasized the importance of financial literacy, digital banking solutions, and access to tailored financial products, urging entrepreneurs to leverage available resources to expand their businesses.

She also used the platform to promote the government’s **24-hour economy strategy**, aimed at enhancing business productivity and job creation. She encouraged SMEs to adopt modern financial tools, embrace innovation, and build strategic partnerships to stay competitive in a rapidly evolving economic landscape.

The forum featured expert presentations, panel discussions, and networking sessions, enabling SMEs to engage directly with financial institutions, business consultants, and policymakers on funding opportunities, risk management, and business scaling strategies.

Reaffirming the Eastern Regional Coordinating Council’s (ERCC) commitment to SME development, Hon. Awatey pledged to advocate for policies that enhance access to finance and create a thriving business environment in the region.

The Access Bank-Deloitte SME Business Interaction Series continues to serve as a vital platform for financial education, knowledge-sharing, and stakeholder collaboration, equipping SMEs with the tools needed to navigate financial challenges and achieve long-term success.