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President Akufo-Addo has unveiled the SME Growth and Opportunity (GO) Programme, an initiative backed by a GHS 8.2 billion funding package aimed at boosting Ghana’s economic landscape.
The programme, launched at the SME Growth and Opportunity Summit held at the Kempinski Hotel in Accra, is designed to support small and medium-sized enterprises (SMEs), which are pivotal to the nation’s economic prosperity.
President Akufo-Addo emphasized that SMEs constitute 92% of businesses and contribute 70% to the GDP, yet face significant challenges, particularly in accessing finance.
“Our SMEs are the backbone of our economy, and it is imperative that we support them to overcome the barriers they face,” he stated.
The SME GO Programme, coordinated by the Ministries of Finance and Trade and Industry, aims to address these challenges through targeted financing solutions and technical assistance.
Key components include substantial funding allocations and the establishment of supportive infrastructure to bolster SME growth.
The Ghana Exim Bank will offer GHS 700 million in subsidized financial support, the Ghana Enterprises Agency will provide GHS 230 million for high-growth SMEs, and Development Bank Ghana will utilize GHS 1.4 billion for tailored loans. Additionally, a Food Innovation Hub will be established to support food industry SMEs.
“This initiative aims to create ‘SME champions’ capable of taking Ghanaian products and innovations global,” President Akufo-Addo said.
The programme is a continuation of the government’s commitment to economic transformation, fostering a competitive, innovative, and globally oriented SME sector.
