Government of Ghana as part of its efforts to promote development of Small and Medium Scale Enterprises (SMEs) has through Development Bank of Ghana and Exim Bank of Ghana committed an amount of GHC 1.9 billion to cushion their operation for rapid economic growth.
According to a Deputy Finance Minister, Dr. Stephen Amoah, the International Finance Corporation is also committing 400 US Dollars through financial institutions in the country to solidify the country’s position as a hub for entrepreneurship and investment, saying government would not relent in focusing on nurturing the SME sector as it plays an integral role in expanding the economy of the country.
Dr. Stephen Amoah said this at a stakeholders’ sensitization programme in Ho on government efforts to ensure the growth of SMEs in the Country.
The Deputy Finance Minister said the focus of government on SMEs’ Development is due to the sector being a strong backbone of the country’s economy. He stressed that it is therefore a collective responsibility of all to work hard towards ensuring successful businesses in the country.
Dr. Amoah noted that government is committed and would work relentlessly to empower Small and Medium Scale Enterprises (SMEs) through capacity building which would drive innovations to create jobs for the teaming unemployed youth to stimulate the country’s economic growth.
The Deputy Minister of Trade and Industry, Kofi Ahenkorah Marfo said the enormous contribution of SMEs in the country’s economic growth is beyond government’s imagination.
He disclosed that SMEs account for 92 percent of existing companies, 85 percent in the manufacturing sector and contributes about 70 percent of the country’s GDP.
Mr. Marfo said for Small Entrepreneurs to grow effectively and boldly venture into the African Market space, the Ministry of Trade and Industry is putting in efforts to remove all barriers that militates against growth of SME businesses in the country.
He expressed government’s commitment to continue supporting Ghana Enterprise Agency (GEA) with the needed finances. An amount of GHC200 million for the growth of SMEs through the provision of grants and loans for two years at subsidized rates has thus been earmarked.
The Exim Bank, the Deputy Trades and Industry Minister said, is also supporting the SMEs with GHC500 million to cushion their businesses.
Mr. Marfo therefore encouraged traders and other business operatives to take advantage of the opportunity to grow and expand their businesses as government is willing to provide them with the needed support.
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The Volta Regional Minister, Dr Archibald Yao Letsa said the programme is to create an enabling environment for healthy competition among traders to pave way for the teeming unemployed youth to gain jobs and reduce poverty in the country.
Dr Letsa urged entrepreneurs to allow their expertise to reflect in their businesses to enable them to help address unemployment.
The programme was under the theme: “Breaking Barriers to SMEs Growth” and was attended by over 400 entrepreneurs in the Volta Region.
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Report by Robert Abilba
