By: GODFRED AMOAFUL
The Minister for Finance, Dr Amin Adam, has emphasised the government’s commitment to abating the risk of banks lending financial support to Small and Medium enterprises (SMEs), through a nationwide training program for SMEs in basic accounting practices.
The training, he noted, will help improve the creditworthiness of SMEs so they can gain financial support, such as loans from banks, to expand their businesses.
At a media briefing in Accra to update the nation on the economy, the sector minister underscored the key role of Small and Medium Enterprises, especially in the area of employment.
He said that SMEs contribute to about 80 percent of employment in the country, hence the introduction of the SME Growth and Opportunity Program.
In his closing remarks, the Finance Minister called for a collaborative effort from all to restore macro-stability and debt sustainability while protecting the poor and vulnerable in society.
He highlighted some projections for the medium term, noting that the ministry is looking forward to increasing growth from the “current 2.9 percent to 5 percent, reduce inflation from the current 25 percent to 8 percent or less by 2025, and fully restore debt sustainability by 2028 while continuing to improve gross International reserve”.
