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President
Nana
Addo
Dankwa
Akufo-Addo
has
today
Tuesday
July
16
unveiled
the
SME
Growth
and
Opportunity
(GO)
Programme
at
the
SME
Growth
and
Opportunity
Summit
held
at
the
Kempinski
Hotel,
Accra.
The
comprehensive
programme
is
backed
by
a
GHS
8.2
billion
funding
package
and
aims
to
support
small
and
medium-sized
enterprises
(SMEs),
which
are
pivotal
to
the
nation’s
economic
prosperity.
President
Akufo-Addo
emphasized
the
critical
role
SMEs
play
in
Ghana’s
economy,
highlighting
that
they
constitute
92%
of
businesses
and
contribute
70%
to
the
GDP.
Despite
their
significant
contributions,
SMEs
face
numerous
challenges,
particularly
in
accessing
finance,
which
hinders
their
potential
for
growth
and
innovation.
“The
entrepreneurial
spirit
of
Ghanaians
has
always
been
a
driving
force
behind
our
economic
transformation.
Our
SMEs
are
the
backbone
of
our
economy,
and
it
is
imperative
that
we
support
them
to
overcome
the
barriers
they
face,”
President
Akufo-Addo
stated.
The
SME
GO
Programme,
coordinated
by
the
Ministries
of
Finance
and
Trade
and
Industry,
seeks
to
address
these
challenges
through
targeted
financing
solutions
and
technical
assistance.
The
programme’s
key
components
include
substantial
funding
allocations
and
the
establishment
of
supportive
infrastructure
to
bolster
SME
growth.
Ghana
Exim
Bank:
Supported
with
GHS
700
million,
the
Ghana
Exim
Bank
will
offer
highly
subsidized
financial
support
for
both
capital
and
operating
expenditures.
A
dedicated
window
for
the
1-District-1-Factory
initiative
will
also
be
set
up
to
ensure
optimal
synergies
with
this
structural
project.
Ghana
Enterprises
Agency
(GEA):
Allocated
GHS
230
million,
the
GEA
will
target
high-growth
SMEs
employing
100
or
more
people,
providing
small-scale
grants
and
loans
of
up
to
two
years
at
highly
subsidized
rates.
This
initiative
aims
to
support
businesses
with
strong
potential
for
expansion
and
job
creation.
Development
Bank
Ghana
(DBG):
Utilizing
GHS
1.4
billion,
the
DBG
will
provide
loans
with
tailored
repayment
conditions
through
financial
institutions.
These
loans,
with
terms
of
up
to
five
years,
will
support
SMEs
with
robust
growth
prospects.
Additionally,
the
programme
will
see
the
establishment
of
a
Food
Innovation
Hub
on
the
University
of
Ghana
campus.
This
hub
will
support
food
industry
SMEs
with
modern
processing
equipment,
warehousing,
testing
labs,
and
regulatory
assistance.
The
hub
aims
to
help
SMEs
that
lack
sufficient
capital
to
access
state-of-the-art
processing
facilities,
thus
enabling
them
to
scale
up
production
and
meet
export
standards.
“The
Akufo-Addo
Government
is
being
intentional
about
supporting
SMEs
that
are
too
large
for
small
business
finance
yet
too
small
to
attract
substantial
commercial
lending.
This
initiative
aims
to
create
‘SME
champions’
capable
of
taking
Ghanaian
products
and
innovations
global,”
the
President
said.
The
programme
reflects
the
government’s
broader
strategy
to
foster
a
competitive,
innovative,
and
globally
oriented
SME
sector,
which
is
crucial
for
Ghana’s
long-term
economic
prosperity.
The
SME
GO
Programme
is
a
continuation
of
the
government’s
commitment
to
economic
transformation,
following
previous
policies
under
the
post-COVID
plan
for
Economic
Growth
(PC-PEG).
President
Akufo-Addo
reiterated
the
importance
of
a
collaborative
approach
involving
the
government,
private
sector,
and
international
partners
to
create
a
conducive
environment
for
SMEs
to
thrive.
The
programme
will
be
coordinated
jointly
by
the
Ministry
of
Finance
and
the
Ministry
of
Trade
and
Industry,
with
the
Ghana
Enterprises
Agency,
Ghana
EXIM
Bank,
and
Development
Bank
Ghana
serving
as
the
principal
implementing
agencies.
The
Ministry
of
Finance
has
successfully
mobilized
GHS
8.2
billion
from
both
public
and
private
sector
sources,
earmarked
for
disbursement
to
eligible
SMEs
under
the
SME
GO
Programme.
This
funding
will
be
disbursed
through
participating
financial
institutions,
ensuring
that
SMEs
with
high-growth
potential
receive
the
support
they
need
to
expand
and
create
impact
across
their
communities.
With
this
bold
step,
Ghana
aims
to
enhance
its
long-term
competitiveness
and
ensure
sustainable
growth
by
empowering
SMEs,
which
are
the
backbone
of
the
nation’s
economy.
President
Akufo-Addo
concluded
his
address
by
emphasizing
the
need
for
collective
effort
to
break
the
barriers
hindering
SME
growth
and
unleash
their
full
potential
for
the
benefit
of
all
Ghanaians.
By
creating
an
enabling
environment
that
supports
innovation,
entrepreneurship,
and
resilience,
the
SME
GO
Programme
is
set
to
transform
the
economic
landscape
of
Ghana,
driving
inclusive
and
sustainable
growth
for
years
to
come.