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At
the
SME
Growth
and
Opportunity
Summit
held
at
the
Kempinski
Hotel
in
Accra,
President
Nana
Addo
Dankwa
Akufo-Addo
addressed
the
gathering,
celebrating
the
achievements
of
Ghanaian
small
and
medium-sized
enterprises
(SMEs)
while
acknowledging
the
significant
challenges
they
face.
The
summit,
themed
“Breaking
Barriers
to
SME
Growth,”
provided
a
platform
for
discussing
the
vital
role
of
SMEs
in
the
country’s
economic
development
and
exploring
ways
to
overcome
obstacles
hindering
their
growth.
“SMEs
are
the
backbone
of
Ghana’s
economy,
contributing
70%
to
our
GDP
and
constituting
92%
of
businesses.
Their
entrepreneurial
spirit
and
resilience
are
driving
forces
behind
our
economic
transformation,”
President
Akufo-Addo
remarked.
The
President
highlighted
several
success
stories
that
exemplify
the
potential
of
Ghanaian
SMEs.
He
said
Kasapreko
Company
Limited,
a
homegrown
beverage
company,
has
grown
from
a
small
business
into
a
multinational
corporation
with
a
strong
presence
across
Africa.
Similarly,
Blue
Skies
Holdings
Limited
started
with
a
small
facility
in
Nsawam
and
has
expanded
its
operations
to
multiple
countries,
maintaining
its
commitment
to
sourcing
produce
locally
and
creating
thousands
of
jobs
for
Ghanaians.
The
rise
of
tech
hubs
like
the
Meltwater
Entrepreneurial
School
of
Technology
(MEST)
has
also
played
a
crucial
role
in
nurturing
innovative
solutions
across
various
sectors.
Companies
like
AgroCenta,
a
digital
platform
connecting
smallholder
farmers
to
larger
markets,
demonstrate
the
transformative
impact
of
technology-driven
SMEs,
he
said.
Despite
these
successes,
President
Akufo-Addo
acknowledged
the
persistent
challenges
that
hinder
SME
growth:
Access
to
Finance:
High-interest
rates,
stringent
collateral
requirements,
and
limited
access
to
formal
banking
services
pose
significant
barriers.
According
to
the
World
Bank’s
“Enterprise
Survey,”
only
a
small
percentage
of
SMEs
can
secure
bank
loans
or
lines
of
credit,
stifling
innovation
and
expansion.
Inadequate
Infrastructure:
Unstable
electricity,
poor
road
networks,
and
regulatory
hurdles
complicate
the
business
environment
for
SMEs.
These
issues
make
it
difficult
for
businesses
to
comply
with
legal
requirements
and
access
necessary
support
services.
Market
Access:
Many
SMEs
lack
the
resources
and
knowledge
to
penetrate
new
markets,
both
domestically
and
globally.
This
situation
is
exacerbated
by
a
lack
of
skilled
labor
and
insufficient
capacity-building
programs
to
enhance
entrepreneurial
skills.
Supply
Chain
and
Distribution
Networks:
The
absence
of
a
well-developed
supply
chain
and
distribution
network
limits
the
market
reach
of
SMEs.
To
address
these
challenges,
President
Akufo-Addo
announced
the
SME
Growth
and
Opportunity
(GO)
Programme.
This
initiative
aims
to
provide
targeted
financing
solutions
and
technical
assistance
to
SMEs,
enabling
them
to
scale
up
and
create
a
significant
impact
across
their
communities.
The
programme
will
be
coordinated
by
the
Ministries
of
Finance
and
Trade
and
Industry,
with
the
Ghana
Enterprises
Agency
(GEA),
Ghana
EXIM
Bank,
and
Development
Bank
Ghana
(DBG)
serving
as
the
principal
implementing
agencies.
Key
components
of
the
programme
include:
Ghana
Exim
Bank:
Supported
with
GHS
700
million,
it
will
offer
highly
subsidized
financial
support
and
capacity
building,
particularly
through
a
dedicated
window
for
the
1-District-1-Factory
initiative.
Ghana
Enterprises
Agency
(GEA):
Allocated
GHS
230
million,
it
will
provide
small-scale
grants
and
loans
at
subsidized
rates
to
high-growth
SMEs
employing
100
or
more
people.
Development
Bank
Ghana
(DBG):
Utilizing
GHS
1.4
billion,
it
will
provide
loans
with
tailored
repayment
conditions
through
financial
institutions,
supporting
SMEs
with
robust
growth
prospects.
Additionally,
the
programme
will
establish
a
Food
Innovation
Hub
on
the
University
of
Ghana
campus
to
support
food
industry
SMEs
with
modern
processing
equipment,
warehousing,
testing
labs,
and
regulatory
assistance.
This
hub
aims
to
help
SMEs
that
lack
sufficient
capital
to
access
state-of-the-art
processing
facilities,
enabling
them
to
scale
up
production
and
meet
export
standards.
“By
breaking
the
barriers
that
hinder
SME
progress,
we
can
unleash
their
full
potential
and
drive
inclusive
and
sustainable
growth.
Government,
private
sector,
and
all
stakeholders
must
work
together
to
create
an
enabling
environment
that
supports
innovation,
entrepreneurship,
and
resilience,”
President
Akufo-Addo
emphasized.
The
SME
GO
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
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
concluded
his
address
by
urging
all
stakeholders
to
support
the
initiative
and
work
collectively
to
build
a
vibrant
SME
sector
that
contributes
to
Ghana’s
economic
prosperity
and
uplifts
the
lives
of
all
Ghanaians.
The
SME
GO
Programme,
with
its
comprehensive
support
structure
and
substantial
funding,
is
set
to
transform
the
economic
landscape
of
Ghana,
driving
inclusive
and
sustainable
growth
for
years
to
come.