By Mildred Siabi-Mensah
Takoradi, Aug. 29, GNA – The Ministry of Finance, in collaboration with the Ministry of Trade, has schooled some SMEs on existing opportunities in grants and loans available under the SMEs Growth and Opportunity (SMEs GO) to improve businesses.
The initiative, when duly implemented with the targeted businesses, would help in breaking the barriers that had impeded the growth of such small women-led businesses.
Under the project, the International Finance Corporation (IFC) provided some GHS8.2 billion to help offer both technical and financial solutions to Ghanaian SMEs.
The Ghana Enterprises Agency, (GEA), Ghana EXIM Bank, IFC and the Development Bank Ghana are key driving agencies for the successful implementation of the project.
Mr Victor Fosu Boamah, the Project Officer at the GEA, said areas of attention would include agro-processing businesses, the construction sector, food and beverages, healthcare and pharmaceutical, hospitality management, trade and commerce among other such SMEs.
He noted that the programme through the GEA would offer up to 150, 000 cedis in grants and two million cedis in loans.
The SME Go programme provided a financial support package with flexible financial options, thus enabling businesses to obtain the necessary resources to scale up their operations effectively.
The SMEs would also benefit from economic management training, taxation and regulatory compliance, and ICT for business training aside from group and individual consulting sessions.
Mr Boamah said the government recognised the key role SMEs played in the economic advancement of the country, hence the partnership to empower enterprises to expand their operations, invest in new technologies and enhance their productivity.
The SMEs would also have the knowledge and skills necessary to efficiently manage their businesses and navigate through the complexities of modern businesses
The Western Regional Minister, Mr. Kwabena Okyere Darko-Mensah called for the use of a quota system, the number of businesses, including the population in a particular area in the disbursement of Funds under the SMEs Growth and Opportunity Programme.
“We also expect the handlers of the funds to make the money available to businesses this year to commence investment, promote growth and expand employment opportunities.”
The Regional Minister also tasked the implementing Partners to be deliberate in sending the money to the Regions with serious growth potential.
“Ghana was one of the first countries to sign the African Continental Free Trade Area (AfCFTA) agreement and the first to ratify it. Therefore, there is an urgent need to harness the full potential of this agreement hence the SME Growth and Opportunity Programme,” the Minister added.
The SME Growth and Opportunity Programme provided a sustainable financing framework that scales up financial and technical support towards Ghanaian SMEs.
It is also to assist SMEs export their products and services by taking advantage of the Africa Continental Free Trade Area agreement.
He said the Western Region delivered more than 50 per cent of the country’s GDP and investing significant resources in the Region under the SME GO programme was a step in the right direction.
“We have established value chain platforms in all the 14 MMDAs, and close networks with the various MDAs and private stakeholders thereby creating a common platform to enhance market linkages and improve trade relationships among businesses in the Region.”
Some participants expressed concern about the loan requirements and frustration that had characterised such initiatives in the past.
GNA