By Samuel Akumatey
Ho, Aug. 30, GNA – Entrepreneurs within the Small to Medium Scale Enterprise bracket in the Volta Region have attended a summit, in Ho, on the government of Ghana’s SME Growth and Opportunity programme (SME GO).
The programme is the latest by the Government, aimed at enhancing the SME front as a competitive arena for the nation’s development.
He programme, said to be the largest such intervention within the West Africa subregion, was launched by President Nana Addo Dankwa Akufo Addo, this year.
It is being resourced by the Ghana Enterprises Agency (GEA) and the Ghana EXIM Bank among lead implementers with GHC 700 million.
The Development Bank of Ghana is investing GHC1.2 billion, while the International Finance Corporation commits 400 million dollars, both through participating financial institutions.
Dr. Stephen Amoah, a Deputy Minister of Finance, speaking at the summit, said the initiative was sure to become the most significant boost to the SME environment and which would position them to build up the nation’s economy.
He said: Our SMEs are the lifeblood of our economy, and it is our collective responsibility to ensure their success. The Data is clear: Supporting SMEs is crucial to achieving our growth and development ambitions.
“We must be intentional about providing access to financial resources, expertise and capacity building programmes that empower them to drive innovation, create jobs, and stimulate economic growth. We must harness the potential of our homegrown SMEs to build a prosperous, dynamic, and competitive economy.”
The Deputy Minister said the programme implementation would further promote synergy among the nation’s public and private sectors, and that key players including the Association of Ghana Industries and the civil society collective played key roles.
“Through the SME GO, we will build the public and private sectors together to create a better ecosystem for our SMEs,” he said.
The initiative includes comprehensive capacity building programmes for beneficiaries, and Dr. Amoah reiterated the Government’s focus on investing in the SME sector.
He said: “Our vision is to create a platform for SMEs and raise SME champions to generate impact that resonates throughout our communities, leaving a legacy of empowerment, innovation, and prosperity for generations to come.
“As we continue to solidify the country’s position as a leading hub for entrepreneurship and investment, government will continue to place immense focus on nurturing the small and medium enterprises sector, recognising the integral role they play in both society and economic expansion.”
The Ghana Enterprises Agency is providing two-year low interest loans of up to GHC2 million to SMEs, and eligible should report an annual turnover of at least GHC 150,000.
The EXIM Bank would provide loan facilities ranging from GHC300,000 to GHC2 million, and support value addition through the establishment of common user processing facilities.
The Development Bank Ghana on the other hand would work with financial institutions such as the Consolidated Bank Ghana and Advance Ghana to support SMEs in the tourism, fashion and ICT industries.
Enterprise operators at the event took the opportunity to engage leaders of the various actors and implementers, seeking clarities on the offers and opportunities.
Mr. Kofi Ahenkorah Marfo, Deputy Minister for Trade and Industry told the Ghana News Agency sure systems were in place to access the eligibility and support requirements for beneficiaries, and assured that all eligible would count in.
He gave the assurance that measures would be installed to ensure the resources served their intended purposes of rejuvenating local economic growth.
Dr. Archibald Yao Letsa, the Volta Regional Minister said the Region had a fast-growing community of innovative entrepreneurs, and that stakeholders upheld strong commitment to facilitating their successes.
“We are looking forward to taking advantage of the programme to nurture SMEs in the Region,” he added.
GNA