By Albert Futukpor
Tamale, Sept 07, GNA – The Ministry of Finance and partners have held a forum to sensitise Small and Medium Entreprises (SMEs) in the Northern Region on the Growth and Opportunity programme (SME-GO) to help improve their operations.
The day’s sensitisation forum, held in Tamale, was attended by owners and managers of various SMEs operating in areas including agriculture and its value chains, fashion and design, services amongst others.
They sought clarifications on the offers and opportunities that the SME-GO programme presented them.
The SME-GO programme is a business support initiative being implemented by the Ministries of Finance, and Trade and Industry in partnership with the Ghana Enterprises Agency, Development Bank Ghana, Ghana EXIM Bank amongst other partners to scale up financial and technical support towards SMEs’ growth and expansion.
It is also to leverage the enormous potential of SMEs to propel growth, provide employment and foster innovation.
Dr Mohammed Amin Adam, the Minister for Finance, whose speech was read on his behalf at the forum, said SMEs were crucial to achieving the country’s targeted development ambitions, hence need to support them.
He said SMEs had a vital role in fostering innovation and competiveness in addition to making a substantial contribution to the country’s Gross Domestic Product.
However, they are often confronted with a lot of challenges such as restricted access to capital, inadequate infrastructure, and regulatory issues despite their potential.
It is against this backdrop that the government launched the SME-GO programme to address the challenges by providing a comprehensive framework for the development and support of SMEs in the country.
Dr Adam said, “We must be intentional about providing access to financial resources, expertise, and capacity building programmes that empower SMEs to drive innovation, create jobs, and stimulate economic growth.”
He said the SME-GO programme would create a platform for SMEs and raise SME champions to generate impact that resonated throughout communities whilst leaving a legacy of empowerment, innovation, and prosperity for generations.
Mr Kofi Ahenkorah Marfo, the Deputy Minister for Trade and Industry said the government would support the Ghana Enterprises Agency with GHc200 million to provide small grants and loans of up to two years of highly subsidised rates to SMEs for growth.
He added that the Ghana EXIM Bank would also be supported with GHc500 million to offer SMEs highly subsidised financial support whilst the Development Bank Ghana would also commit a total of GHc1.2 billion to SMEs through participating financial institutions.
Mr Marfo urged the various SMEs to take advantage of the SME-GO programme to create a vibrant ecosystem for economic transformation.
Alhaji Shani Alhassan Saibu, the Northern Regional Minister, said the SME-GO programme would provide enhanced access to financing, capacity building, improving infrastructure and regulatory reforms.
He said, “This will consequently result in the empowerment of SMEs to expand their operations, equip owners and managers with the necessary skills and knowledge to thrive in a competitive market and also support their growth by creating a more conducive environment for their operations.”
GNA