The Minister of Finance, Dr. Mohammed Amin Adam has affirmed that the current state of the economy has been anchored on entrepreneurial steads by the Small and Medium-sized Enterprises (SMEs) over the past years.
According to the Mid-Year Budget Review presented to Parliament today, SMEs have played a significant role in Ghana’s economy because most business enterprises in the country are SMEs.
Dr. Amin Adam indicated that not only do the SMEs form more than half of the total employment in Ghana but also account largely for the country’s GDP.
“They employ 80% of our people and contribute about 70% to GDP.”
However, he highlighted that the SMEs have faced significant challenges concerning essential resources for their implementation.
This includes access to finance; widening skills gaps; limited access to technology and digital infrastructure; and regulatory constraints.
Meanwhile, the finance minister emphasized that the government has intervened with a solution, which he believes will create growth and development of SMEs in the country.
“Mr. Speaker, as I indicated earlier, the SME Growth and Opportunity Programme (SME GO) has been launched to connect SMEs with resources, expertise, and opportunities. Altogether, we have mobilised about GHS 8.2 billion through DBG, GhanaExim Bank, GEA and other partners for SMEs to grow and increase competitiveness in regional markets.
We will also continue our collaboration with key institutions such as the Ministries of Finance, Trade and Industry, the Ghana Commodity Exchange (GCX), Venture Capital Trust Fund, GIRSAL, NEIP, and YEA to support the SME ecosystem in this new era of SME development,” he said.
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Source: Angelina Riley Hayford/ATLFMNEWS
