By Joshua Worlasi AMLANU ([email protected])
Government has launched the SME Growth and Opportunity (GO) programme, mobilising a total of GH₵8.2billion to provide financial and technical support to the sector in a major boost to small and medium enterprises (SMEs).
The initiative is aimed at strengthening the country’s private sector and propelling the nation toward its annual growth potential of approximately 5 percent.
SMEs form the backbone of Ghana’s economy, accounting for 92 percent of existing companies, 85 percent of manufacturing jobs and 70 percent of GDP. Recognising their crucial role, government has designed the SME GO programme to address sector-challenges, particularly in accessing finance and enhancing capacity.
President Akufo-Addo, speaking at the launch, emphasised the programme’s strategic importance, stating: “The Growth and Opportunity programme prioritises targetted interventions that support government’s goal of creating ‘SME champions’ who can take Ghanaian products and innovations global”.
The programme will be coordinated by the Ministry of Finance and Ministry of Trade and Industry, with implementation carried out by three key state institutions: the Ghana Enterprises Agency (GEA), Ghana EXIM Bank and Development Bank Ghana (DBG).
Breaking down the financial support, President Akufo-Addo said: “Ghana Exim Bank will be supported with GH₵700million to offer SMEs highly subsidised financial support for both capital and operating expenditures. GEA will be supported with GH₵230million, targetting high-growth SMEs employing 100 persons or less. DBG will contribute through its newly created MSME Innovate and Grow Fund, with an envelope of GH₵1.4billion”.
A notable programme feature is the establishment of a Food Innovation Hub by Ghana EXIM Bank. The Food Processing Pilot Plant will be hosted on the University of Ghana campus. Essentially, this will provide a vital resource for food companies that are just starting up and do not have sufficient funding to purchase equipment; or for SMEs that need to evaluate new processes and product lines.
Finance Minister Dr. Mohammed Amin Adam highlighted the programme’s significance in reshaping Ghana’s economic landscape. “Ghana’s growth model must evolve beyond relying heavily on foreign direct investment and raw material exports,” he stated. “Instead, we must harness the potential of our home-grown SMEs to build a prosperous, dynamic and competitive economy.”
Dr. Adam also emphasised the support’s comprehensive nature,noting: “We recognise that financial support alone is insufficient, which is why the programme includes comprehensive capacity-building modules to upskill both beneficiaries and the wider business landscape.”
The SME GO programme has attracted significant international backing. This year, the International Finance Corporation (IFC) provided over 400 million dollars in investments, the largest in the past 10 years. Over $120M of this was devoted towards the financial sector and support for on-lending to SMEs.
The programme features a results-oriented approach, drawing from lessons of past initiatives and prioritising coordination between participating institutions to ensure targetted delivery of support. With GH₵8.2billion mobilised, it is designed to operate in the medium-term and contribute to strengthening Ghana’s private sector.
A strong emphasis is placed on capacity building, with comprehensive technical assistance and training programmes to be rolled out that equip SMEs with essential business management skills. The programme also aims at optimising public policies that favour SMEs through medium-term regulatory initiatives to enhance the business climate in Ghana.
An online application portal has been developed to ensure a fair and transparent screening process, prioritising SMEs that demonstrate robust growth prospects.
The SME GO programme’s launch marks a significant step in Ghana’s economic development strategy. By providing targetted financial support, technical assistance and fostering an improved business ecosystem, government aims to unlock the full potential of Ghanaian SMEs.
