In a landmark initiative aimed at boosting Ghana’s economic landscape, President Nana Addo Dankwa Akufo-Addo today unveiled the SME Growth and Opportunity (GO) Programme at the SME Growth and Opportunity Summit held at the Kempinski Hotel, Accra.

The comprehensive programme is backed by a substantial GHS 8.2 billion funding package and aims to support small and medium-sized enterprises (SMEs), which are pivotal to the nation’s economic prosperity.

President Akufo-Addo emphasized the critical role SMEs play in Ghana’s economy, highlighting that they constitute 92% of businesses and contribute 70% to the GDP. Despite their significant contributions, SMEs face numerous challenges, particularly in accessing finance, which hinders their potential for growth and innovation.

“The entrepreneurial spirit of Ghanaians has always been a driving force behind our economic transformation. Our SMEs are the backbone of our economy, and it is imperative that we support them to overcome the barriers they face,” President Akufo-Addo stated.

The SME GO Programme, coordinated by the Ministries of Finance and Trade and Industry, seeks to address these challenges through targeted financing solutions and technical assistance. The programme’s key components include substantial funding allocations and the establishment of supportive infrastructure to bolster SME growth.

Ghana Exim Bank: Supported with GHS 700 million, the Ghana Exim Bank will offer highly subsidized financial support for both capital and operating expenditures. A dedicated window for the 1-District-1-Factory initiative will also be set up to ensure optimal synergies with this structural project.

Ghana Enterprises Agency (GEA): Allocated GHS 230 million, the GEA will target high-growth SMEs employing 100 or more people, providing small-scale grants and loans of up to two years at highly subsidized rates. This initiative aims to support businesses with strong potential for expansion and job creation.

Development Bank Ghana (DBG): Utilizing GHS 1.4 billion, the DBG will provide loans with tailored repayment conditions through financial institutions. These loans, with terms of up to five years, will support SMEs with robust growth prospects.

Additionally, the programme will see the establishment of a Food Innovation Hub on the University of Ghana campus. This hub will support food industry SMEs with modern processing equipment, warehousing, testing labs, and regulatory assistance. The hub aims to help SMEs that lack sufficient capital to access state-of-the-art processing facilities, thus enabling them to scale up production and meet export standards.

“The Akufo-Addo Government is being intentional about supporting SMEs that are too large for small business finance yet too small to attract substantial commercial lending. This initiative aims to create ‘SME champions’ capable of taking Ghanaian products and innovations global,” the President said.

The programme reflects the government’s broader strategy to foster a competitive, innovative, and globally oriented SME sector, which is crucial for Ghana’s long-term economic prosperity. The SME GO Programme is a continuation of the government’s commitment to economic transformation, following previous policies under the post-COVID plan for Economic Growth (PC-PEG).

President Akufo-Addo reiterated the importance of a collaborative approach involving the government, private sector, and international partners to create a conducive environment for SMEs to thrive. The programme will be coordinated jointly by the Ministry of Finance and the Ministry of Trade and Industry, with the Ghana Enterprises Agency, Ghana EXIM Bank, and Development Bank Ghana serving as the principal implementing agencies.

The Ministry of Finance has successfully mobilized GHS 8.2 billion from both public and private sector sources, earmarked for disbursement to eligible SMEs under the SME GO Programme. This funding will be disbursed through participating financial institutions, ensuring that SMEs with high-growth potential receive the support they need to expand and create impact across their communities.

With this bold step, Ghana aims to enhance its long-term competitiveness and ensure sustainable growth by empowering SMEs, which are the backbone of the nation’s economy. President Akufo-Addo concluded his address by emphasizing the need for collective effort to break the barriers hindering SME growth and unleash their full potential for the benefit of all Ghanaians.

By creating an enabling environment that supports innovation, entrepreneurship, and resilience, the SME GO Programme is set to transform the economic landscape of Ghana, driving inclusive and sustainable growth for years to come.

Distributed by APO Group on behalf of The Presidency, Republic of Ghana.

At the SME Growth and Opportunity Summit held at the Kempinski Hotel in Accra, President Nana Addo Dankwa Akufo-Addo addressed the gathering, celebrating the remarkable achievements of Ghanaian small and medium-sized enterprises (SMEs) while acknowledging the significant challenges they face.

The summit, themed “Breaking Barriers to SME Growth,” provided a platform for discussing the vital role of SMEs in the country’s economic development and exploring ways to overcome obstacles hindering their growth.

“SMEs are the backbone of Ghana’s economy, contributing 70% to our GDP and constituting 92% of businesses. Their entrepreneurial spirit and resilience are driving forces behind our economic transformation,” President Akufo-Addo remarked.

The President highlighted several success stories that exemplify the potential of Ghanaian SMEs. Kasapreko Company Limited, a homegrown beverage company, has grown from a small business into a multinational corporation with a strong presence across Africa. Similarly, Blue Skies Holdings Limited started with a small facility in Nsawam and has expanded its operations to multiple countries, maintaining its commitment to sourcing produce locally and creating thousands of jobs for Ghanaians.

The rise of tech hubs like the Meltwater Entrepreneurial School of Technology (MEST) has also played a crucial role in nurturing innovative solutions across various sectors. Companies like AgroCenta, a digital platform connecting smallholder farmers to larger markets, demonstrate the transformative impact of technology-driven SMEs.

Despite these successes, President Akufo-Addo acknowledged the persistent challenges that hinder SME growth:

Access to Finance: High-interest rates, stringent collateral requirements, and limited access to formal banking services pose significant barriers. According to the World Bank’s “Enterprise Survey,” only a small percentage of SMEs can secure bank loans or lines of credit, stifling innovation and expansion.
Inadequate Infrastructure: Unstable electricity, poor road networks, and regulatory hurdles complicate the business environment for SMEs. These issues make it difficult for businesses to comply with legal requirements and access necessary support services.

Market Access: Many SMEs lack the resources and knowledge to penetrate new markets, both domestically and globally. This situation is exacerbated by a lack of skilled labor and insufficient capacity-building programs to enhance entrepreneurial skills.

Supply Chain and Distribution Networks: The absence of a well-developed supply chain and distribution network limits the market reach of SMEs.
To address these challenges, President Akufo-Addo announced the SME Growth and Opportunity (GO) Programme. This initiative aims to provide targeted financing solutions and technical assistance to SMEs, enabling them to scale up and create a significant impact across their communities.

The programme will be coordinated by the Ministries of Finance and Trade and Industry, with the Ghana Enterprises Agency (GEA), Ghana EXIM Bank, and Development Bank Ghana (DBG) serving as the principal implementing agencies. Key components of the programme include:

Ghana Exim Bank: Supported with GHS 700 million, it will offer highly subsidized financial support and capacity building, particularly through a dedicated window for the 1-District-1-Factory initiative.

Ghana Enterprises Agency (GEA): Allocated GHS 230 million, it will provide small-scale grants and loans at subsidized rates to high-growth SMEs employing 100 or more people.
Development Bank Ghana (DBG): Utilizing GHS 1.4 billion, it will provide loans with tailored repayment conditions through financial institutions, supporting SMEs with robust growth prospects.

Additionally, the programme will establish a Food Innovation Hub on the University of Ghana campus to support food industry SMEs with modern processing equipment, warehousing, testing labs, and regulatory assistance. This hub aims to help SMEs that lack sufficient capital to access state-of-the-art processing facilities, enabling them to scale up production and meet export standards.

“By breaking the barriers that hinder SME progress, we can unleash their full potential and drive inclusive and sustainable growth. Government, private sector, and all stakeholders must work together to create an enabling environment that supports innovation, entrepreneurship, and resilience,” President Akufo-Addo emphasized.

The SME GO Programme reflects the government’s broader strategy to foster a competitive, innovative, and globally oriented SME sector, which is crucial for Ghana’s long-term economic prosperity. The programme is a continuation of the government’s commitment to economic transformation, following previous policies under the post-COVID plan for Economic Growth (PC-PEG).

President Akufo-Addo concluded his address by urging all stakeholders to support the initiative and work collectively to build a vibrant SME sector that contributes to Ghana’s economic prosperity and uplifts the lives of all Ghanaians. The SME GO Programme, with its comprehensive support structure and substantial funding, is set to transform the economic landscape of Ghana, driving inclusive and sustainable growth for years to come.

Distributed by APO Group on behalf of The Presidency, Republic of Ghana.

Dr Mahamudu Bawumia has been selected by the Almighty to lead Ghana to the next level of her development, the Overlord of Buipe has declared.

Speaking in his palace on Tuesday, 16th July, 2024 Buipewura Jinapor II extolled the training and leadership qualities exhibited by Dr Bawumia during his time as Vice President, and expressed confidence in his ability to successfully lead the nation.

“Truly you are appointed by God to stand in for Ghana” Buipewura Abdulai Jinapor II stated when the NPP flagbearer paid a courtesy call on him  as part of his constituency-focused nationwide campaign.

Dr Bawumia, who began his tour in the North East Region, has since toured a number of constituencies in the Northern and Savannah Regions, explaining his 70-point vision for Ghana’s holistic development and transformation.

Urging Dr Bawumia to remain resolute and focused on marketing his vision and proposed policies, the Overlord of Buipe pronounced blessings on the NPP flagbearer.

“Dr Bawumia, I have stretched my two hands on you with all my blessings. May the good Lord help you and see you through.”

Distributed by APO Group on behalf of The Presidency, Republic of Ghana.

Child protection groups vowed on Tuesday to drive more awareness around the dangers of Female Genital Mutilation (FGM) after the Gambia rejected a bill seeking to end a ban following a campaign involving Save the Children’s partner the Child Protection Alliance.

The bill, if passed, would have overturned a 2015 ban on the harmful practice, which was one of the few legal protections for women and girls in the West African country. The Gambia has one of the highest rates of FGM in the world, faced by 73% of women and girls aged 15 to 49.

Since a debate on the reversal of the law began in March, Save the Children had supported a call to stop the proposed amendment by the Child Protection Alliance (CPA),  a group of about 50 UN agencies, bilateral institutions, INGOs, civil society organisations, youth groups,  and government departments. Their actions included taking a lead in drawing up a legal argument on behalf of civil society to maintain the law and taking part in consultations with the National Assembly on the bill’s potential impact.

The CPA also ran discussions with two influential religious leaders to raise awareness among communities and parliamentarians of the bill and led a joint public statement calling for the law to be maintained and highlighting the risks of repealing it.

Emilie Fernandes, Country Director for Save the Children in Senegal  said:

“This is a win for the Gambian girls and women. Harmful practices like FGM must never be allowed. Even now, FGM continues to rob young girls of their childhood. It’s a gross violation of the rights of girls and young women to health, protection, and bodily integrity, and should be viewed as an extreme form of violence against women and girls.

“In response to this regressive bill, Save the Children and its partners used a holistic approach to advocate against the legislative change while also working to challenge and shift social norms that sustain and perpetuate the practice.

“The Gambia must now respect its international obligations, particularly the African Union’s Maputo Protocol on Women’s Rights, which the country ratified in 2005. All organisations working on women/girls’ rights must be supported to continue their work to ensure the law is enforced at the community level.”

The Joining Forces Alliance, of which Save the Children is a member, also issued a statement in response to this bill.

Lamin Fatty,  the National Coordinator for the Child Protection Alliance, said:

“It has been 11 months of extensive work, ever since the introduction of the Private Member Bill to repeal the Women’s Amendment Act of 2015. The decision of the National Assembly to reject the Bill is a victory for women and girls in The Gambia. However, there remains a greater need to strengthen efforts towards creating more awareness around the harmful effects of FGM on women and girls, and engage more with law enforcement agencies for the effective enforcement of the law.”

Save the Children will continue to engage local communications channels and work with local influencers and also religious leaders on the ban on FGM and continue to support our partners like CPA to ensure that the law is enforced at the community level.

Distributed by APO Group on behalf of Save the Children.