Business
A golden moment for Ghanaian SMEs Deputy GEXIM CEO
The Government of Ghana through the Ministry of Finance on Tuesday July. 16, 2024, launched a ground breaking initiative which sought to assist Ghanaian Small and Medium-sized Enterprises to scale up and build their capacity to make them sustainable and compete favourably in the international marketplace.
It is dubbed the Small and Medium-sized Enterprise (SME) Growth & Opportunity Programme or SME GO Programme.
The event was launched by the President of the Republic of Ghana, His Excellency Nana Addo Dankwa Akufo-Addo at the Kempinski Hotel Gold Coast City Accra and attended by all key and relevant stakeholders in the SME, Banking and Finance sectors.
On the sidelines of the event, the Deputy Chief Executive Officer of the Ghana Export – Import Bank, Ms. Rosemary Beryl Archer described the SME GO Programme, as a “Golden Moment” for Ghanaian SMEs and affiliated sectors.
Available data by the Ministry of Finance indicate that Ghanaian SMEs account for 92 percent of existing companies, 85 percent of manufacturing jobs and 70 percent of Gross Domestic Product (GDP).
Knowing its strategic importance to economic development, the Government is focused on developing a sustainable financing framework that allows for both public and private sectors to scale up financial and technical support towards Ghanaian SMEs.
In recent times, the world has experienced challenges and businesses were not spared. Unfortunately, SMEs are the hardest hit, with Ghanaian SMEs not an exception.
Government is determined to address these challenges, particularly access to financing, which have become inimical to advancing broad-based SME development.
Through the SME GO Programme, the Ministry of Finance aims to support the delivery of a robust SME financing programme that brings Ghana closer to its growth potential of approximately 5%.
The SME GO Programme offers targeted financial and technical support to high-growth potential SMEs to accelerate their growth by various interventions through short and medium term support through, including technical training and handholding support for beneficiaries, and optimizing public policies.
The financial support package, with flexible financing options, is to enable businesses to obtain the necessary resources to scale their operations effectively.
Three state agencies have been selected as strategic partners for the implementation of the programme which is to help the Government to create a lasting initiative and also develop a permanent infrastructure to support SMEs and ensure a sustainable impact on the ecosystem. They are the Ghana Export – Import Bank (GEXIM), Ghana Enterprises Agency (GEA) and the Development Bank of Ghana (DBG).
The Ghana Enterprises Agency is to work closely with SMEs to assess their financing and capacity building requirements and provide targeted support. Leveraging its expertise and network, the Ghana Export – Import Bank will facilitate access to financial and technical services to meet the diverse needs of export ready SMEs.
The Development Bank of Ghana is collaborating with the International Finance Corporation of the World Bank to work with participating financial institutions (PFIs) to launch a SME catalytic fund that will deliver larger multiples of finance required for SMEs to continue to scale their operations.
Technical assistance in the form of training and support is a key part of the SME GO Programme with the Ghana Export – Import Bank championing a collaboration with other agencies and stakeholders to set up an ultramodern Food Processing Pilot Plant in Accra, Ghana.
This will help enterprises with manufacturing solutions by testing their production and scaling up ideas in a standardized food processing pilot plant.
The financial and technical support to be provided to SMEs through the dedicated funds created by each institution under the SME GO Programme is the first step towards strengthening the SME ecosystem with the introduction of transformative measures.
In addition, regulatory and operational initiatives are being prepared to be enacted later when the immediate support required has been provided. The envisaged measures range from the creation of a one-stop-shop for SMEs to the design of business enclaves providing SMEs with fiscal incentives, financial resources and shared technology.
Ms. Archer concluded that it was her wish for Ghanaian SMEs across various sectors to prioritise value addition. A systematic approach to value chain development will result in the elimination of underlying causes of market underperformance, which is definitely going to be a game-changer.
“We now need to take a look at how our businesses can bring a product from the initial idea to its final market.Why should we strengthen the value chain across sectors? This definitely holds the key to increasing profits and productivity for SMEs, and making them sustainable by withstanding disruptions at all times. Ultimately, this will also lead to an increased contribution to socio-economic development of Ghanaian SMEs,” he added.
Business
BoG Governor: Cedi’s appreciation not artificially influenced
The Governor of the Bank of Ghana, Dr Johnson Asiama, has dismissed claims that the Central Bank is manipulating the exchange rate to cause the recent appreciation of the Cedi.
His comments come amid growing speculation following the local currency’s notable performance against major foreign currencies in recent weeks.
Addressing participants at the Ghana CEO Summit in Accra on Monday, 26 May 2025, Dr Asiama firmly denied any artificial intervention by the Bank of Ghana.
He noted that the strength of the Cedi was the result of broader economic improvements rather than external support or short-term tactics.
“Our Cedi has appreciated by 24.1% against the US dollar,” he stated. “Let me emphasise that the Central Bank is not using international reserves to prop up the Cedi, nor are we engineering an unsustainable appreciation.”
He attributed the positive trend to a combination of disciplined monetary policy, foreign exchange reforms, and increased inflows.
“These are not short-term interventions—they are deliberate, structural changes aimed at ensuring long-term stability,” he explained.
Dr Asiamah further pointed to enhanced market surveillance and improved remittance flows as contributing factors to the sustained strength of the currency.
He assured the business community that the central bank remains committed to maintaining transparency and credibility in Ghana’s monetary operations.
Source:Myjoyonline.com
Business
Sammi Awuku backs former Finance Minister
Former National Lotteries Authority Boss Sammi Awuku has backed the former Finance Minister’s claim on Betting Tax
The former Finance Minister, Dr.Amin Adam, after the 2025 budget said the NPP did not implement any betting tax.
Additionally, he noted that for the NDC government to say they have abolished something which did not exist was unconscionable.
The former minister has come under fierce criticism on social media by some Ghanaians who believed the betting tax existed.
In a post backing the former Finance Minister, Mr.Awuku wrote.
Read the full post below;
On the So-Called Abolition of 10% Tax on Lottery Wins….
First off, It is important to clarify that lottery is different from betting and same as its taxes. The National Lottery Authority (NLA) is under the Ministry of Finance, while betting is regulated by the Gaming Commission under the Ministry of the Interior.
This distinction matters, yet it’s often ignored for political convenience.
After listening to today’s budget presentation by the Finance Minister , I couldn’t help but notice a rather misleading claim that the government has abolished the 10% lottery tax on winnings.
But let’s be honest: how do you abolish a tax that was never implemented?
For the record, under the previous NPP administration, we engaged extensively with stakeholders, including the then Finance Minister and Hon. Amin Adam and the GRA after the announcement of the proposed 10% tax on lottery wins and recognized early on that taxing lottery winnings would be problematic.
It would have been difficult to administer, cripple the Lottery sector, unfair to players and ultimately more harmful than beneficial.
That is why the tax was never implemented nor enforced.
So, let’s call it what it is. This isn’t an “abolition” but rather a convenient attempt to score political points.
The truth is, the NPP government had already made the decision not to burden Ghanaians with this lottery tax because we understood its impact.
Hon. Amin Adam won’t be wrong to say the Betting tax was never collected anyway since the Finance Minister Hon. Ato Forson also referred to the 10% on Lottery wins as “Betting Tax”. So if that’s what the Finance Minister refers to as Betting Tax then it was never implemented even though passed in 2023.
Ghanaians deserve honesty, not spin. Policies should be about real impact, not just headlines. Let’s focus on the issues that truly affect livelihoods.
