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.
The legal tussle over the removal of the former Chief Justice, Justice Gertrude Araba Sackey Torkonoo is far from over as she filed another process before the High Court in Accra to halt the vetting of the newly appointed Chief Justice.
The application, which is in the nature of a judicial review, is asking for grant a number of reliefs and declarations.
The legal action filed is also seeking to stop the vetting and subsequent appointment of Justice Baffoe Bonnie as Ghana’s Chief Justice.
Justice Torkonoo is asking the court for an order of certiorari to quash the proceedings of the May 15, 2025 and the entire proceedings and outcomes of the Article 146 set up to consider petitions to remove the Applicant chaired by Pwamang JSC (“Pwamang Committee” “Committee).
She also wants an order of certiorari to quash each and all of the three reasons/grounds given by the Pwamang Committee for recommending her removal from office as stated in the letter of the Secretary to the President dated September 1, 2025.
Justice Torkonoo is further asking the court for an order prohibiting the denial or withdrawal of the salary, benefit, courtesies, and other entitlements due to her before the Warrant of Removal dated September 1, 2025.
By Malik Sullemana
Organiser of Ghana Music Awards (GMA) -USA have honoured Founder of Reign House Chapel, Prophet Eric Boahen Uche for his enormous support to the music industry.
GMA-USA led by the Chief Executive Officer, Mr.Denise Boafo, affectionately called Don, made the presentation on Sunday, October 12, at church.
Presenting the citation, Mr.Boafo said Prophet Eric Boahen has been a support system for various sections of Ghana’s music echoe system.
This, he said, has gone a long way to keep many gospel artistes in business regardless of challenges confronting the industry.
“This is in recognition of remarkable contribution to the gospel music industry in Ghana and beyond,” he said.
He revealed that the Man of God substantially supported this year’s GMA-USA, a gesture which cannot kept under the rug.
On his part, a grateful Prophet Eric Boahen expressed his appreciation to the organisers for such an honour.
According to him, the gesture is a motivation to him and others to continuously support the cause of GMA-USA.
He charged the organisers to work assidously to promote Ghana Music in the diaspora.
Profile7 days agoAlbert Litela Obidiaba: The artist who wove Ghana’s soul into the King’s Baton
- News7 days ago
Daddy Lumba’s wife, children run to court to injunct December 6 funeral arrangements
News1 week agoPresident Mahama to meet Auditor-General, Chief Justice and Attorney-General over misuse of public funds
