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.
Ghanaian cinema continues to break boundaries as Vibes The Movie has received an official nomination at the prestigious Toronto International Nollywood Film Festival (TINFF) in Toronto.
This latest international recognition is another proud moment for Ghana and a powerful testament to the creativity, originality, and global appeal of Ghanaian storytelling.
Directed by Big Ghun and starring Jeffrey Nortey, Vibes The Movie evolved from the hugely successful social media series, where the beloved characters Obolo Tui and Lil Pui captured the hearts of millions with their unique blend of rap, comedy, and relatable stories about the everyday struggles and ambitions of Ghanaian youth.
The film has already brought honour to Ghana on the international stage, most recently winning an Outstanding Achievement Award at the American Motion Pictures Festival in the United States.
The Chronicle noted that the film was recognized for its originality, craftsmanship, and storytelling impact among a competitive pool of global entries.
Now, with a nomination at TINFF in Canada, Vibes The Movie continues its remarkable journey from the streets of Accra to some of the world’s most respected film platforms.
The nomination underscores the growing global appreciation for authentic African stories and confirms that Ghanaian filmmakers are making a significant mark in international cinema.
As Vibes The Movie flies the Black Star high in Toronto, Ghana celebrates yet another cultural achievement that showcases the country’s talent, resilience, and storytelling excellence to the world
A prominent member of the ruling New Patriotic Party (NPP) has broken silence on the deep-seated internal machinations within the party, warning that the continuous victimization of members could severely jeopardize unity ahead of the general elections.
In a post on the party’s internal democratic processes, the former National Entrpreneurship and Innovation Programme (NEIP) boss, Kofi Ofosu Nkansah revealed how personal ambitions were stifled by party elites in the Asante Akyem Central constituency, despite overwhelming grassroots support.
According to the aggrieved party member, the decision to run for the parliamentary seat was not a self-serving agenda but a direct response to a call to service by the local constituents.
“My Asante Akyem Central people loved my politics and approached me to come and serve them as MP,” he stated.
He added that “But my own party elders blocked me and supported the incumbent MP to cheat through the system as if I was an outsider.”
The unfair playing field he revealed led to a massive financial distress. The stalwart disclosed incurring massive debts across two consecutive primary election cycles, alongside other personal challenges.
Despite the systemic sabotage, Kofi Ofosu Nkansah noted that he remained loyal, continuously defending both the NPP party and the government’s policies at all levels.
“Seeing what’s going on in the current polling station elections in several constituencies, it seems not much has changed,” he warned.
“The victimization of those who want to challenge current or former MPs should stop,” he stated.
With the general elections approaching, he cautioned,”You don’t treat party people anyhow and expect unconditional unity for the general elections.”
By Edem Mensah-Tsotorme
