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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.  

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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. 

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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).

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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.

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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.

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Sports

 Neequaye’s GBA exit  …What might have caused it?

 AN announcement from the communication team of the Ghana Boxing Authority (GBA) informing stakeholders about the resignation of its president, Mr Abraham Kotei Neequaye has got fans thinking.

The resignation in itself is not a big issue.

Fact is, under the current circumstances, it may seem the best decision by Mr Neequaye who has supervised the most tumultuous boxing era in Ghana.

That is not to suggest that previous leaders of the association were saints; however, the level of acrimony under this administration is unprecedented.

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Lucky to have witnessed the era of Mr Nii Quaye Mensah, Mr Moses Foh-Amoaning, Mr Samir Captan, Mr Peter Zwennes; one can confidently say the scene has never been that electric.

But what exists now is nothing short of a life in the boxing ring.

Wednesday’s announcement of an indication to resign yesterday (Friday, June 27) also got a few tongues wiggling with the timing.

Seeming to have brave the odds to such a crucial time that the association was preparing for its Elective Congress to put in place a new executive team; and Neequaye himself sounding confident of retaining his seat for another term, only to drop his guard last minute clearly suggests that there is more beyond what the eye can see.

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Evidently, there is fire on the GBA’s corridors of power.

He has cited personal reasons for the decision but that has also sent journalists on a wild goose chase, finding anything available that is related to boxing to connect.

It has also left the Pandora’s Box opened with all manner of reasons flying around the media space.

A section of the media have tried to link the decision to findings and recommendation by a ministerial committee formed to probe the circumstances under which a Nigerian boxer died in Ghana during a fight sanctioned by the GBA.

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Others are of the opinion that the embattled GBA boss was only trying to face the realities of the time.

This has come from a school of thought that he has realised he stands no chance in the impending election due to the bad blood between him and a huge number of stakeholders of the sport.

A few have managed to introduce some political theatrics into the Neequaye resignation drama, citing tensions between him and some party big wigs including the Minister of Sports and Recreation.

These are interesting times for the boxing fraternity.

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But it’s amazing how time flies and how a lot of things can change with time.

Four or so years ago when Mr Peter Zwennes decided to step down as GBA boss, Neequaye was deemed the Messiah to take the sport to a new level.

He gained the support of these stakeholders who have become sworn enemies and was able to win against some heavyweights including a former promoter, Mr Henry Manly Spain.

The coaches, promoters, boxers, referees and other identifiable groups sang his praise but how all of these changed in less than a year remains a mystery.

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Just after a year, key members of his executives confided in friends about contesting their president who they claimed to be going ‘out of order.’

Aside the verbal exchanges, other issues have gone to court for interpretation but all these moves are yet to restore peace and sanity in the GBA.

Stakeholders planning to shock Neequaye at the polls may be left stunned by the decision to bow out at the 11th round.

It is the hope of all that the next elected president can restore the peace and unity the GBA enjoyed and bring the stakeholders together.

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But, however one looks at it, the history of the GBA would be incomplete without the strides of Neequaye whose tenure replicated the Foh-Amoaning’s Mortein Boxing League with what came to be known as the Imax Boxing League which also came with its own stories and challenges to promoters.

 By Andrew Nortey

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News

 ‘Disciplined, God-fearing youth hold Ghana’s future’

 The future of Ghana as a country rests in the hands of disciplined and God-fearing youth, Prophet Benjamin Fordjour has stated.

According to him, such youth nat­urally develop into leaders who are ready to make a positive impact on society with spiritual direction from God.

Prophet Fordjour made this decla­ration at the fifth edition of Invasion 2025, a dynamic youth-centred gath­ering held at the University of Ghana Sports Stadium last weekend.

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This year’s edition drew thousands of believers to the venue for prayer, worship, and biblical teachings that sought to empower the youth towards growing in the fear and wisdom of God.

Also in attendance were great men of God and a rich line-up of seasoned song ministers including the celebrated Joe Mettle who thrilled guests with some inspiring songs from his repertoire.

Addressing the youth, Prophet Ford­jour, who doubles as the Founder of the Benjamin Fordjour Ministries emphasised that it was important to align one’s life with the teachings of Christ while upholding the laws of the land.

In an inspiring call to action, Proph­et Fordjour, urged Ghanaian youth to lead lives rooted in godliness, disci­pline, and strong moral values.

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“These are values the youth must possess to lead this nation. With these, our future would be secured and make the country a better place for all.”

He added that “we need youth that are disciplined and God-fearing. People with such qualities detest evil. They ensure fairness for all and lead in the right direction. They always seek direction from God.”

Prophet Fordjour encouraged the youth to seek spiritual growth and adopt values that foster personal de­velopment and national responsibility.

The guest speaker, Dr Kwadwo Be­mpah Boateng, a Senior Pastor at the Holy Hill Chapel branch of the Assem­blies of God Church also reminded the youth of the huge responsibilities on their shoulders to steer the coun­try to a good destination.

This, he said could be an impossible task without guidance from God.

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He therefore urged the youth to draw inspiration from exemplary leaders, embrace mentorship, and live lives that honour God.

Under the theme ‘Faith for Ex­ploits’ he challenged young people to rise with boldness, act with integrity, and pursue purpose-driven lives guid­ed by faith.

 By Spectator Reporter

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