1,000 SMEs in Northern Region receive training
About 1,000 Small and Medium Enterprises (SME) owners in the Northern Region have been trained by the Finance, Trade & Industry ministries on how to access grants and loans under the SMEs Growth and Opportunity (SME GO) programme.
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This initiative aims to provide SMEs with flexible financial support and options to help them expand their operations and contribute to the country's economic growth.
Supported by the International Finance Corporation (IFC), Ghana Enterprise Agency (GEA), Eximbank Ghana and Development Bank Ghana (DBG), the programme has committed GH¢8.2 billion to offer both technical and financial solutions to SMEs across the country.
Recovery efforts
Speaking at the training in Tamale, the Technical Advisor at the Finance Ministry, Dr Abudu Abdul Ganiw, said the initiative sought to deepen the economic transformation agenda as part of the economic recovery efforts.
He said providing access to financial resources, expertise and capacity-building programmes to SMEs would empower them to drive innovation and expand their operations to stimulate economic growth in the country.
"Ghana's growth model must evolve beyond relying heavily on foreign direct investments and raw material exports which can be volatile and expose us to external shocks.
“Instead, we must harness the potential of our homegrown SMEs to build a prosperous, dynamic and competitive economy," he added.
Dr Ganiw indicated that through the intervention, the ministry would create a better ecosystem for the SMEs.
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He reiterated the government's continuous commitment to supporting the Small and Medium Enterprises sector, given the integral role they played in both society and economic expansion.
Job creation
The Deputy Minister of Trade and Industry, Kofi Ahenkorah Marfo, indicated that SMEs were the lifeblood of job creation and economic growth in every emerging economy as they accounted for about 92 per cent of existing companies, 85 per cent of manufacturing jobs and 70 per cent of the Gross Domestic Product (GDP).
He, however, encouraged all SMEs to take advantage of the SME GO programme to maximise the growth potential of their business.
The Northern Regional Minister, Shani Alhassan Shaibu, said the foundation of the economy was hinged on thriving and expanding operations of SMEs.
Writer's email: mohammed.fugu@graphic.com.gh