President Nana Addo Dankwa Akufo-Addo has unveiled the SME Growth and Opportunity (GO) Programme aimed at boosting the country’s entrepreneurship drive at the SME Growth and Opportunity Summit in Accra.
The comprehensive programme is backed by a substantial GHS 8.2 billion funding package and aims at supporting small and medium-sized enterprises (SMEs), which are pivotal to the nation’s economic prosperity.
President Akufo-Addo emphasised the critical role SMEs play in Ghana’s economy, highlighting that they constitute 92% of businesses and contribute 70% to the GDP.
Despite their significant contributions, SMEs face numerous challenges, particularly in accessing finance, which hinders their potential for growth and innovation.
“The entrepreneurial spirit of Ghanaians has always been a driving force behind our economic transformation,” he stated. SMEs are the backbone of Ghana’s economy, the President indicated, adding “We must support them to overcome the barriers they face.”
The SME GO Programme, coordinated by the Ministries of Finance and Trade and Industry, seeks to address these challenges through targeted financing solutions and technical assistance.
The programme’s key components include substantial funding allocations and the establishment of supportive infrastructure to bolster SME growth.
Supported with GHS 700 million, the Ghana Exim Bank will offer highly subsidised financial support for both capital and operating expenditures.
A dedicated window for the 1-District-1-Factory initiative will also be set up to ensure optimal synergies with this structural project.
Ghana Enterprises Agency (GEA), allocated GHS 230 million, will target high-growth SMEs employing 100 or more people, providing small-scale grants and loans of up to two years at highly subsidised rates. This initiative aims to support businesses with strong potential for expansion and job creation.
Development Bank Ghana (DBG) with GHS 1.4 billion, will provide loans with tailored repayment conditions through financial institutions. These loans, with terms of up to five years, will support SMEs with robust growth prospects.
Additionally, the programme will see the establishment of a Food Innovation Hub on the University of Ghana campus. This hub will support food industry SMEs with modern processing equipment, warehousing, testing labs, and regulatory assistance.
The hub aims to help SMEs that lack sufficient capital to access state-of-the-art processing facilities, thus enabling them to scale up production and meet export standards.
“The Akufo-Addo Government is being intentional about supporting SMEs that are too large for small business finance, yet too small to attract substantial commercial lending.
“This initiative aims to create ‘SME champions’ capable of taking Ghanaian products and innovations global,” the President said.
The programme reflects the government’s broader strategy to foster a competitive, innovative and globally oriented SME sector, which is crucial for Ghana’s long-term economic prosperity. The SME GO Programme is a continuation of the government’s commitment to economic transformation, following previous policies under the post-COVID Plan for Economic Growth (PC-PEG).
President Akufo-Addo reiterated the importance of a collaborative approach, comprising government, private sector and international partners to create a conducive environment for SMEs to thrive.
The programme will be coordinated jointly by the Ministry of Finance and the Ministry of Trade and Industry, with the Ghana Enterprises Agency, Ghana EXIM Bank and Development Bank Ghana serving as the principal implementing agencies.
The Ministry of Finance has successfully mobilised GHS 8.2 billion from both public and private sector sources, earmarked for disbursement to eligible SMEs under the SME GO Programme.
This funding will be disbursed through participating financial institutions, ensuring that SMEs with high-growth potential receive the support they need to expand and create impact across their communities.
With this bold step, Ghana aims to enhance its long-term competitiveness and ensure sustainable growth by empowering SMEs, which are the backbone of the nation’s economy.
President Akufo-Addo emphasised the need for a collective effort to break the barriers hindering SME growth and unleash their full potential for the benefit of all Ghanaians.
By creating an enabling environment that supports innovation, entrepreneurship and resilience, the SME GO Programme is set to transform the economic landscape of Ghana, driving inclusive and sustainable growth for years to come.
Rex Mainoo Yeboah, ISD
