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.
Sports
GFA issues statement on Black Star AFCON qualifying fiasco
The Ghana Football Association (GFA) wishes to express its sincerest apologies to the good people of Ghana for the Black Stars’ inability to qualify for the Africa Cup of Nations (AFCON) 2025.
We understand the disappointment and frustration this failure has caused, and we share in the pain and sadness of our beloved fans. We acknowledge that the team’s performance did not meet the high expectations of the nation, and for that, we are truly sorry.
We would like to take this opportunity to express our heartfelt gratitude to our loyal football fans for their unwavering support and encouragement throughout the qualifying campaign. Your passion and dedication are what drive us to strive for excellence.
Going forward, the Executive Council, at its meeting of Wednesday, 20th November, 2024, took the following key decisions:
- Immediate dissolution of the Management Committee of the senior national football team, the Black Stars. In doing so, we sincerely thank the members of the Committee for their service to Ghana Football over the years.
- The Executive Council will meet the Head Coach of the Black Stars, Mr. Otto Addo, on the 27th of November, 2024, to discuss his Technical report on the just ended AFCON qualifiers and the overall performance of the Technical team since assuming duty earlier this year.
Ghana Football Retreat
Given the passion and concern shown by members and stakeholders of Ghana Football as well as the general public, the GFA shall hold a Ghana Football Retreat to which members and all stakeholders shall be invited.
Members and stakeholders such as SWAG and the Media, National Sports Authority, PFAG, former captains and players, coaches, supporters, Football enthusiasts, Sports-related professionals (Medics, Economists, Marketers etc), and Opinion leaders (including traditional rulers) will be invited to the Retreat.
The Ministries of Sports, Finance and Education, and key Authorities such as Ghana Revenue Authority and Ghana Tourism Authority will be represented.
The meeting shall be held on the 28th of November, 2024, at the Ghanaman Soccer Center of Excellence, with the primary purpose of soliciting views and perspectives from stakeholders of Ghana Football. The output from this Retreat shall be used to develop a roadmap for enhancing the performance of the Black Stars and our other national teams.
We appreciate the support and patience of the Ghanaian people and look forward to making amends in the future.
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News
Philip Nai and Friends to hold 5th edition of Christmas party with kids
On the back of a successful get-together for children at the oncology unit of the Korle Bu Teaching Hospital, on December 23, 2023, Joy FM lead producer, Philip Nai and his friends are back with another event this year.
The 5th edition of Philip Nai and Friends will be held at the Agblezaa community on December 24, 2024.
There will be activities such as musical performances, health screening, bottle flipping, Praise and Worship, Sip and Paint, Dancing Competition, Musical Chairs among others.
Donations of food items, bags of water, toiletries, clothes, learning materials will also be made. Individuals are encouraged to help this worthy cause by calling 0244735451.
Last year, musicians Nii Soul and Perez Musiq were present to lend their support to the programme.
There were also entertainment activities involving both the children and their mothers.
At the event, the Programmes Manager of Joy FM, Edem Knight-Tay shared a word of encouragement with the patients and their parents. She admonished them not to lose hope in God’s power to heal the kids of their sicknesses.
Also present were Dr. Grace Buckman, the Chief Executive Officer of Sonotech Medical and Diagnostic Centre; Ghana’s rep for Miss Universe 2023, Engracia Afua K. Mofuman; and Kwame Dadzie, the host of Showbiz A-Z on Joy FM.
Philip Nai and Friends is a charity project founded by Philip Nai, a philanthropist and one of Ghana’s astute and well-known producers at Joy FM, a subsidiary of The Multimedia Group.
Philip Nai and Friends is an annual project done mainly in collaboration with his friends from the media fraternity including celebrities and support from business and corporate Ghana to show love to the underprivileged by feeding, clothing, providing medical care and entertainment among others.
Philip Nai has for the past four years, led this project in various communities in Accra, every Christmas Eve and wishes to replicate same across the country in the coming years with all your support.
