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.
News
NPP condems arrest of Okatakyie Afrifa Mensah
The New Patriotic Party (NPP) has condemned the arrest and detention of Okatakyie Afrifa Mensah by operatives of the National Security.
In a statement signed by the General Secretary, Justin Kodua noted that “This unlawful action by the marauding operatives of the National Security is the latest installment of the ongoing series of state-sponsored attacks on the media by the NDC government, in their desperate attempt to silence the media and curtail press freedom.”
According to the him, “The Party condemns in no uncertain terms this state-sponsored lawlessness and commends the many well-meaning Ghanaians who spoke loudly against this shameful conduct by the National Security. We also commend the young people and the team of lawyers who stormed the National Security Secretariat this evening to see to the release of the abducted journalist.”
“The NPP wishes to remind President Mahama and his government that the Ghana that was bequeathed to them on January 7, 2025, was a free country. It was the bastion of democracy, underpinned not only by the existence of functioning democratic institutions but also by our unflinching commitment to upholding press freedom as enshrined in Chapter 12 of the 1992 Constitution,” they added.
Read the full statement below
FOR IMMEDIATE RELEASE
MARCH 19, 2025
*NEW PATRIOTIC PARTY CONDEMNS THE UNLAWFUL ARREST OF VETERAN JOURNALIST, OKATAKYIE AFRIFA MENSAH BY NATIONAL SECURITY OPERATIVES*
The New Patriotic Party (NPP) condemns the unlawful arrest and detention by operatives of the National Security, of Okatakyie Afrifa Mensah, a veteran journalist, who has been critical of the John Mahama administration.
This unlawful action by the marauding operatives of the National Security is the latest installment of the ongoing series of state-sponsored attacks on the media by the NDC government, in their desperate attempt to silence the media and curtail press freedom.
The Party condemns in no uncertain terms this state-sponsored lawlessness and commends the many well-meaning Ghanaians who spoke loudly against this shameful conduct by the National Security. We also commend the young people and the team of lawyers who stormed the National Security Secretariat this evening to see to the release of the abducted journalist.
The NPP wishes to remind President Mahama and his government that the Ghana that was bequeathed to them on January 7, 2025, was a free country. It was the bastion of democracy, underpinned not only by the existence of functioning democratic institutions but also by our unflinching commitment to upholding press freedom as enshrined in Chapter 12 of the 1992 Constitution.
In line with this commitment, the country also went through the painstaking process of repealing the Criminal and Seditious Libel Law in 2001, a process that was spearheaded by the immediate past President, H.E Nana Addo Akufo-Addo, who was then the Attorney General of the Republic.
It is therefore completely repugnant and unacceptable for the John Mahama administration to be using State Security to intimidate political opponents as well as media personnel in a bid to silence all critical voices This, in fact, is an egregious affront to our democratic and constitutional tenets.
We call on the Ghana Journalist Association, the Media Foundation of West Africa, Civil Society Organizations, and all stakeholders to join us in demanding an immediate cessation of this tyranny and growing culture of state-sponsored attacks on the media.
Enough is enough.
…Signed…
JUSTIN KODUA FRIMPONG
GENERAL SECRETARY
Entertainment
Foto Copy tackles realities of friendship in new song
Ghana’s decorated young musician, Foto Copy, known in private life as Kallai Nana Qwaachi has tackled the realities of friendship in his new song.
The song tackles issues of conflict, loyalty, reward, ingratitude and betrayal of trust in friendship.
According to him, the song produced by DDT and dubbed “Friends Today, Enemies Tomorrow”, preaches a message that goes to address some realities of life.
He revealed that many best friends some time ago have become bitter enemies now due to similar issues they failed to address.
The musician noted that people have gone all out for others and ensured their friends succeeded, but unfortunately, they paid them back with evil.
Speaking to thespectatoronline.com, Foto Copy said, these things have made people regret going all out for their friends.
He is of the view that when society becomes embittered by the negative actions of their friends, it becomes difficult for others to get help in difficult situations.
Against this backdrop, he felt the need to address this in his new song.
The song is available on all digital music stores
Stream the song below
By Edem Mensah-Tsotorme
