In anticipation of the 2024 mid-year budget review, Finance Minister Dr. Mohammed Amin Adam has met with key stakeholders from the banking sector to discuss pivotal economic strategies.
A focal point of the discussion was the government’s plan to channel approximately GHS 1.4 billion through the financial sector for onward lending to viable Small and Medium-scale Enterprises (SMEs) via the Development Bank Ghana (DBG).
Dr. Amin Adam emphasized the government’s vision of positioning SMEs as the cornerstone of the country’s economic renaissance.
To achieve this, the government will launch the SME Growth and Opportunity Programme on Tuesday, July 16th, aiming to provide substantial support and resources to the SME sector.
“The Development Bank Ghana, as part of the programme, is looking to channel close to GHS 1.4 billion through the financial sector for onward lending to viable SMEs.
Development partners such as the International Finance Corporation (IFC) are also looking to structure a $400 million package to complement this financial support and ensure we can close the financing gap for our SMEs over the medium term,” Dr. Amin Adam announced.
The Finance Minister highlighted the crucial role of banks in this initiative, stressing the need for a collaborative effort to foster sustainable growth and prosperity.
“Our economy is at a pivotal juncture, and it is imperative that we work together to ensure sustainable growth and prosperity for all. This meeting is a testament to our commitment to transparency, inclusivity, and shared responsibility in shaping our economic policies,” he said.
He further elaborated on the strategic importance of the meeting, stating, “Today, we will discuss key strategies and policies that will impact our economy. We aim to address current economic issues and explore innovative solutions through your inputs. Your insights and feedback are invaluable, and I encourage open and constructive dialogue throughout our discussions.”
Acknowledging the challenges and opportunities in the current economic climate, Dr. Amin Adam called for bold and pragmatic approaches to build a resilient and dynamic economy.
“We are living in a time of rapid change and uncertainty, but also of great potential. By leveraging our collective expertise and resources, we can create a resilient and dynamic economy that benefits every citizen. This requires us to be bold in our vision, pragmatic in our approach, and united in our efforts,” he stated.
He reiterated the government’s commitment to creating a viable SME ecosystem that supports high-growth potential businesses with the necessary technical capacity and financing to scale rapidly and create significant impact.
“To that end, Ladies and Gentlemen, the Government has set its sights on creating a viable SME ecosystem that ensures businesses with high-growth potential are given the technical capacity and financing support to scale and rapidly create impact,” Dr. Amin Adam concluded.
This engagement with the banking sector underscores the government's dedication to fostering a robust SME environment, which is seen as critical to driving economic growth and development.
As the mid-year budget review approaches, the outcomes of these discussions are expected to play a significant role in shaping the country's economic policies and strategies.
Story by: Joshua Kwabena Smith
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