The government has allocated GH¢8.2 billion to bolster Small and Medium Scale Enterprises (SMEs) through the Growth and Opportunity Initiative for Small and Medium Enterprises project.

Dr. Stephen Amoah, Deputy Minister for Finance, announced that the initiative will be spearheaded by key agencies, including the Ghana Enterprises Agency (GEA), Ghana EXIM Bank, Development Bank Ghana (DBG), and the International Finance Corporation (IFC).

The GEA will be allocated GH¢200 million to assist high-growth SMEs with small-scale grants and loans at highly subsidized rates for up to two years.

Ghana EXIM Bank will receive GH¢500 million to provide SMEs with subsidized financial support for capital and operational costs, as well as capacity-building services.

Development Bank Ghana will contribute approximately GH¢1.2 billion to support SMEs via participating financial institutions.

At a stakeholders’ engagement meeting in Kumasi, Dr. Amoah highlighted that the initiative, led by the Ministries of Finance and Trade and Industry, aims to alleviate financial barriers for small-scale businesses and enhance their access to necessary funding.

He emphasized the importance of overcoming obstacles to SME growth and creating a supportive environment through partnerships and diverse financial resources.

Given that SMEs represent about 90 percent of businesses and contribute roughly 70 percent to the national GDP, Dr. Amoah reaffirmed the government's commitment to facilitating SME expansion.

He encouraged journalists to help publicize the SMEs Growth and Opportunity programme, urging eligible businesses to apply for the non-partisan initiative.

Attendees at the meeting, who received guidance on the application process and eligibility criteria, expressed their gratitude for the initiative and its potential to empower their enterprises.