Finance Minister-designate, Dr. Mohammed Amin Adam, has revealed that the Ministry is finalizing a financial strategy to assist Small and Medium-Scale Enterprises (SMEs) in accessing funding more easily.

Dr. Adam highlighted that while SMEs play a crucial role in driving growth and job creation in the country, their operations are often hampered by a lack of capital.

Speaking at the ongoing 3i Africa Summit on May 13, he emphasized that this limitation has impeded their capacity to generate more employment opportunities, thereby impacting Ghana’s economy.

“SME’s contribute 92% of manufacturing, 70% of growth and provide 80% of jobs. It is therefore very basic why SMEs should be supported particularly in creating access to capital and providing skills for them to work with,” he said.

As such, he Dr Adam said “The Ministry of Finance is finalising SME Financing strategy which has components such as direct lending to SMEs, providing guarantees to financial institutions, reducing the cost of borrowing and supporting skills innovation in the SME eco-space through Fintech.”

The Finance Minister reaffirmed his dedication to leveraging the nation's Fintech landscape to drive continuous economic growth and advancement.