Development Bank Ghana to channel close to GHS 1.4bn to support SMEs – Finance Minister

The Finance Minister Dr Mohammed Amin Adam has said that the Development Bank Ghana is looking to channel close to GHS 1.4 billion through the financial sector for onward lending to viable Small and Medium scale Enterprises (SMEs).

Dr Amin Adam stated that the government envisions SMEs being the cornerstone of the economic renaissance and will look to realise this ambition with the launch of the SME Growth and Opportunity Programme next Tuesday 16th of July.

The Banks, he said, will be absolutely crucial to this initiative.

“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 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,” he said while speaking at a stakeholders’ engagement on the 2024 budget implementation with bankers.

“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.

“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,” he said.

He added “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. 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.”

 

 

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