A timely call to businesses
THE recent call by the Deputy Minister of Trade and Industry, Michael Okyere Baafi, for businesses to fully leverage the government’s Small and Medium Enterprises (SME) Growth and Opportunity (SME GO) programme is both timely and crucial.
Backed by a substantial funding package of GHS 8.2 billion, SME GO has the potential to reshape Ghana’s business landscape by providing SMEs with the financial and technical support they need to thrive in an increasingly competitive market. It is a lifeline that could significantly bolster Ghana’s economic growth if businesses seize the opportunity.
SMEs form the backbone of Ghana’s economy, contributing significantly to employment and GDP. However, many of these businesses face challenges in accessing credit, adopting modern technologies, and scaling their operations to compete both locally and internationally.
The SME GO programme, through institutions like the Ghana Enterprise Agency, the Ghana EXIM Bank, and the Development Bank Ghana, seeks to address these gaps. It is not just about providing capital, but also offering the technical assistance necessary for long-term business growth.
Mr. Baafi’s emphasis on quality in industrial production is another critical point. In today’s global market, competitiveness is largely defined by quality. Businesses must not only focus on surviving but on producing goods and services that meet international standards.
The government’s support in this regard is commendable, and the role of the Association of Ghana Industries (AGI) in promoting quality through its Industry and Quality Awards further underscores the need for continuous improvement in this area.
The AGI’s call for innovation amid global challenges cannot be overemphasized. As noted by AGI’s CEO, Seth Twum-Akwaboah, businesses must adapt to a rapidly changing world characterized by geopolitical tensions and technological disruptions.
Innovation is no longer optional — it is essential for survival. The companies that are able to turn challenges into opportunities through creative solutions will be the ones leading Ghana’s industrial growth.
As the 13th edition of the AGI Industry and Quality Awards approaches, it is essential that businesses recognize the importance of participating in such platforms. These awards are not just about recognition; they must serve as a benchmark for excellence and a reminder that resilience and innovation are key to success.
However, the success of initiatives like SME GO and the AGI awards requires more than just government support — it demands active participation from the business community. Companies must be willing to adapt, innovate, and take calculated risks to grow. Equally, stakeholders, including financial institutions and policymakers, must ensure that the programme’s benefits are accessible to all deserving SMEs, especially those that have historically struggled to access funding.
