SMEs In WR Sensitised On Govt’s GO Project

Government is poised to provide financial support with flexible conditions to Small and Medium-sized Enterprises (SMEs) in the Western Region to enable them obtain the necessary resources to scale up their operations effectively.

Government, through the Ministry of Finance and Ministry of Trade and Industry has developed the SME Growth and Opportunity (GO) programme to offer targeted financing solutions and technical assistance to support SMEs with strong potential for business expansion and job creation.

The SMEs will be given up to GH₵150,000 in grants and GH₵2 million in loans under the government’s SMEs GO programme to improve their businesses and to ensure growth and productivity.

The Ghana Enterprises Agency, (GEA), Ghana EXIM Bank, International Finance Corporation (IFC) and the Development Bank Ghana (DBG) are key driving agencies for the implementation of the project.

This came to light when over 500 SMEs in the Western Region were sensitized in Takoradi on the programme and how they can benefit.

Victor Fosu Boamah, the Project Officer at the GEA said government recognised the key role SMEs played in the economic advancement of the country.

He mentioned some areas of attention as agro processing businesses, construction sector, food and beverages, healthcare and pharmaceutical, hospitality management, trade and commerce, among others.

He added that the SMEs would also benefit from financial management training, taxation and regulatory compliance, ICT for business trainings aside group and individual consulting sessions.

“The SMEs would also have the knowledge and skills necessary to efficiently manage their businesses and navigate through the complexities of modern businesses,” he pointed out.

The Western Regional Minister, Kwabena Okyere Darko-Mensah said “We expect the handlers of the funds to make the money available to businesses this year to commence investment, promote growth and expand employment opportunities.”

He tasked the implementing partners to be deliberate in sending the money to the Regions with serious growth potentials.

He said there is the urgent need to harness the full potential of the African Continental Free Trade Agreement (AfCTA) agreement hence the SME GO initiative.

During an open forum, some of the participants expressed concern about the loan requirements and frustration that had characterised such initiatives in the past.

Source:dailyguidenetwork.com