The government of Ghana has launched the Small and Medium Enterprises (SME) Growth and Opportunity Programme in the Oti Region, aiming to bolster partnerships, mobilize diverse financial resources, and create a supportive environment for SME development.
Inaugurated by President Nana Akufo-Addo in 2024, the programme is supported by the Ghana Enterprises Agency and Ghana Exim Bank and has a total investment of GHC700 million.
The initiative is part of a broader vision to drive development and job creation in the Oti Region.
Samuel Darah, the regional budget officer representing the Oti Regional Minister, highlighted the programme’s alignment with the regional minister’s objectives to foster economic growth and job opportunities.
“This initiative is timely and will benefit all SMEs in the region, boosting economic and social development,” Darah stated.
Akosua Ansah from the Ministry of Trade and Industry explained that the programme seeks to strengthen partnerships and mobilize financial resources to create a conducive platform for SME growth.
She noted that SMEs constitute about 90% of businesses in Ghana and contribute approximately 70% to the country’s GDP.
The programme is designed to address poverty and stimulate economic activity.
The forum, held in Dambai, the regional capital, was attended by entrepreneurs, business owners, and representatives from municipal and district assemblies.
Discussions focused on methods employed by Development Bank Ghana, Exim Bank Ghana, and the Ghana Enterprises Agency to leverage the region’s untapped economic potential.
The Development Bank of Ghana has invested GHC1.2 million, while the International Financial Corporation has committed $400 million through participating financial institutions.
The programme offers low-interest loans of up to GHC2 million for SMEs with an annual turnover of at least GHC150,000.
Frank Obeng, head of business advisory services at EximBank, outlined the process for accessing loans ranging from GHC300,000 to GHC2 million. He emphasized the bank’s support for value addition and establishing common user processing facilities.
Juliet Abrefi Ampofu from Development Bank Ghana encouraged entrepreneurs to apply practical skills and knowledge to enhance their businesses.
Participants at the forum expressed enthusiasm about the programme’s potential to transform and reposition their businesses.
Some suggested extending the sensitization to district levels to reach a broader audience. Juliet Akpeglo, a fashion designer, urged fellow SMEs to pay taxes to support government development goals.
Beekeeper Evans Addai praised the programme for its potential to provide grants and foster business growth, commending the government for its commitment to SME development.
