The government is set to achieve its goal of securing GH¢6billion in affordable loans for at least 100,000 Micro, Small, and Medium Enterprises, with 60% going to women and youth-led businesses by 2027.
The Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, disclosed this at the first national observance of International Micro, Small, and Medium Enterprises (MSMEs) Day on Friday in Accra.
She noted that the financing target is part of the four key goals the government has set to address challenges facing MSMEs in the country.
She acknowledged the resilience of Ghana’s MSMEs but noted they often face challenges such as limited financing, low digital adoption, and regulatory hurdles.
“A 2022 study highlighted issues like informality, poor digital literacy, and underuse of mobile platforms for business growth. Despite this, many entrepreneurs are finding creative ways to thrive using tools like WhatsApp, mobile money, and social media,” she added.
Mrs. Ofosu-Adjare revealed the other three goals of the government as the establishment of three industrial and agroecological parks to provide shared infrastructure; reducing certification time and costs by 40% for 5,000 businesses; and digitally onboarding 250,000 MSMEs to improve access to finance and markets.
She highlighted ongoing efforts, including regulatory reforms, digital skills training, and financial support programs like zero-fee mobile credit and the upcoming Women’s Bank.
“Other initiatives, such as the Accelerated Export Development Programme and the Feed the Industry Initiative, aim to integrate MSMEs into key sectors like agriculture, textiles, and manufacturing,” she stated.
On her part, the CEO of Ghana Enterprises Agency (GEA), Margaret Ansei, emphasised the sector’s importance, noting that MSMEs make up 92% of registered businesses, contribute 70% to GDP, and employ 85% of the manufacturing workforce.
“The GEA is working to improve access to financing, training, and digital tools, with plans to launch an MSME Gateway Portal in partnership with UNDP to streamline business support services,” she said
The event, organized by the Trade Ministry in collaboration with GEA, GIZ, UNDP, and other partners, under the theme Empowering MSMEs, Connecting Entrepreneurs for a Digital and Sustainable Future, brought together policymakers, entrepreneurs, financial institutions, and development stakeholders to explore solutions for the sector’s growth.
