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Finance Minister Dr. Mohammed Amin Adam has highlighted the success of the government’s policies aimed at supporting the private sector, particularly Small and Medium Enterprises (SMEs), which he says are driving the country’s economic recovery. He pointed to Ghana’s half-year economic growth rate of 5.8%, the highest in five years, attributing it to the resilience of the SME sector and the government’s ongoing economic reforms.
“SMEs are the backbone of our economy, contributing 70 percent to our GDP and constituting 92 percent of businesses,” Dr. Amin Adam emphasized, citing Ghana Statistical Service (GSS) data to support the pivotal role of SMEs in the country’s recovery.
Speaking at the 2nd Quarterly Economic Roundtable (QER) held at the University of Ghana, themed “Driving Economic Growth Through Small and Medium Enterprises (SMEs),” Dr. Amin Adam underscored that government efforts to support the private sector were producing positive outcomes. However, he cautioned that continued growth is not guaranteed without careful risk management.
“To ensure future stellar growth, we need to mitigate key risks. Managing these risks requires us to reconsider policies and reinforce strong partnerships with stakeholders, especially with the SME sector,” he stated.
The Finance Minister described the roundtable on SMEs as a vital platform for addressing the challenges faced by the sector and exploring ways to overcome them, ultimately maximizing SME contributions to job creation, income generation, and economic expansion.
“As we engage today, it is my sincere expectation that we are guided by our unity of purpose on SMEs. As shown in our remarkable recovery story, purposeful partnerships and focused leadership can achieve great things. The progress we’ve made in fiscal consolidation, debt restructuring, and economic reforms reflects our collective will to succeed,” he added.
Dr. Amin Adam noted that the government is already implementing several initiatives to support the SME sector. These include the GHS 8.2 billion SME-Go programme to help SMEs access regional and global opportunities, the US$200 million Ghana Jobs and Skills Project, and the US$200 million Ghana Economic Transformation Project in partnership with the World Bank.
In addition, the government has bolstered institutions such as the Ghana Enterprises Agency, Ghana Commodity Exchange, MASLOC, National Entrepreneurship and Innovation Programmes, and the Venture Capital Trust Fund to offer comprehensive support to SMEs.
“To the SMEs that continue to strive, I say to you: we are here in your name. You are not alone or forgotten. You are a priority for the Ghanaian society and this government. We will not fail you. The outcomes of this Roundtable are expected to benefit your current operations and future growth prospects.”
University of Ghana Vice Chancellor, Prof. Nana Aba Appiah Amfo, echoed the significance of the QER, aligning it with the university’s mission to contribute to national development by generating knowledge, influencing public policy, and fostering collaboration. She stressed the importance of focusing on SMEs as they can provide job opportunities for the thousands of students graduating each year.
“As Vice Chancellor, involved in training young people, this is an area of interest for me. It is clear that the formal public and private sectors cannot absorb the tens of thousands of students who graduate each year and are searching for jobs. SMEs should be a viable option for many of them,” she said.
Mr. Kyle Kelhofer, Senior Country Manager at the International Finance Corporation (IFC), welcomed the initiative, emphasizing the need for collaboration between academia, government, and financial institutions to drive innovation and create sustainable financing solutions for SMEs.
“Academia provides valuable research, data, and insights that can inform financial products and services tailored to the needs of SMEs. By working together, we can develop innovative financing models, leverage technology, and create an enabling environment for SMEs to thrive,” he stated.
The Quarterly Economic Roundtable is organized by the Ministry of Finance and the Institute of Statistical, Social and Economic Research of the University of Ghana, with support from the International Finance Corporation of the World Bank. The second roundtable aimed to foster discussions on policy strategies that can promote innovation and sustainable growth in SMEs.
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