SMEs in Oti Region sensitised on government’s SME Go programme

The Ministries for Finance and Trade & Industry have jointly engaged small medium enterprises (SMEs) in the Oti Region on the government’s Growth and opportunity (SMEs Go) programme.

It aims to enhance partnerships, mobilise diverse financial resources, and create a conducive platform for the growth of SMEs in the country.

The SMEs Go programme was inaugurated by President Akufo-Addo this year and it has been resourced by the Ghana Enterprises agency and Ghana Exim Bank among lead  implementers with GHC700 million.

Speaking on behalf of the Oti Regional Minister, Daniel Machator, the regional budget officer, Samuel Darah stated that it is part of the Oti Regional Minister’s vision to ensure development and provide job opportunities in the region.

“As part of the regional Minister’s vision to ensure development and job Creation in the region, this initiative is timely and the Oti regional coordinating council will ensure the programme benefits all SMEs in the region to boost the economic and social needs of the people,” he said.

The budget officer urged the SMEs to be customer-orientated to enable them win the hearts of their costumer in order to attract more customers.

Akosua Ansah, a representative from the Ministry of Trade and Industry, told the participants that the programme aims to strengthen partnerships, mobilise diverse financial resources, and create a peaceful platform for the growth of small and medium-sized enterprises in the country.

Entrepreneurs, business owners, and representatives from various municipal and district assemblies across the region attended the stakeholders engagement, which took place in Dambai, the Oti regional capital.

The participants discussed the methods used by Development Bank Ghana, Exim Bank Ghana, Ghana Enterprises Agency, and the region’s untapped economic potential and opportunities.

The Development Bank of Ghana invests GHC1.2 million, while the International Financial Corporation commits $400 million, both through participating financial institutions.

The forum gave first-hand information to Business owners within the Region on the issues that inhabit their growth and understand on the spot analysis of companies for registration .

she said small and medium enterprises formed the pillars of Ghana‘s economy constituting about 90% of businesses and contributing approximately 70% to the countries GDP. Adding that, the programme has been initiated by president Akufo-Addo to curb poverty in the country .

She also noted that, the government was employing  social protection as a key tool to drastically reduce poverty.

She urged all stakeholders, private sector and international partners to embrace the programme as it will help create an enabling environment for small and medium enterprises.

On his part, Frank Obeng, head of business advisory services for Ghana Export and Imports Bank (EximBank) explained the process to access loans from the bank.

The Exim Bank would provide load facilities ranging from GHC300,000 to GHC2 million and support value addition through the establishment of common user processing facilities.

The Development Bank Ghana on the other hand would work with fanning institutions like the Consolidated Bank Ghana and Advance Ghana to support SMEs in the tourism,fashion and ICT industries.

He lamented that, the delay by some SMEs in the payment of their loans increases the cost of borrowing hence must be worked on.

Juliet Abrefi Ampofu, representative from Development Bank Ghana (DBG) urged and educated entrepreneurs and business owners on the practical skills and knowledge to apply in their daily activities as assessments of agriculture loan application,enhancing lending to the sector.

The Ghana Enterprises Agency is providing a two-year low interest loan of up to GHC2 million to SMEs and eligible beneficiaries are to report an annual turnover of at least GHC150, 000.

Meanwhile, some of the participants who spoke to Asaase News explained how the initiative would transform and reposition small and medium-sized businesses to boost the country’s economic development and growth.

Some have indicated that,the sensitization should be extended to the district level to help other people in the various districts in the Oti Region.

Juliet Akpeglo, a fashion designer urged her other SMEs to pay their taxes to enable the government meet it’s targets and development the country.

According to her, the program is going to help her develop other ideas to boost her economic growth.

Evans Addai, a beekeeper, said, “I have learnt a lot from this engagement and it is going to help me in many ways because, this will help us get grants to develop our businesses. It seems every business owners are taking their businesses for granted but with this stakeholders engagement and the programme,it will change the fortunes of our businesses and our mindsets about our businesses”

“ I want to applaud the government for this initiative to promote and help we the SMEs develop and grow our businesses” he added.

Reporting by Solomon Mensah-Ahiable in the Oti Region

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