Govt provides credit for SMEs(31/7/09)

Government has allocated $40 million credit facility to small and medium enterprises (SMEs) in the country to enhance their business.
This is in fulfilment of government’s pledge to support the growth of SMEs and put them in a better position to contribute effectively in the transformation of the country’s economy.
The SME’s Coordinator at the Ministry of Trade and Industry (MoTI), Mr Francis Kusi said this at the launching of an SME Toolbox in Accra, on behalf of Ms Hanna Tetteh, the Minister of Trade and Industry.
The SME Toolbox is a book developed by the Oguaa Business Incubator and sponsored by the Japanese International Cooperation Agency (JICA) and MoTI.
Mr Kusi stated that MoTI initiated the programmes to address the financial challenges being faced by SMEs and had embarked on a number of interventions to arrest the situation.
Mr Kusi stated that as part of the interventions, government would soon launch a national industry policy, which would encompass an industrial sector support programme to spell out projects to be undertaken for a sustainable development of the industrial sector, including the SMEs.
“The implementation of the policy will enable SMEs in the country to have a reliable policy direction that can make them competitive,” he stated.
He further said that the trade sector support programme being under taken by the ministry would create an ambience where SMEs would operate effectively to win market shares in the globally competitive economy.
Mr Kusi commended JICA for the initiative, which he said would complement the ministry’s projects.
“The Toolbox would serve as an assistance to entrepreneurs to operate their businesses effectively and help enterprise to grow from the informal sector and from SMEs to large companies,” he said.
He said it would also create new businesses to help reduce the rate of unemployment in the country.
The Toolbox is a compilation of essential information, business development services and plans needed in starting small-scale businesses, and contains information on the day-to-day management of small businesses, legal and ethical environment for pursuing business opportunities in Ghana, briefs on regulatory agencies and SME support institutions among others.
The Japanese Ambassador, Mr Keiichi Katakami, noted that the significant means of approaching and implementing strategies that would lead to the growth of SMEs in Ghana should be paramount on government initiatives .
He said the Japanese government had initiated various projects such as the promotion of industrial development and SME promotion development through JICA to assist small-scale businesses in the country.
“In line with the strategic direction of the government of Ghana, Japan intends to focus its assistance on micro, small, medium enterprises and the manufacturing sectors, especially in the local industries that utilise local resources,” he stated.
The JICA Resident Representative, Mr Kunihiro Yamanchi expressed the hope that the contents of the SME Toolbox would help SMEs grow and thrive in the country.