Finance Minister Dr. Mohammed Amin Adam engages banking heads to support SME Growth initiatives
On Thursday, July 18, Finance Minister Dr. Mohammed Amin Adam held a crucial meeting with heads of banking institutions in Accra.
The purpose of the meeting was to garner support for the government’s strategic policies and programs aimed at achieving sustained economic growth.
This meeting followed earlier engagements with banks in preparation for the 2024 mid-year budget review.
During the discussions, Dr. Amin Adam emphasized the significant role of Development Bank Ghana in channeling nearly GHS 1.4 billion through the financial sector for lending to viable Small and Medium Scale Enterprises (SMEs).
Dr. Amin Adam highlighted the government’s vision of SMEs as the cornerstone of the nation’s economic resurgence, underscoring the vital role banks will play in this initiative.
“The Development Bank Ghana, as part of the program, is looking to channel close to GHS 1.4 billion through the financial sector for onward lending to viable SMEs. Development partners such as the IFC are also structuring a $400 million package to complement this financial support and ensure we can close the financing gap for our SMEs over the medium term,” he stated.
He stressed the importance of collaboration to ensure sustainable growth and prosperity for all.
“Our economy is at a pivotal juncture, and it is imperative that we work together to ensure sustainable growth and prosperity for all. This meeting is a testament to our commitment to transparency, inclusivity, and shared responsibility in shaping our economic policies,” Dr. Amin Adam said.
He called for open and constructive dialogue to address current economic issues and explore innovative solutions.
“Today, we will discuss key strategies and policies that will impact our economy. We aim to address current economic issues and explore innovative solutions through your inputs. Your insights and feedback are invaluable, and I encourage open and constructive dialogue throughout our discussions,” he added.
Dr. Amin Adam concluded by emphasizing the potential for a resilient and dynamic economy through collective effort.
“We are living in a time of rapid change and uncertainty, but also of great potential. By leveraging our collective expertise and resources, we can create a resilient and dynamic economy that benefits every citizen. This requires us to be bold in our vision, pragmatic in our approach, and united in our efforts. The government has set its sights on creating a viable SME ecosystem that ensures businesses with high-growth potential are given the technical capacity and financing support to scale and rapidly create impact,” he said.
