Ghana’s Finance Minister Calls For Investment in SMEs
The Finance Minister of Ghana has called for more investment opportunities within the Small Medium Entereprises.
According to Mohammed Amin Adam, this action will accelerate economic growth and increase job opportunities. He emphasized that lack of finance to SMEs continue to be a blockade to growth and development.
“Low financing to SMEs continues to be a critical barrier to the acceleration of growth and development on our continent. In Ghana, SMEs constitute 92% of manufacturing, 70% of growth and provide 80% of jobs,” he stated.
Speaking at the 3i Africa Summit on May 13 in Accra, the minister and member of Ghana’s parliament insisted on the crticial need to empower SMEs on the continent to forster growth and development.
The 3i Africa Summit is an event that seeks to bolster momentum and traction while championing innovation through fintech among major stakeholders and policy makers around the world.
Addressing the audience, Dr Amin Adam proferred the urgent need to facilitate improvement within the confines of our boarders to improve access to capital by leveraging on fintech infrastructure growth.
“Our focus going forward is, therefore, to generate growth within our borders by increasing access to capital. This cannot be achieved without a strong fintech infrastructure; an important requirement to address the efficiency of delivering capital to SMEs and reducing the risks of recovery of funds by financial institutions,” he added.
But how is Ghana as a country, contributing its quota of investment in SMEs?
The Finance Minister reaffirmed the government’s dedication to utilizing the nation’s growing fintech sector as a catalyst for economic advancement.
“In my capacity as Ghana’s Finance Minister, I am steadfastly committed to harnessing the potential of our nation’s fintech landscape to drive sustained economic growth and progress,” declared the Minister.
He continued, emphasizing the transformative power of fintech: “By leveraging the collective knowledge, innovation, and dynamism of our fintech sector, we can unlock new opportunities, generate employment, and accelerate progress towards our overarching development goals.”
The Minister’s statement comes amid increasing recognition of fintech’s potential to revolutionize financial services, enhance inclusivity, and stimulate economic activity across various sectors. With Ghana’s fintech ecosystem rapidly evolving and gaining momentum, the government’s pledge to prioritize its development signals a significant step towards harnessing technology for national prosperity.
