Finance Minister Dr Mohammed Amin Adam has disclosed that the Ministry is concluding a financial strategy to help Small and Medium-Scale Enterprises (SMEs) secure funding without struggle.

According to Dr Adam, although SMEs contribute in propelling growth and job creation in the country, lack of capital hinders their operations.

Speaking at the ongoing 3i Africa Summit on May 13, he said this limitation has hindered their ability to create more jobs, which in turn affects Ghana’s economy.

“SME’s contribute 92% of manufacturing, 70% of growth and provide 80% of jobs. It is therefore very basic why SMEs should be supported particularly in creating access to capital and providing skills for them to work with,” he said.

As such, he Dr Adam said “The Ministry of Finance is finalising SME Financing strategy which has components such as direct lending to SMEs, providing guarantees to financial institutions, reducing the cost of borrowing and supporting skills innovation in the SME eco-space through Fintech.”

The Finance Minister reiterated his commitment to harnessing the potential of the nation’s Fintech landscape to drive sustained economic growth and progress.