The Ghana Export-Import Bank (GEXIM) has unveiled plans to launch a state-of-the-art food processing pilot plant in Accra. The aim is to boost the value addition of products from Small and Medium-sized Enterprises (SMEs) as part of the government’s new SME Growth and Opportunity initiative.
According to Ms Rosemary Beryl Archer, Deputy Chief Executive Officer (CEO) of GEXIM, the establishment of the processing plant will be a significant moment for Ghanaian SMEs and related sectors. The collaboration with various agencies and stakeholders will provide enterprises with the opportunity to test their production and scale up their ideas in a standardized food processing pilot plant.
The Bank is committed to leveraging its expertise and network to provide financial and technical support to meet the diverse needs of export-ready SMEs in Ghana. Ms Archer highlighted the importance of building a systematic approach to enhance value chain development and address market underperformance issues for SMEs.
With Ghanaian SMEs accounting for a significant portion of existing companies, manufacturing jobs, and GDP in the country, it is crucial to provide support for their growth and development. The government’s SME Growth and Opportunity program, with an allocation of GHS8.2 billion, aims to assist SMEs in scaling up and enhancing their capacity to compete in the global marketplace.
The program will offer flexible financing options to beneficiary SMEs, along with public policy optimization to support their operations effectively. It includes measures such as creating a one-stop shop for SMEs and designing business enclaves with fiscal incentives, financial resources, and shared technology to empower SMEs in Ghana.
Through collaborative efforts and integrated solutions, it is expected that Ghanaian SMEs will contribute significantly to socio-economic development and drive the country closer to its growth potential. The initiative aligns with the government’s vision to boost SMEs and foster a conducive environment for their sustainable growth in the long run.