GHANA- The Ghana Export-Import Bank (GEXIM) has established an ultra-modern food and processing plant in Accra to enhance value addition of agricultural produce from SMEs.
According to GEXIM, the processing plant is in line with its financial and technical support strategy for SMEs with high growth potential, which is in line with the government’s SME Growth and Opportunity Initiative, which was unveiled recently.
The collaborative assistance between the government and GEXIM is intended to help provide SMEs with value-added solutions, enhance the quality of products, and scale up positive and proactive ideas. The plant will also provide supported SMEs with an opportunity to test and scale up their production in an industry-standard manufacturing plant.
Apart from providing value addition opportunities for SMEs, the collaborative effort will also provide short term and medium term financing solutions for SMEs.
GEXIM has expressed its commitment to leveraging its vast network and expertise to enable access to financial and technical services to fill the gaps of Ghana’s SMEs, helping them become more competitive in both the local and the international markets.
The bank will also help SMEs build a systematic approach to their production process that will eliminate underlying challenges that would cause market underperformance.
Ms Rosemary Beryl Archer, Deputy Chief Executive Officer (CEO), GEXIM, said, “This definitely holds the key to increasing profits and productivity for SMEs and making them sustainable by withstanding disruptions at all time.”
The plant specifically targets SMEs because of their importance to the Ghanaian economy. According to data from Ghana’s Ministry of Finance, SMEs in Ghana accounted for 92% of all existing companies, 85% of all jobs in processing and manufacturing and contributes 70% of the country’s GDP. As such, investing in SMEs is considered almost synonymous with investing in the country’s economy.
Welcoming the launch, the Ministry of Finance revealed the collaborative effort between the government and GEXIM via the SME Growth and Opportunity Initiative will fill the financing and facilities gap required to expand the agribusiness sector.
The Ministry expressed confidence that the collaboration would bring Ghana closer to the targeted GDP growth of 5%.
Liked this article? Sign up to receive our email newsletters with the latest news updates and insights from Africa and the World HERE
