The Institute of Statistical, Social, and Economic Research has recommended that the government provide funding for small and medium-sized enterprises (SMEs) with proven track records. It advised the government to disburse funds based on the existing database of SMEs to prevent newly set-up SMEs with no track record from accessing the funds at the expense of existing ones with track records. The institute made the recommendation in the mid-year budget review, which assessed the mid-year budget presented by the finance minister, Dr. Mohammed Amin Adam, to parliament. The institute's recommendations come against the backdrop of the government's recent attempts to help SMEs. The government's assistance for SMEs is carried out through initiatives such as the SME Growth and Opportunity Programme, the Ghana Enterprise Agency's Youstart Programme, and the Ghana Skills Development Fund. These initiatives offered varying business services and funding to SMEs to improve their operations and profitability. ISSER a dvised the government to disburse funds through financial institutions, including development banks, to ensure they were used for the intended purpose, guaranteeing repayment It urged the government to disburse funding through financial institutions, especially development banks, to assure their intended use, payback, and sustainability. ISSER stressed that funds to support SMEs should target those involved mainly in higher value addition in agriculture, light manufacturing, hospitality, tourism, and digitalisation. According to ISSER, these measures ensure that funds are not utilised by merchants and wholesalers to import The institute advised the government to continue utilising digital technology and other initiatives to create a business-friendly environment that attracts domestic and foreign investors. It also stated that using digital technology would generate capital for crucial labour-intensive and high-growth industries such as agro-processing, light manufacturing, tourism, hospitality, and ICT. Source : Ghana News Agency
Related Posts
Avenor Rural Bank ranked 12th, records 237.09 per cent profit before tax
The Avenor Rural Bank Plc in the Volta Region has been ranked 12th out of the 130 Rural and Community Banks (RCBs) in the country, according to the 2023 fourth quarter RCBs performance review report.
The report, from ARB Apex Bank Plc, showed that t…
Praia: Two dozen restaurants with confirmed participation in the ‘Master Menu’ gastronomy festival
Two dozen restaurants confirmed their presence at the ‘Master Menu/Sal a Gosto’ food festival, taking place from 22th to 27th, at the Amílcar Cabral Memorial square, in the City of Praia, according to information provided by the organization.Promoted b…
Al-Habibiyyah charges Tinubu to tackle hunger, poverty, inflation headlong
The Al-Habibiyyah Islamic Society on Sunday in Abuja urged the President-elect, Sen. Bola Tinubu to prioritise the war against hunger, poverty and inflation as soon as he gets to the seat.National Chief Imam of Al-Habibiyyah Mosque, Imam Fuad Adeyemi,…