The Eastern Regional Minister, Mrs. Rita Akosua Adjei Awatey, has emphasized the need for greater financial empowerment for Small and Medium-sized Enterprises (SMEs), calling on financial institutions and policymakers to strengthen support systems for businesses.
Speaking at the Koforidua edition of the Access Bank-Deloitte Ghana SME Business Interaction Series at the Capital View Hotel on Tuesday, 25th February 2025, she highlighted SMEs as the backbone of Ghana’s economy, contributing significantly to job creation, innovation, and economic growth. However, she noted that limited access to credit, high tax burdens, and regulatory challenges continue to hinder their potential.
The event, themed “SME Financial Empowerment: An Imperative for Business Resilience,” brought together business owners, financial experts, policymakers, and industry stakeholders to discuss ways to improve SME financing and resilience.
In her address, the Minister commended Access Bank Ghana and Deloitte Ghana for organising the nationwide SME capacity-building series, which had already been held in Accra, Kumasi, Tamale, and Takoradi before reaching Koforidua. She noted that financial literacy, digital banking solutions, and access to tailored financial products were essential for SME growth, urging entrepreneurs to take full advantage of the resources available.
She also used the platform to highlight the government’s 24-hour economy strategy, which aims to boost business productivity and create jobs through policies that enhance private sector growth. She encouraged SMEs to embrace modern financial tools, innovative business strategies, and strategic partnerships to remain competitive in a rapidly evolving business environment.
The event featured presentations, panel discussions, and networking sessions, allowing SMEs to engage directly with financial institutions, business consultants, and policymakers on ways to access funding, manage risks, and scale their operations.
Mrs. Awatey reaffirmed the commitment of the Eastern Regional Coordinating Council (ERCC) to advocating for policies and reforms that enhance SME growth, ensure access to finance, and create a thriving business environment in the region.
The Access Bank-Deloitte SME Business Interaction Series has been a key platform for knowledge-sharing, financial education, and stakeholder collaboration, ensuring that SMEs are well-equipped to navigate financial challenges and achieve long-term sustainability.