Dr. Ernest Addison
The Governor of the Bank of Ghana, Dr. Ernest Addison has called on stakeholders in the Small and Medium Enterprises (SMEs) to explore innovative policy mechanisms to enhance the sector’s output to foster entrepreneurship and drive economic growth.
Dr. Ernest Addison who made the call at the SME Growth and Opportunity Summit 2024 organised by the Ministry of Finance in Accra said in line with efforts to enhance the growth of the sector, the bank continues to leverage its mandate to improve the sector with innovative modern policy tools.
He said the policy tools which include regulatory sandbox has helped the bank in the implementation of policy initiatives that has enhanced digitalised financial services which has resulted in economic inclusion for Ghanaian SMEs.
“One such initiative is the Ghana Integrated Financial Ecosystem (GIFE), launched in June 2022 under the broader Business Sans Borders (BSB) in partnership with the Monetary Authority of Singapore (MAS) and Development Bank Ghana (DBG)”.
He said the GIFE, is a comprehensive financial development programme that provides SMEs with financial and digital literacy training, as well as offers the opportunity for SMEs to obtain trusted digital credentials.
“The initial success of GIFE has catalyzed the evolution of the Universal Trusted Credential (UTC) concept, jointly championed by BOG and MAS, and now adopted by the United Nations Development Programme (UNDP). This open global initiative aims to enhance access to financing for Micro, Small, and Medium-sized Enterprises (MSMEs) in emerging markets,” he added.
He stated that others such as the BSB started in 2020 as an intelligent global digital-hub and connector of platforms of businesses in Asia and beyond to Ghanaian SMEs and financial institutions.
The governor said the tool will enhance SMEs access to financial services and cross-border trade connectivity as well as adequately prepare them with the requisite skills, tools, and endorsements to make them trusted and capable participants in the international trade arena.
He further stated that although Ghana has made numerous strides in the SME sector , the fragmented nature of the initiatives often hinders their collective impact which could therefore be addressed through enhanced collaboration, simplify access for SMEs, and harmonisation of policies.
By Ebenezer K. Amponsah