GEXIM to setup modern food processing plant for SMEs value addition

The Ghana Export-Import Bank (GEXIM) has announced the establishment of a modern food processing pilot plant in Accra to enhance value addition of produce of Small and Medium-sized Enterprises (SMEs)This is part of the Bank's financial and technical support to high growth potential SMEs under the government's newly launched SME Growth and Opportunity initiative.The processing plant, Ms Rosemary Beryl Archer, Deputy Chief Executive Officer (CEO), GEXIM, said would be a 'golden moment' for Ghanaian SMEs and affiliated sectors.  The collaborative assistance with other agencies and stakeholders, she said, would help enterprises with manufacturing solutions by testing their production and scaling up ideas in a standardised food processing pilot plant.She said the Bank would leverage its expertise and network to facilitate access to financial and technical services to meet the diverse needs of Ghanaian export-ready SMEs.Ms Archer said the Bank would readily assist to build a systematic approach that would enhance value chain development, resulting in the elimination of underlying causes of market underperformance.'This definitely holds the key to increasing profits and productivity for SMEs, and making them sustainable by withstanding disruptions at all times,' the Deputy GEXIM CEO said.She expressed confidence that through a collaborative approach in providing integrated solutions to the challenges facing SMEs, there would be an increase in the contribution to socio-economic development by Ghanaian SMEs.Available data by the Ministry of Finance showed that Ghanaian SMEs accounted for 92 per cent of existing companies, 85 per cent of manufacturing jobs, and 70 per cent of Gross Domestic Product (GDP).Also, in recent times, the world has experienced challenges and businesses are not spared, with access to financing, becoming inimical to advancing broad-based SME development, the government has noted.The SME GO programme aims to support the delivery of a robust SME financing programme to bring Ghana cl oser to its growth potential of approximately five per cent, the Ministry of Finance has said.The GHS8.2 billion programme would assist Ghanaian SMEs to scale up and build their capacity to make them sustainable and compete favourably in the international marketplace.Beneficiary SMEs would be provided with short-and-medium-term flexible financing options, together with, public policy optimisation to enable them obtain the necessary resources to scale their operations effectively.The envisaged measures range from the creation of a one-stop-shop for SMEs to the design of business enclaves providing SMEs with fiscal incentives, financial resources and shared technology.Source: Ghana News Agency