The Ministry of Finance, as the sector ministry for the financial sector, has a mandate to ensure the growth, development, and stability of the financial system. In carrying out this mandate the ministry as a central agency collaborates with relevant ministries, departments, and agencies (MDAs) through various initiatives and interventions.
The national development strategy, i.e. the Ghana Shared Growth and Development Agenda (GSGDA II) has the private sector as one of the key cornerstones of the nation’s medium term development plan. In addition, programmes pursued under the second phase of the Private Sector Development Strategy (PSDS II) and the Industrial Sector Support Programme (ISSP) are geared towards supporting SMEs by creating an environment conducive for increased private sector activity.
In Ghana, the focus of policy interventions for the promotion of SMEs have generally been on supporting entrepreneurial training and labour skills development; promoting the transfer and use of appropriate technology within the SME sector; establishing linkages between small industries and large industries; and also increasing SME access to sources of funds, decreasing the strong dependence on collaterals in credit disbursements, as well as providing safeguards for the credit delivery system.
The Government of Ghana (GoG) further supports SMEs through agencies like the Export Development and Agricultural Investment Fund (EDAIF); Microfinance and Small Loans Centre (MASLOC); Venture Capital Trust Fund (VCTF); Eximguranty Company Ghana Limited and The National Board for Small Scale Industries (NBSSI).
Government’s SME fund: The fund is expected to receive more than $20m from the Export Development and Agricultural Investment Fund, in addition to loans and grants from development partners.
Ghana Export Import Bank (Ghana EXIM): As part of Government transformational agenda towards achieving an export led economy, the Ministry is leading the establishment of Ghana Export Import Bank (Ghana EXIM) to finance export (notably high industrial and agricultural products); guarantee loans; provide export insurance, support SMEs and other businesses, and strengthen economic cooperation
Partnership for Growth (PFG) – SME Strategy: The SME Strategy under the Partnership for Growth (PFG) with United States Government (USG) seeks to inform policy decisions with regards to private sector development to improve access to finance and enhance the management and operational capability of SMEs. It also seeks to continue encouraging Ghanaian banks to establish SME units and supporting the implementation of an SME window on the GSE as well as secondary markets for bond and equity.
Financing Ghanaian Agriculture Project (FINGAP): The USAID funded programme exists to focus on crowding in investment and finance for agriculture production, processing and logistics in the country’s northern breadbasket by increasing the competitiveness of rice, maize and soya value chains in ways that foster broad-based and sustained growth. Government through the Ministry of Agriculture provide various support in the form of grants to some specific sectors such as the poultry, fisheries subsectors among others.
Financial Literacy and Public awareness programme: The Ministry collaborates with key stakeholders to organise regional fora that ensure consumers are well informed and capable of making sound financial decisions to complement the broadening and deepening of financial services. The purpose is to create public awareness of financial services, products and opportunities available to households, Micro, Small and Medium Enterprises (MSMEs) and the private sector in general. Key activities undertaken during the awareness programme include the regional public fora across the country and National quiz on finance for Senior High Schools (SHS).
Development of a Financial Inclusion strategy: A national steering committee was established in 2014 to oversee the preparation of the national financial inclusion strategy. So far, a final report on the Mapping of the Financial Inclusion Landscape in Ghana has been developed. The output will serve as input for the deliberations of the Financial Inclusion Steering Committee as well as for the development of national financial inclusion strategy.
Survey: In 2010, the Ministry of Finance conducted "The FINSCOPE Ghana Survey 2010" which studied consumers' perceptions on financial services and issues. This generated insights into how consumers source their income and manage their financial lives. It sampled the entire adult population, rich and poor, urban and rural to form a basis for segmentation to support product development and policy targeting to address the constraints affecting the deepening of the financial system. The results of FinScope was purposed to provide the foundation for evidence-based dialogue that will ultimately lead to effective public and private sector interventions.
Micro-Finance and Small Loans Centre (MASLOC)
29 Third Circular Road, Cantonments
Private Mail Bag 261
Accra - Ghana.
Tel: +233 -0302- 782527, 0302-782528, 0302-782643
+233 – 302-782532 www.masloc.gov.gh/
3rd Floor, GOC Building, Ridge Accra
P. O. Box MB 493, Accra,Ghana
Telephone: 0302 234668 / 0302 234669
Fax: 0302 234664
Eximguaranty Company GH. Ltd
27 Noi Fetreke Street
Roman Ridge Ambassadorial Estates Extension
P.O. Box 18543, Accra, Ghana
Tel: 233 302 768763-4
Fax: 233 302 768884
Venture Capital Trust Fund
12th Floor Premier Towers, Ministries, Accra
Tel: +233  302 671 459
Fax: +233  302 672 590