According to him, lack of innovation, capacity to identify new markets, low production capacity utilisation, low level of technology and limited capital and knowledge have been major contributory factors to this problem.
In a statement read on his behalf at the launch of the SME?Ghana Awards on the theme: “Sustaining Ghana’s SMEs in globally Competitive Market,” Mr Haruna Iddrisu said the government had introduced innovative schemes to encourage, support and sustain the development of SMEs in the country to enable them to become globally competitive.
He said the policy thrust of the government was to reduce the current budget deficit to sustainable levels, improve the exchange rate regime and build a private-sector-led economy as outlined in the 2014 budget statement and economic policy.
Mr Kwesi Ofori Jnr, an official of the organisers said the SME Ghana Awards was instituted to acknowledge, celebrate and encourage excellence among SMEs in Ghana, give them opportunity to gain valuable exposure and a well-deserved recognition for national and global expansion.
He mentioned that the scheme was targeted only at small and medium-size enterprises in Ghana and winners would be provided with periodic training programmes which would be held annually.
Mr Ofori added that the main aim of the event was to showcase Ghana’s successful SMEs, highlight and promote the roles SMEs play in economic development, encourage SMEs to use ICT by establishing their own websites to connect better and do business with larger enterprises.
Source: Graphic Online