By Prince Antwi
Copyright ghanaguardian
Chief Executive Officer of the Ghana Export-Import Bank (EXIM Bank), Sylvester Adinam Mensah, has called for stronger and more deliberate support for Small and Medium Enterprises (SMEs), stressing their central role in driving Africa’s economic growth.
Speaking at the Global SME Finance Forum in Johannesburg, South Africa, Mr. Mensah noted that SMEs are not merely beneficiaries of government assistance but vital contributors to national development.
“SMEs are integral to the development of economies. We must therefore champion their growth. Governments do not do SMEs a favour by supporting them to grow. SMEs hold the key to economic growth,” he said.
He explained that SMEs account for about 85% of African economies, making them crucial sources of job creation and inclusive growth. According to him, removing barriers to their operations and providing the right support systems will yield lasting benefits.
The Forum, organised by the International Finance Corporation (IFC) under the auspices of the G20, is themed “Building resilience and creating opportunities for growth.” It has brought together global leaders in the SME ecosystem to explore innovative strategies for financing and scaling small businesses.
The World Bank projects that 1.2 billion new jobs will be needed by 2050 to absorb the growing youth population in developing countries. However, only 420 million jobs are expected to be created, leaving a significant gap. Mr. Mensah emphasised that empowering SMEs is one of the most viable ways to bridge this employment deficit.
“Supporting SMEs does not only have to come through funding. Providing mentorship opportunities and capacity-building ensures their growth and sustainability. When they then get the funding, they are more likely to do better, as their knowledge and capacities have been enhanced,” he explained.
Beyond finance and mentorship, Mr. Mensah also advocated for regulatory reforms to simplify business operations. He proposed the establishment of a one-stop regulatory centre where SMEs can efficiently obtain licenses and certifications, thereby improving their compliance and operational capacity.
“Facilitating their acquisition of regulatory licenses and certifications by creating a one-stop shop ensures efficiency in their operations,” he added.
Mr. Mensah’s call highlights the urgent need for African governments and development partners to adopt holistic approaches—combining financing, mentorship, capacity-building, and regulatory reforms—to unlock the full potential of SMEs in job creation and sustainable economic growth.
