The 2024 Ghana Government Budget: Empowering Small and Medium-Sized Enterprises (SMEs) and Entrepreneurship

SMEs in Ghana Key Statistics

• 92% of businesses in Ghana are SMEs
• 83% of employment comes from SMEs
• 70% of GDP contributed by SMEs

The Government of Ghana has recognized the vital role Small and Medium-Sized Enterprises (SMEs) and entrepreneurship play in driving economic growth, innovation, and job creation. In the 2024 budget, several measures have been introduced to support SMEs and entrepreneurship, including:

• Increased funding for the National Entrepreneurship and Innovation Programme (NEIP)
• Introduction of a new SME-focused tax regime with reduced rates and exemptions
• Establishment of a GHS 100 million SME Development Fund
• Expansion of business advisory and mentorship services
• Enhanced access to government procurement opportunities

Photo Credit: CLET Ghana – Center For Leadership and Executive Training

Benefits for SMEs in the 2024 Budget]

• Increased access to finance and funding
• Reduced tax burden
• Enhanced training and support
• Increased market opportunities
• Simplified regulatory environment

These measures demonstrate the government’s commitment to empowering SMEs and entrepreneurs, driving growth and development in Ghana.

By supporting SMEs and entrepreneurship, Ghana is fostering innovation, creating jobs, and promoting economic transformation. The 2024 budget initiatives are a step towards a more prosperous future for Ghanaian businesses and citizens alike.