Relying heavily on foreign direct investments, raw materials export exposes us to external shocks – Finance Minister

The Minister of Finance, Dr. Mohammed Amin Adam has indicated that Ghana must evolve beyond relying heavily on foreign direct investment and raw material exports.

According to him, the overreliance is volatile and exposes the country to external shocks.

“Ghana’s growth model must evolve beyond relying heavily on foreign direct investment and raw material exports, which can be volatile and expose us to external shocks,” Dr. Mohammed Amin Adam said.

The Finance Minister was speaking during the Ministry of Finance (MoF) SME Growth and Opportunity Summit – 2024 on Tuesday, July 16.

In his address, Dr. Mohammed Amin Adam proposed that Ghana must harness the potential of its homegrown SMEs to build a stronger economy.

According to him, it will fuel the country’s development to improve the lives of the citizenry.

“Instead, we must harness the potential of our homegrown SMEs to build a prosperous, dynamic, and competitive economy,” Dr. Mohammed Amin Adam said.

On Tuesday, the SME Growth and Opportunity Programme was launched.

The programme is backed by a substantial GH¢8.2 billion funding package. The initiative aims to empower small and medium-sized enterprises (SMEs) to overcome the barriers they face and unlock their full potential.

By providing targeted financing solutions and technical assistance, government plans to lay the foundation for a stronger and more resilient economy.