Prof. Ernest Aryeetey highlights the role of SMEs in driving Ghana’s economic growth during his keynote at the second Quarterly Economic Roundtable (QER).
The second edition of the Quarterly Economic Roundtable (QER), themed "Driving Economic Growth through Small and Medium Enterprises (SMEs)," was held at the Institute of Statistical, Social, and Economic Research (ISSER), bringing together academics, policymakers, and industry practitioners. This event marked Emeritus Professor Ernest Aryeetey's first major engagement at ISSER in his new role, which was conferred upon him last year. As the keynote speaker, Prof. Aryeetey's address set the tone for engaging discussions aimed at shaping government policy and advancing SME growth in Ghana.
Dr. Mohammed Amin Adam, Minister for Finance; Prof. Nana Aba Appiah Amfo, Vice Chancellor of the University of Ghana; and Prof. Peter Quartey, Director of ISSER and Chair of the QER technical committee, were among the dignitaries at the event. The roundtable featured insightful presentations, two dynamic panel discussions, and an engaging question-and-answer session.
In his keynote address, Prof. Aryeetey emphasised the vital role of SMEs in driving economic growth, highlighting the characteristics of SME activities, government initiatives, and strategies to enhance the sector’s contribution to national development. He called for a conducive business environment, innovation, and stronger support mechanisms to help unlock the full potential of SMEs in Ghana.
The Honourable Minister expressed his appreciation for the platform, stating, "This forum has exceeded my expectations,” and affirmed his commitment to turning the recommendations into actionable outcomes to enhance government SME support programmes for the benefit of all Ghanaians.
Prof. Nana Aba Appiah Amfo lauded the collaboration between the University and the Ministry of Finance. She highlighted the significance of integrating academic insights into policymaking, saying, "Your vision to integrate academic insights into policymaking is commendable and crucial for sustainable economic development." She further added that the QER strengthens the University’s position as a knowledge hub that influences public policy and fosters national development.
The first panel, "Business Environment and Impact on SMEs," featured key speakers including Prof. Peter Quartey; Dr. Humphrey Ayim Darke, President, Association of Ghana Industries; Mrs. Kosi Yankey-Ayeh, CEO of the Ghana Enterprises Agency; and Mr. Joe Jackson, CEO of Dalex Finance. They discussed the impact of Ghana’s business environment on SME growth and explored solutions to challenges such as access to finance, market entry barriers, and tax system complexities.
The second panel, "Innovation and Competitiveness," focused on leveraging innovation to boost SME competitiveness and their contribution to national economic growth. Panellists included Prof. Eric Osei-Assibey, Chief Economist at the Development Bank Ghana; Ms. Eunice Agyepong, SME Component Manager at Invest for Jobs (GIZ-Ghana); Dr. Humphrey Ayim Darke, President of the Association of Ghana Industries; and Dr. George Acheampong from the University of Ghana Business School. Citi FM’s Bernard Avle moderated the discussions.
Various members of the ISSER community actively contributed to the success of the QER, reflecting the Institute’s commitment to promoting evidence-based decision-making and advancing the strategic objectives of both the University and the nation. In his closing remarks, Prof. Peter Quartey commended the organizing team, which included representatives from the University of Ghana Business School, the Department of Economics, ISSER, and the Ministry of Finance, for their collaborative efforts in making the event a success.
The Quarterly Economic Roundtable is a joint initiative between the University of Ghana and the Ministry of Finance, aimed at fostering policy decisions based on research and practical insights. This second edition, held on 7 October 2024, followed the inaugural roundtable in July 2024.
By Vicentia Quartey
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