Akufo-Addo Urges African Governments to Foster SME Growth at 3i Africa Summit

During the 3i Africa Summit, President Nana Addo Dankwa Akufo-Addo made a compelling call for African governments to reorient their policies towards supporting small and medium enterprises (SMEs) and promoting innovation.

Recognizing SMEs as pivotal drivers of economic expansion and employment generation continent-wide, President Akufo-Addo stressed the necessity for governments to cultivate an enabling policy ecosystem conducive to SME development and innovation.

In his address to summit attendees, the President underscored the significance of facilitating access to finance, alongside investments in infrastructure and technology tailored to bolstering SME expansion.

Furthermore, President Akufo-Addo urged governments to prioritize research and development initiatives while nurturing a climate of entrepreneurial spirit and creativity. The overarching goal is to unleash Africa’s fintech and digital economic potential, the central theme of the three-day summit.

Organized by the Bank of Ghana (BoG), the Development Bank Ghana (DBG), and the Monetary Authority of Singapore (MAS) via its subsidiary, Elevandi, the summit has attracted over 4,000 participants from diverse backgrounds. Notable attendees include the Prime Minister of Grenada, Dickon Mitchell, serving as the Special Guest, the Secretary-General of the African Continental Free Trade Area (AfCFTA), Wamkele Mene, and representatives from the African Union.

Additionally, the summit boasts the presence of Ministers of Finance, Central Bank Governors, and leaders from various private sector entities operating in financial, investment, policy-regulatory, and digital technology spheres across Africa.

Over the course of three days, participants will engage in more than 15 sessions, covering over 60 topics, with speakers and discussants contributing to the exploration of pathways that promise significant traction in driving momentum and achieving progress.