Analysis of Ghana’s SMES industrial policy approach: Call for a new beginning

Abstract

Since the launch of Ghana’s Industrial Policy (GIP) in 2011, it has not received the needed backing for implementation. This has created a challenge for industrial efficiency for the economy of Ghana. Based on the implementation gaps identified in the policy, it is argued that Ghana can absolve itself from neoliberal economic dictates if it focuses on a new industrial policy approach that galvanises the Small and Medium-sized Enterprises (SMEs) sector. The objective of this paper is to review the GIP and to identify the gaps in its implementation and implications for SMEs’ growth in Ghana. Using the doctrinal research method, secondary data sources were analysed. The study revealed that the GIP comes in as a key development paradigm with private sector collaborations, yet its potentials have not been harnessed as expected. The paper concludes that, for a paradigm shift, it is rewarding to give greater attention to the manufacturing department of the SMEs with the view of developing a useful industrial policy regime.