Didier Acouetey Urges Continued Advocacy for Africa’s Small and Medium-Sized Enterprises

By Didier Acouetey, Chairman of AfricSearch and founder of the Africa SME Champions Forum

The eighth edition of the Africa SME Champions Forum has concluded, highlighting an urgent need for action to support small and medium-sized enterprises (SMEs) in Africa. The forum, founded nearly a decade ago, aims to bolster the continent’s development and job creation initiatives.

According to the Africa News Agency, Chairman of AfricSearch and founder of the Africa SME Champions Forum, the initial motivation for the forum dates back to the early 1990s. The focus of the forum is to provide concrete solutions for Africa’s transformation by supporting SMEs, which play a critical role in job creation.

SMEs face several challenges, including inadequate support and access to finance, which hinder their potential for growth and job creation. Recent social crises and governance issues, particularly in the Sahel, have exacerbated the situation. Lack of support for SMEs risks a social explosion driven by youth unemployment and lack of opportunities.

The Africa SME Champions Forum offers a unique platform that brings together various stakeholders—entrepreneurs, financiers, and decision-makers—to collaborate and make impactful decisions for SMEs. Currently, only 20% of SMEs have access to traditional financial channels. The forum aims to bring together diverse financial institutions to address this gap.

The event also underscores the need for significant policy shifts and resource allocations targeting SMEs. Technical assistance for SMEs is another area requiring focus, as many face organizational challenges. Over the past decade, some progress has been made, particularly by African financial institutions and commercial banks. However, Acouetey insists that advocacy must continue to promote innovative policies supporting SMEs for the larger benefit of job creation and Africa’s development.