The increasing acknowledgement of the role of SMEs in economic growth and reducing unemployment in SSA brings forth the need for research into understanding the role and impact of the SME policy and its outcomes. However, the lack of adequate critical examination of the current SME policies across SSA as well as the absence of a holistic conceptual framework has put limitations on the further development of literature in the field. In this article, we have attempted to critique the existing assumptions underpinning the SME policy. We have also advanced a conceptual framework and propositions to enable the holistic research that can shed more light on our understanding of the interactions between SME policies, the business environment (context), the entrepreneur, and policy outcomes. Finally, we proposed research questions and an agenda that should guide future research.