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    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Ghana’s public debt stock hits ¢575.7bn in November 2022; more than 90% of GDP – BoG

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    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

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    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

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    Malagasy delegation completes tour of Ghanaian Fintechs and MFIs

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

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Transformation of NBSSI into Agency necessitated by growing needs of MSMEs – Executive Director

byMinna Dablu
November 10, 2020
in Business, Local Economy, Top Stories
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The Ghana Enterprises Agency Bill, when assented to by the President to become law, will not only convert the current National Board for Small Scale Industries (NBSSI) into an agency but will also give it the mandate to create a fund with the aim of addressing the financial needs of entrepreneurs in the country.

This was disclosed by the Executive Director of the NBSSI, Kosi Yankey-Ayeh.

The Ghana Enterprises Agency Bill was passed in Parliament last week; awaiting the President’s assent, after which NBSSI will be known as the ‘Ghana Enterprises Agency’.

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This is part of government’s plan to assist MSMEs financially to expand.

Speaking on the sidelines of the 2020 Ghana Women Entrepreneurship Summit; the Executive Director of the National Board for Small Scale Industries, Kosi Yankey-Ayeh, told journalists the changes were necessitated by the increasing responsibility of the Board and the growing needs of industries.

“It’s very important to note that COVID-19 brought to light a lot of the sectors that we had overlooked many times in the work we do. There’s trade, and there’s industry and then enterprises, and under the enterprises, come all cross section sectors of the work we did, which is something we never used to look at when we were working as NBSSI. Now, this new agency is bigger than we think. It looks not only at Micro and small (scale businesses). The NBSSI, really focused more on the Micro and small and did not look at medium and really, the trajectory improvements on these businesses and this new Act looks at it.”

“There’s also a strong component of funding which the old Act did not look at. There’s an SME fund that is part of what this act is supposed to look at, because the foundation and the fundamentals of the work we’ve been doing and what we realize was that one of the biggest challenges has been access to finance,” she said.

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