Ghana’s SME sector is expected to experience some enhancement in the coming days.
This comes on the back of the launch of the Ghana Enterprises Agency (formerly NBSSI) and the National Micro, Small and Medium-Scale Enterprises (MSMEs) Entrepreneurship Policy.
Speaking at the launch, President Akufo-Addo noted that the policy is aimed at reducing, if not eliminating the duplication of efforts currently being witnessed in the MSME sector, ensure the judicious use of resources, implement programmes to formalize and support the informal sector, and design interventions to support MSMEs in the country.
“The MSME policy is a policy designed to direct the growth of the sector, provide clear policy direction and opportunities for all actors within the MSME space, to enable them contribute meaningfully towards the development of the country”.
He also noted that the Ghana Enterprises Agency (GEA) has been prescribed by the National MSME and Entrepreneurship Policy to implement the Policy.
“The Act establishing the Agency makes GEA the apex body to co-ordinate and promote the growth and development of MSMEs in the country. GEA will lead the way in creating a dynamic MSME ecosystem and entrepreneurial community to help propel Ghana’s growth,” he added.
President Akufo-Addo further indicated that the GEA SME Grant Fund has been established to support SMEs “to recover from the effects of Covid-19, and also help them to resuscitate their operations under the Ghana Economic Transformation Project.”
Disbursement of this grant, which amounts to one hundred and forty-five million cedis (GH¢145 million), will be made to over three hundred SMEs to help them grow into sustainable businesses, capable of competing on the regional, continental and global stages.
Chief Executive Officer of GEA, Mrs Kosi Yankey-Ayeh, also stated that the new agency will be impactful by charting a new path within the SME sector to promote and develop businesses in the MSMEs space.