Calls for government to take steps at addressing fundamental challenges facing in various sectors of the economy keep intensifying as Finance Minister, Ken Ofori-Atta, prepares to present the 2022 Budget statement.
Businesses in the Small and Medium-sized Enterprise (SME) industry for instance are charging the government to review regulations that hinder the growth of small businesses in the country.
Executive Vice President of the African Centre for Economic Policy, Mavis Owusu-Gyamfi, ahead of the 2022 budget to be read this Wednesday, shared her expectations for the SME sector with Citi Business News.
“I would love to see government’s focus on the enabling environment for the SME sector so not just the macro policies, but some of the micro policies. Look at the various sectors like the agriculture and manufacturing sectors. Let’s look deep down into the policies and regulations that are hindering our businesses,” he hoped.
In Ghana, SMEs account for over 90 percent of all registered businesses and generate more than 90 percent of employment.
SMEs have the potential to generate close to half a million jobs every year if well supported. Unfortunately, many of these businesses do not survive long enough to create these jobs.
Some of the challenges that hinder the growth of these businesses include higher credit constraints, inadequate infrastructure, low managerial skills, low technological know-how, weak institutional and regulatory framework, and globalization.
In recent times, many stakeholders especially those in the private sector keep intensifying efforts to bridge these gaps for small businesses.
One of such is the African Centre for Economic Policy (ACET).
Founded in 2008, ACET is a Pan-African economic policy institute that supports Africa’s long-term growth through transformation.
