14 November 2018

Ghana: SMEs Policy to Boost Economy in the Offing

Government, through the Ministry of Trade and Industry (MoTI), is embarking on an industrial transformation agenda that seeks to change the face of the Ghanaian economy.

This is set out in a 10-point thematic agenda, one of which is the promotion of Small and Medium-scale Enterprises (SMEs) development.

A statement signed by Rejoice Tetteh, Public Relations Officer, NBSSI, said achieving this objective required the formulation of a national Micro, Small and Medium Enterprise (MSME) policy for Ghana.

The MSME policy therefore seeks to provide the administrative, regulatory, institutional and legal framework for the growth and development of the MSME sector.

Ultimately, the policy is expected to stimulate the growth of MSMEs to produce world class products and services that can compete locally and internationally.

This will in addition provide a supportive enabling environment and interventions of technology transfer, entrepreneurial culture, skills development, access to finance and market facilitation.

The objective of this national policy are to be a government tool to coordinate and consolidate public resources, to provide clear guidelines and the needed regulatory framework to businesses, prospective investors, development partners, financial institutions, service providers and other stakeholders to promote the development of the MSME sector.

In line with this special initiative, three zonal consultative stakeholder workshops have been planned.

The southern zone, which is currently underway at the Coconut Grove Regency Hotel in Accra, is the first.

This will be followed with similar ones in the middle and the northern zones which will be held simultaneously at Kumasi and Tamale respectively on the 15th of November 2018.

The MSME policy which is expected to assemble all industry giants, players, movers and stakeholders both from the private and governmental sectors under one roof will have the presence of the sector minister, Alan Kyerematen and his two deputies, Robert Ahomka Lindsay and Carlos Ahenkorah gracing the occasion.

According to data gathered from the Integrated Business Establishment Survey (IBESS, 2016) the Ghanaian MSMEs constitute about 92 per cent of all businesess in Ghana.

They account for about 85 per cent of manufacturing employment and contribute about 70 per cent to Ghana's Gross Domestic Product (GDP).

These enterprises are therefore an integral part of the Ghanaian economy and they promote the development of the different structures of society through the generation of employment to vulnerable groups, including women, youth and low-skilled workers, hence the need for a national policy to foster job creation and income generation through the promotion of new and existing MSMEs.

This will subsequently improve competitiveness in the sector and thereby enhance the participation and contribution of the MSMEs to boost the Ghanaian economy.


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