4 December 2018

Ghana Needs 10 Year Master Plan for SMEs - CEO, CENGL

The Chief Executive Officer (CEO) of the Chief Executives Network Ghana Limited (CENGL), Ernest De-Graft Egyir has called for the development a ten-year master plan to help stimulate the growth of the Small and Medium-Scale (SME) sector.

Speaking at the 2nd Ghana SME and Young CEOs Summit in Accra, he said the development of the master plan had become necessary to accelerate the growth of the SME sector.

"We believe that the 10-year SME master plan will trigger a major paradigm and structural shift towards and entrepreneurial economy," he said.

The two-day summit was on the theme "Corporate Leadership Governance and Technology: Strong Pillars for Business and Economic Growth."

It was attended by Minister of Business Development, Dr Mohammed Ibrahim Awal, government officials, captains of industry and players from the business sector and as part of the programme, Business Achievement Awards were given to some captains of industry.

Making a presentation on a 10-Year Master Plan for the SME sector, Mr Egyir indicated that "the proposed SME master plan will be to tackle key areas for sustainable SME development, improve SME competitiveness and growth as well as improve value addition by supporting research, inspiring innovation and increasing market access and exports."

The Founder of CENGL said the SME sector played critical role for the development of the country and measures must be taken by the government to make the sector thrive.

According to him, the SME sector constitute about 80 per cent of operational businesses, contributing about 60 per cent of Gross Domestic Product ad being the largest employer in the country.

The CEO of Deloitte Ghana, Charles Larbi-Odam encouraged participants not to see corporate governance as a bureaucratic and slow decision-making process but rather as mechanism used by shareholders as a business management guideline to ensure efficiency, fairness, transparency and results.

Dr Daniel McKorley, Chairman of McDan Group who was the keynote speaker lamented the fact that one could not find an indigenous firm that was worth 1 billion dollars, urging business leaders to aspire to take their enterprises to greater heights.

He urged young CEOs to offer strong leadership and be consistent in their approach to business.

The Head of Research of the Bank of Ghana, Philip Abradu-Otoo said well-functioning markets and efficient payment system infrastructure were the main pillars needed to support business growth.

She said the ongoing reforms in the banking sector such as the Minimum Capital Requirement would help to build strong banking industry.

The Minister of Trade and Industry, Allan Kyerematen said an SME policy document was being developed, and said when it was completed and approved, would go a long way to support the SME sector to grow efficiently.

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