This follows the establishment of the Ghana Enterprises Agency (formerly the NBSSI) and the National Micro, Small, and Medium-Scale Enterprises (MSMEs) Entrepreneurship Policy.
Ghana’s SME sector is expected to improve in the coming days.
President Akufo-Addo stated at the launch that the policy aims to reduce, if not eliminate, the duplication of efforts currently seen in the MSME sector, ensure the prudent use of resources, implement programs 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 sector’s growth, provide clear policy direction, and opportunities for all actors in the MSME space to contribute meaningfully to the country’s development.”
He also stated that the National MSME and Entrepreneurship Policy has mandated that the Ghana Enterprises Agency (GEA) implement the Policy.
“The Agency Act establishes GEA as the apex body to coordinate and promote the growth and development of MSMEs in the country. “GEA will pave the way for the development of a dynamic MSME ecosystem and entrepreneurial community to help propel Ghana’s growth,” he added.
President Akufo-Addo also stated that the GEA SME Grant Fund was established to assist SMEs in “recovering from the effects of Covid-19, as well as reviving their operations under the Ghana Economic Transformation Project.”
This grant, worth 145 million Ghanaian cedis (GH145 million), will be distributed to over 300 SMEs to help them grow into sustainable businesses capable of competing on regional, continental, and global stages.
Mrs. Kosi Yankey-Ayeh, Chief Executive Officer of GEA, also stated that the new agency will have an impact by charting a new path within the SME sector to promote and develop businesses in the MSMEs space.