The government has completed preparations towards the conversion of the National Board for Small Scale Industries (NBSSI) to an establishment known as the Ghana Enterprises Agency to efficiently manage micro, small and medium enterprises (MSMEs) in the country.
In line with that, a framework of national MSMEs policy to stimulate the growth of the sector to produce quality products and services capable of competing locally and internationally has also been completed.
It also includes a package of GH¢100 million as part of a grant to support MSMEs to enhance their businesses.
The reforms followed the passage of the Ghana Enterprises Agency Act, 2020 (Act 1043), which transformed the NBSSI into the GEA.
The Chief Executive Officer (CEO) of the NBSSI, Mrs Kosi Yankey-Ayeh, made this known at the Minister’s press briefing in Accra yesterday.
Launch of new agency
She said the new agency would officially be launched by President Nana Addo Dankwa Akufo-Addo on Wednesday, June 9, 2021.
It will include the agency’s new vision and mission, a five-year strategic plan and a new corporate identity.
Mrs Yankey-Ayeh said the agency was expected to become the apex body of MSMEs to promote and regulate businesses in the sector by making them more competitive to support economic growth.
According to her, the sector was essentially for job and wealth creation and the generation of foreign exchange for the economy.
She added that the act would enable the agency to become more impactful by coordinating the activities of MSMEs to ensure efficiency and growth.
The CEO said the policy would further provide an administrative, regulatory, institutional and legal framework for the development of the sector, adding: “The MSME policy is the first of its kind in the country; over the years, there have been various policies on industrialisation, but nothing on MSMEs.”
SME support grant
Mrs Yankey-Ayeh said an initial capital of GH¢100 million to enable businesses under the MSMEs category to have access to cheaper funds to enhance their operations would also be unveiled.
“Realising and understanding the importance of business development services (BDS) provisions, as well as financial support for MSMEs, is crucial. Discussions on the disbursement of the fund, which is under the Ghana economic transformation programme, are ongoing,” she said.
Act 1043 was passed by Parliament on November 3, 2020 and assented to by the President on December 29, 2020.
Among other things, it seeks to establish the GEA, a new firm to promote MSMEs in the country.
It also encourages the participation of small businesses in industrial transformation through innovation and technology transfer.
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