Since 2017, government dedicated GH¢800 million to foster the growth and progress of micro, small, and medium-scale enterprises (MSMEs) in Ghana.
Chief Executive Officer of the Ghana Enterprises Agency (GEA), Kosi Yankey-Ayeh, disclosed that over 900,000 businesses have received assistance during this period to enhance their expansion and development.
The support provided encompasses financial aid, training, capacity-building, and business advisory services, among other forms of assistance. These details were shared during the commemoration of World MSMEs Day in Accra.
Organised by the GEA, the event was on the theme “Building resilient and sustainable MSMEs to create one million jobs.”
Mrs Yankey-Ayeh said the supports were designed to equip MSMEs with the right tools that would put them on a trajectory of growth, and help them succeed in the long term.
The Agency, he noted, had embarked on several initiatives aimed at fostering an enabling environment for MSMEs to thrive.
She said, through its partnerships with institutions including the Food and Drugs Authority (FDA) and other regulatory bodies, the Agency had streamlined bureaucratic processes and reduced the constraints MSMEs face in mainstreaming and formalising their businesses.
In this regard, she noted that more than 1,000 products have been given regulatory approval within the past six years.
Mrs. Yankey-Ayeh noted that MSMEs exist to drive economy and it was the focus of the Agency to do all it could by providing the necessary support for them to maximise their contributions to national development.
The celebration of the World MSME Day, she said, provides an opportunity for MSMEs, regulators and supportive institutions to take stock of what has been, challenges and how they could be addressed as well as create the platform for networks and stronger relationships in creating sustainable jobs.
The Deputy Minister of Trade and Industry, Dr Stephen Amoah, advised businesses to ensure proper bookkeeping for effective records of financial transactions.
This, he said, was critical to the sustainability of the business as well as enabling entrepreneurs to identify new areas of investment.
“I want to take this opportunity to advise business owners to undertake proper bookkeeping at all times. A business can only be successful if records are intact and it is managed like a business.
There is the need for businesses to set up annual budgets and separate ownership from control. This is a vital factor in making a sustainable business and achieving growth,” Dr. Amoah added.
The Ministry, he noted, would in the coming months undertake a capacity-building exercise on bookkeeping for trade unions to enhance their skill in that area.