The government through the Ghana Enterprises Agency (GEA) has embarked on several initiatives to foster an enabling environment for micro, small and medium enterprises (MSMEs) to thrive.

Through training and capacity-building programmes, business advisory and financial assistance, the agency and its partners have equipped MSMEs with the right tools to grow.

The Chief Executive Officer (CEO) at GEA, Kosi Yankey-Ayeh, who made this known at the 2023 MSME Day Celebration in Accra last Tuesday, said the government had now shifted the attention to the creation of indigenous entrepreneurs to accelerate the development of the economy.

“We have over the years equipped MSMEs with the right tools that have put them on the trajectory of growth and we will continue to help them to grow in the long term,” she said.

MSME day celebration

The celebration was on the theme: “Building resilient and sustainable MSMEs to create one million jobs”.

It seeks to strengthen the capacity and competitiveness of MSMEs and maximise their contributions to the economic and social development of the country.

With more than 60 MSME participants, some of the MSMEs that showcased their products included Rosswood Company Limited, AB OVO Confectionery, Panels Company Limited, Medy Vocational Training, Marrad Enterprise, Golden Breed Ventures and Amanex Company Limited.

Support

Mrs Yankey-Ayeh said the GEA had collaborated with institutions such as the Food and Drugs Authority (FDA) and other regulatory bodies to streamline bureaucratic processes and reduced the constraints MSMEs faced in mainstreaming and formalising their businesses.

Additionally, the government through the GEA has injected GH¢800 million into the operations of 900,000 MSMEs to support their growth in the country since 2017.

The funds, the GEA CEO said, were made possible through interventions designed to revive and transform the operations of MSMEs into sustainable firms that could support the government’s job creation agenda.

She said the MSME firms, throughout the period, had been provided with access to financing, capacity-building, mentorship, training and networking opportunities.

“Our commitment to building resilient MSMEs is unwavering.

I reiterate that we will continue to work with you to create opportunities for growth and prosperity.

We remain dedicated and resolute to using our resources to help you access the tools needed to succeed,” she emphasised.

While lauding the strides MSMEs were making, the GEA CEO stressed the need for all stakeholders in the MSMEs space to redouble their efforts to provide the needed assistance and resources for the sector, which served as the backbone of the economy.

“We must all work together to build a world where MSMEs have the resources and support they need to make their dreams come true and create one million jobs,” she said.

Strengthen operational capacities

A Deputy Minister of Trade and Industry, Dr Stephen Amoah, challenged MSMEs in the country to keep themselves from endeavours that were no longer relevant in today’s dynamic world.

He said MSMEs must be adaptable with the ability to deliver new products and services or to build new systems and structures that could strengthen their operational capacities.

He underlined the need for MSMEs to properly manage their operations to grow into global giants and support the country’s economy.

SOURCE: GraphicOnline